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Crypto Crisis: Tesla Stops Accepting Bitcoin
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<blockquote data-quote="Jacob Miller" data-source="post: 79211" data-attributes="member: 5063"><p>To be honest, there isn't a huge amount for me to add here. </p><p></p><p>From a technical perspective, my outlook hasn't substantively changed since we discussed this away back in February (wait... February was nearly four months ago?!?!). I do feel we're getting towards the point where the market is soon to bifurcate and many of the small 'bedroom crypto assets' will fall by the wayside as quickly as they popped up. This will only be accelerated by an increase in tax, regulation and legislation. </p><p>I've also long since been of the opinion that Bitcoin itself would need to drop significantly before more institutional money would pour into it, and large drops like this could be the beginning of that phase. I wouldn't be surprised to see a slight climb (maybe to the c.$45k mark) before another fall (a lot of technical reasoning here so I won't substantively get into it, but feel free to ask in the comments if you're interested). </p><p></p><p>Where my opinion <em>has</em> changed more since the discussion we had in February is the likelihood of any crypto asset becoming a mainstream currency. For a variety of reasons (again, I won't go into a huge amount of detail here as I could be here all week...), I no longer think this will become the case. More and more, I think crypto assets will become regulated more as a commodity than any other asset class and I can't see them becoming legal tender in any widespread way. I think you'll see an increasing number of places accepting crypto payments etc, but, in my opinion, this is very different from a mass scale proliferation of cryptos as the chosen tender across the world. </p><p></p><p>I completely agree with everything Dheepa has mentioned in regards law firm impacts and ESG considerations in terms of both commercial and legal implications for firms so don't really have anything to add in that area!</p></blockquote><p></p>
[QUOTE="Jacob Miller, post: 79211, member: 5063"] To be honest, there isn't a huge amount for me to add here. From a technical perspective, my outlook hasn't substantively changed since we discussed this away back in February (wait... February was nearly four months ago?!?!). I do feel we're getting towards the point where the market is soon to bifurcate and many of the small 'bedroom crypto assets' will fall by the wayside as quickly as they popped up. This will only be accelerated by an increase in tax, regulation and legislation. I've also long since been of the opinion that Bitcoin itself would need to drop significantly before more institutional money would pour into it, and large drops like this could be the beginning of that phase. I wouldn't be surprised to see a slight climb (maybe to the c.$45k mark) before another fall (a lot of technical reasoning here so I won't substantively get into it, but feel free to ask in the comments if you're interested). Where my opinion [I]has[/I] changed more since the discussion we had in February is the likelihood of any crypto asset becoming a mainstream currency. For a variety of reasons (again, I won't go into a huge amount of detail here as I could be here all week...), I no longer think this will become the case. More and more, I think crypto assets will become regulated more as a commodity than any other asset class and I can't see them becoming legal tender in any widespread way. I think you'll see an increasing number of places accepting crypto payments etc, but, in my opinion, this is very different from a mass scale proliferation of cryptos as the chosen tender across the world. I completely agree with everything Dheepa has mentioned in regards law firm impacts and ESG considerations in terms of both commercial and legal implications for firms so don't really have anything to add in that area! [/QUOTE]
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