SEC Chair Gary Gensler Doubts Bitcoin’s Future as Payment Method
SEC Chairman Gary Gensler, known for his stance that most cryptocurrencies apart from Bitcoin are securities, recently shared his views on Bitcoin and the broader crypto market.
Speaking at an event hosted by New York University School of Law, Gensler expressed doubts about the potential for Bitcoin and other digital currencies to gain widespread adoption as a means of payment.
He believes they are more likely to remain primarily seen as stores of value rather than functioning as everyday transactional currencies.
Gensler reiterated that the SEC maintains a neutral position on cryptocurrencies, leaving it up to investors to determine their value through proper disclosures.
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He emphasized that despite Bitcoin’s prominence, cryptocurrencies lack the necessary network effects seen in traditional currencies to become widely used for payments.
He also highlighted that most nations typically use a single currency for payments and pointed to the prevalence of fraud in the crypto sector as an ongoing concern.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
