According to Michael Moro, CEO of Genesis Global Trading, one of the main threats to crypto is in his view that policy makers and regulators just don’t understand the crypto asset class, and that they will pass regulation that will not make sense.
Michael Moro was talking to Scott Melker on the Wolf of All Streets YouTube channel. He had some rather uncomplimentary things to say about law makers who were currently making decisions on how to regulate the crypto industry.
He put crypto into 3 risk categories. The first one was legal and regulatory, with his fear that policy makers would not be able to surmount the steep educational barrier in order for them to really understand what they were regulating.
“That education hurdle of the people that actually make the law, I think is of critical importance, and I fear that they’ll get it wrong.”
What he saw as the second major threat to bitcoin was the ESG narrative that is being used to denigrate bitcoin in particular. He feels that this can be solved through education.
He told Melker that he was speaking at a conference recently and that there were environmentalists outside who were protesting for bitcoin to move to proof-of-stake.
His third narrative is that with Russia being put under heavy sanctions, he feels that if it tries to use crypto more in order to avoid some of the sanctions, then crypto will be used as a scapegoat.
He said that “bitcoin doesn’t care” in relation to this, but taken from the perspective of mainstream media, politicians and other entities “looking for reasons to not like bitcoin”, then this narrative might certainly come in useful.
He did though see the beginnings of the formation of “super pacts” around crypto, and that the younger generation were starting to find their voice and that crypto mattered to them.
Moro also saw bitcoin as being bipartisan, given that it had no politics of its own. Melker chimed in that surely there were those on both sides of the aisle that were pro privacy, technology, and freedom.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
