The introduction of suspicious transaction reporting legislation in the United States could contain the price action of bitcoin. On December 14, the head of the Russian Center for Competence and Analysis of OECD RANEPA standards Antonina Levashenko announced this to a REGNUM correspondent.
“The British financial services company Standard Chartered previously predicted that the cost of bitcoin would peak around the end of 2021 or early 2022 and exceed $ 100,000. However, there are other predictions as well. For example, analysts at First Digital Trust believe that by the end of 2021 the price will remain in the range of 70-80 thousand dollars. And some believe that by 2025 the price will reach and even exceed the level of 250 thousand dollars, ” she said.
According to her, bitcoin is the same financial instrument as securities or currency – its value is determined by many factors: demand, liquidity, regulatory changes, institutional investor acceptance, and other factors.
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“Therefore, for example, the introduction in the United States of legislation on reporting suspicious transactions may restrain price dynamics, if only because at first it will be unclear how to conduct reporting on suspicious transactions, for example, to investors – individuals,” Levashenko said.
In addition, she drew attention to the fact that the share of bitcoin in the market is declining.
“If in September 2019 it was 67.8%, then in September 2021 it was 42.5% (according to CoinDesk Research),” Levashenko summed up.
Recall, as reported by IA REGNUM, there is an opinion that bitcoin will not be able to rise in price to maximum values due to competition with official digital currencies.
History of Bitcoin
Bitcoin is a cryptocurrency, a digital asset designed to work as a medium of exchange that uses cryptography to control its creation and management, rather than relying on central authorities. The history of bitcoin started with the invention and was implemented by the presumed pseudonymous Satoshi Nakamoto, who integrated many existing ideas from the cypherpunk community. Over the course of bitcoin’s history, it has undergone rapid growth to become a significant currency both on- and offline. From the mid-2010s, some businesses began accepting bitcoin in addition to traditional currencies.