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It rained on bitcoin in 2018, but a London-based broker pulled back. BitcoinBro's CEO, Oliver von Landsberg-Sadie, told Bloomberg that despite the fact that Bitcoin has lost nearly 50% of its value over the past four weeks, it's not worried. Instead, he pointed to "growing pains", saying that he remains "very optimistic in the long run, seeming to suggest that, ultimately, the cryptocurrency market will be better for that."
"This is a healthy correction.This is a sign that the market is growing.This is recognizing that cryptocurrencies are not a whitening tool." money or unlawful use, "he said.
KYC / AML
Part of the reason for this withdrawal, said the head of BitcoinBro, was the regulatory environment, pointing to South Korea, for example. South Korean regulators have discovered $ 600 million worth of illicit transactions in cryptocurrencies, even as the country is developing regulations for cryptocurrency trading. South Korea played a decisive role in the rise of bitcoin and other digital coins, comprising about one fifth of the cryptocurrency trading activity across more than 12 exchanges in the country.
But their moves toward a more regulated cryptocurrency industry, specifically the KYC and AML protocols, advance bitcoin, von Landsberg-Sadie said, not back, despite the toll it's taken on the price bitcoin.
While the price of bitcoin is punished as part of the regulatory crackdown, von Landsberg-Sadie pointed out that bitcoin itself is not a good choice for money laundering activities despite what critics think. If you remember, BlackRock CEO Larry Fink said that bitcoin reflected the "money laundering demand … in the world".
Meanwhile, von Landsberg-Sadie said that bitcoin is a "terrible choice" for hackers such as Wanna Cry ransomware attacks because funds are traceable along the blockchain. More privacy-focused pieces, like Monero or Zcash, for example, have anonymity in money laundering, but not bitcoin.
One of BitcoinBro's customers who stole bitcoin and said the funds were "easy to find" in the wallet.
"The main access ramps and access points How will a money launderer actually convert this money into something useful today? They are going to need an exit ramp as an exchange, but now that the regulations are evolving and that these exchanges are limited to knowing their client and having the appropriate controls on money laundering. money, it's a case of use that will diminish. "- von Landsberg-Sadie
Largest buyer of the year?
Meanwhile, Fundstrat Global Advisors cofounder, Tom Lee, suggested launching a $ 9,000 bitcoin purchase order, the lowest presenting "the greatest buying opportunity in Canada." 2018. " and has been known to revise these forecasts upward.
It must be kept in mind that the price of bitcoin exchanges even higher by about 800% since January 2017 –
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