Bitcoin dives as Lawmaker Threaten Regulation

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As Lawmaker Threaten Regulation Bitcoin Tumbles

Bitcoin tumbles about 13% on Wednesday after Capitol Hill lawmakers measured a move to control the growing crypto-asset space.

Representatives of the House Financial Services Committee met with crypto-experts to talk about conceivable dangers posed to investors.

Rep. Brad Sherman (D-Calif.) said:

“Cryptocurrencies are a crock, what social benefit do they provide? You’re gambling on its value for no social benefit. They’re popular with guys who sit in their pajamas and tell their wives they’re going to be millionaires.”

Bitcoin value, which was previously burdened by Google’s choice to restrict ads for cryptocurrency related products – and bearish investigator reports – was off about 13% to $7,979, at 5:56 p.m. as per Coindelite Price Chart.

The cryptocurrency exchanged as high as $20,000 in December, however, has floated around $10,000 in recent weeks.

There were some on the board who have a more positive outlook on crypto-asset.

Rep. Bill Huizenga (R-Mich.), chair of the Capital Markets, Securities, and Investment Subcommittee said:

“How do we protect customers without strangling technology that has great potential?

Huizenga was indicating blockchain, the underlying technology bitcoin, as being transformative.

Towards the finish of the two-hour hearing, there were few answers on the most proficient methods to treat crypto-assets and related products.

Garry Singh

Garry is an experienced entrepreneur, and co-founder of a UK based technology company Quickdesk Solution Ltd., with a demonstrated history of working in the information technology and customer services industry. Skilled in technical writing, he is a strong business development professional with a Bachelor's Degree focused in Information Technology and Masters in Business Administration.