As Bitcoin celebrates its tenth anniversary and with the UK government’s Cryptoassets Taskforce releasing its final report, the cryptocurrency market is “unquestionably coming of age.”
This is the message from Nigel Green, founder and CEO of deVere Group, one of the world’s largest independent financial advisory organizations.
It comes as the original and still dominant digital currency reaches its milestone tenth year Wednesday.
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Also, it follows the publication on Monday of a report into the crypto sector by the Cryptoassets Taskforce alongside the 2018 UK Budget documentation. The British Chancellor, Philip Hammond, created the Taskforce, which consists of HM Treasury, the Financial Conduct Authority and the Bank of England, in March 2018, with the aim of establishing a clear path to the establishment of the UK’s policy and regulatory approach to cryptoassets and blockchain, the technology that underpins them.
Mr Green comments: “Traditionalists who somehow still believe that cryptocurrencies are ‘just a fad’ could be compared to King Canute who is said to have attempted to command the tides of the sea to go back.
“It’s becoming increasingly clear that cryptocurrencies are the future of money.
“This is evidenced by Bitcoin, the world’s first cryptocurrency turning 10, and by more and more governments, regulators, financial institutions, and retail and institutional investors, amongst others, appreciating the real and growing demand for digital, global currencies in today’s ever more digitalized and globalized world.”
He continues: “This is also underscored by the UK government Cryptoassets Taskforce’s final report which states that ‘the market is continuing to evolve rapidly’, before adding ‘there is increasing institutional investment in this space, and many banks are starting to explore how they can interact with this growing market’.
