Cryptocurrency cleaned up its act this workweek as situation Bitcoin exchange traded fund made their Wall Street introduction in January . The digital item are look almost unrecognizable from what the industriousness represented just a few years ago , run to the doubtfulness , is Bitcoin still crypto ?
The “ decentralized ” part of cryptocurrency is up for interpretation these days . Ever since theSecurity and Exchange Commission ’s approval of office Bitcoin ETFson Jan. 1o , cryptocurrency count much more button up and milled than ever before .
Bitcoin is now , tangentially , sell through America ’s largest financial institutions , such as BlackRock and Fidelity . These bay window literally could n’t play a more central role in finance if they assay . An industry that used to be riddled with crime and small-scale players now see a batch like the residue of finance . Perhaps that ’s good a thing for some , but it also takes off a core value of cryptocurrency .
Photo: Spencer Platt (Getty Images)
Crypto Passes The Torch From Cons to Bankers (Cons in Suits)
Sam Bankman - Fried’sFTX is formally not come back , accord to the defunct crypto exchange ’s lawyers on Wednesday . There were initial theme that FTXmight try out to be revived , but it seems the exchange will not take part in this new age of cryptocurrency . FTX will instead focus on liquidating assets and rejoin billions to its client , but they ’re not the only ace facing event for their crypto crimes .
Police in Germanyseized over $ 2.1 billion worth of Bitcoinfrom crook involved in a buccaneering site , according to CoinDesk on Tuesday . That ’s close to 50,000 Bitcoin , and it ’s one of the largest cryptocurrency seizures ever .
What is Germany gon na do with $ 2 billion Charles Frederick Worth of Bitcoin ? The German government says it ’s “ unsure , ” but perhaps the country will take a page out of America ’s playbook : sell it . TheU.S. government hold over $ 5 billion of Bitcoin , and just last week said itplans to betray $ 117 million of cryptoseized fromSilk Road . Yes , even the U.S. politics is a crypto trader now .
A freestanding $ 1.7 billion crypto scheme also came crashing down this week , harmonize toQuartz . “ Bitcoin Beautee , ” the brain behind a global Ponzi scheme , plead hangdog to fraud in a Maryland Union court on Monday .
Who Cares?
Cryptocurrency was created to represent a decentralized , deregulated variant of currency . Bitcoin ’s original platforms and player are largely dead in the water now . regime , regulator , and banks are becoming increasingly large actor in crypto .
It ’s frightening in some ways to see Bitcoin co - opted by the same institutions that control traditional currencies . It makes you question if crypto is really that different from trading strain . Considering the massive amount of fraud we saw with this first wave of decentralised currency , it could be believe a salutary thing that it ’s ultimately getting regulate . However , Bitcoin may now be part of the same system it was create to disrupt .
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