Business & Finance

Negative Image of Cryptos and Regulations – A Quick Roundup

The world of crypto and blockchain is booming at a very rapid pace with more and more people getting involved with each passing day. But it has not gotten the kind of attention it hoped for as of yet and the image of cryptos in the mainstream media is largely negative. In order to get some perspective regarding this situation from someone who is actually involved in the world of cryptos, BlockPublisher recently got in touch with the founder of Elevated District Media and crypto investor, Micheal Nye, for an exclusive interview.

When asked why the image of cryptocurrencies is so negative in the media, Nye suggested that this negative image largely exists because of the lack of education and lack of understanding. He then went on to compare the crypto world with the internet as it was also being used to carry out illegal activities, buy drugs etc., in the beginning.

…I think it’s a very similar case where it’s just very brand new technology and people are just under-educated about it or uneducated about it and make ridiculous claims because of their ignorance.

Talking about regulations in this space and should the governments control this space, Nye said:

I think the fact is like it’s going to do what it’s going to do. I don’t think the government can control that, I mean if they would, they would have already done it with the internet. I mean I don’t like it you know. I’m not a fan that people buy drugs with bitcoin. I’m not a fan that it is used for like negative purposes in the world but at the same time like it is being utilized and I think it’s just the first step.

The initial use-case of cryptocurrencies was largely driven by their usage linked to negative activities. But as time passes by, people are now starting to realize bitcoin’s potential as a global digital currency. The shift is being seen. Although, the negative elements linked with this world are still there and the market is highly unregulated due to which the negative issues have seeped in deeply. Regulations might help eliminate some of the negative elements that might help push cryptos to mainstream usage but at the end of the day, nobody knows for sure how things will turn out. One thing is for sure, the upcoming time will be very interesting in this space.

SEE ALSO: A Bitcoin Bubble Getting Burst Does Not Mean it is Dead, Suggests Founder Elevated District Media

Ahsan Khalid

News editor of BlockPublisher, an Electrical Engineer with majors in software development. I present forward my insight on the latest happenings of the blockchain world. All views on my articles are my own. Email: ahsan@blockpublisher.com or editor.news@blockpublisher.com

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