Bitcoin
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Insider spoke to CoinShares' James Butterfill about the future of regulation.
Governments can't truly ban crypto so they are fighting to stay relevant with central bank digital coins, he said.
Regulatory action is feeding the volatility in bitcoin and the market needs clarity, Butterfill said.
Sign up here for our daily newsletter, 10 Things Before the Opening Bell.Regulators around the world are tightening the screws on cryptocurrencies, but greater oversight and increased transparency is the only way the market can evolve and progress, according to CoinShares investment strategist James Butterfill.In the wake of a sustained crackdown across various countries on
Binance, a crypto exchange and
China's severe restrictions on bitcoin mining, CoinShares' Butterfill said it was really up to the regulators to offer clearer guidance and better definitions for the market. "I think bitcoin has got an identity crisis. It's a birth of a new asset class, and both investors and regulators are struggling to figure out where to place it and how to categorize it," Butterfill told Insider in an interview this week. CoinShares is Europe's biggest crypto asset manager. The company had $3.35 billion under management by the end of the first quarter, according to its most recent earnings report.
