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 Hauser: “Bitcoin’s Value is Out of Control, It’s Like the Gold Rush All Over Again”

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PostSubject: Hauser: “Bitcoin’s Value is Out of Control, It’s Like the Gold Rush All Over Again”   Fri Dec 07, 2018 10:50 pm

Hauser: “Bitcoin’s Value is Out of Control, It’s Like the Gold Rush All Over Again”
The resigning chief of the Israeli Securities Authority relates a crypto-sceptic future.

What does the future hold for the Israeli cryptocurrency market? According to the current regulator, it doesn’t seem promising. Prof. Shmuel Hauser, the head of the Israeli Securities Authority (ISA), is determined to use the time remaining in his tenure to impose strong regulations on cryptocurrencies and ICOs.

Hauser said that while Blockchain is a legitimate technology that will surely become a part of the financial landscape, Bitcoin deeply concerns him.

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Paternalistic, Sympathetic and Bold
“It seems that Bitcoin’s value is out of control. It reminds me of the gold rush of the 19th century,” he said. “There’s no information on supply and demand, and perhaps somebody actively controls the supply or demand? In 2017, the cryptocurrency market cap grew by 16 times, from around $18 billion to some $300 billion.”, he added.

Hauser addressed the issue today during his speech at the organizations’ Annual Corporations Summit. He stated that the he aims to regulate this market, that he called “untamed”.

He went on saying that the regulators should take a “paternalistic approach”, but later hedged his statement and underlined the need to be “sympathetic and even bold” when engaging in the work of setting boundaries to this prosperous industry. Having said that, he stressed the need to do so in a discerning manner. “We must distinguish between Blockchain, Bitcoin and ICOs.”
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