Alistair Milne, the chief information officer for the Atlanta Digital Currency Fund, states that cryptocurrencies, especially bitcoin, do not need any external financial reforms in order to flourish. According to his statement, we have witnessed several yet to be breakthrough advancements kept either on hold or terminated by the incumbent authorities but none of them had a long term effect over the cryptocurrencies.
Don’t need Goldman Sachs either https://t.co/o9oXUIzOtX
— Alistair Milne (@alistairmilne) September 5, 2018
Many controversy theories circle about the recent situation when Goldman Sachs backed out of taking cryptocurrencies to the Wall Street. People say that Goldman Sachs most probably feared the Security and Exchange Commission (SEC) owing to the institution’s previous dealings regarding the cryptos. SEC has a past of evaluating the proposed crypto reforms and additions from several companies to eventually deem them disapproved. The likes of Winklevoss ETF being disapproved accompanied with the reason that the crypto market has not matured enough to support such ground breaking burden, still haunt the crypto world. This supposedly enticed the urge in Goldman Sachs to back off from the Wall Street stunt, out of the blue.
The crypto juggernaut, bitcoin has dropped as Goldman Sachs backed off from their recent objective to open up a trading desk. The exact same trend for the cryptocurrency was seen as the Winklevoss ETF got rejected by the SEC. This relates to the fact that the crypto users do want monetary reforms solidifying cryptocurrencies as the next big thing. But Milne sees things the entire opposite way stating that the cryptocurrencies do not need companies announcing reforms in order to prosper in the world of today. Cryptocurrency is the digital money and can offer aid in the monetary dealings. Companies should worry about the success of their product that they seek to launch in the crypto market and come up with the best quality they can.
We didn’t need Silk Road
We didn’t need Mt Gox
We didn’t China
… and we don’t need a Bitcoin ETF
— Alistair Milne (@alistairmilne) August 23, 2018
Though Alistair Milne disregards the need of ETFs and similar reforms into the crypto market, he certainly does not think that the cryptos would not benefit out of such additions. Milne differentiates the words, ‘need’ and ‘benefit from’ hinting to the admittance that Milne shows, that such monetary reforms do bring their own benefits to the crypto market bringing loads of users and with them, loads of cash.
The past has shown us clearly that people do take interest in such reforms to come revolutionize the crypto market. When several companies announced their ETFs being proposed to the SEC for evaluation (the likes of VanEck and Winklevoss), people started flooding into the crypto pond with not even the slightest of notion that such propositions can be disapproved. This trend can cope up with a slight devaluation of the crypto right after the reform is disapproved. Alistair Milne bears the same school of thought disregarding the involvement of such reforms in keeping the status of the crypto world intact rather what these do provide is an additional push garnering in more users to the already overly inhabited pool.