Square, Coinbase and Fidelity; Companies owned by some of the best fintech firms in the world, along with other major crypto firms, are joining forces to lead the industry in a better regulatory environment.
What they want to do with the Bitcoin Trade Group
The three companies intend to achieve this by creating a Bitcoin Trade Group. Their main goal is simple enough; carry out industry-focused projects and research, outline the benefits of digital currencies, promote them in the world market, and seek to influence national policymakers.
This comes at a time when the cryptocurrency industry is moving into a new phase as the prices of many digital assets rise. Likewise, the returns for investors of the largest fintech organizations increase.
The relevance of this group cannot be underestimated, when the state of the market and the relationship between the crypto-industry and regulatory bodies are examined.
Even as traditional investors who previously discredited Bitcoin make their way into the industry, lawmakers are still approaching the subject of digital currencies with military precision.
Statistically, the benefits of digital currencies far outweigh the drawbacks, but that hasn't stopped regulators and supervisors from enforcing strict policies and cracking down on some of the largest cryptocurrency companies.
The question is open and now it is getting hotter than ever
Surely with Fidelity, Square and Coinbase raising the issue, it's fair to suggest that the future is in good hands. Coinbase is already wreaking havoc as it has just grown to 56 million users, $ 335 billion in trading volume and $ 1,8 billion in first quarter revenue.
Coinbase has made more revenue in the last 90 days than in all of 2020. Square, on the other hand, has made several purchases in Bitcoin and according to their earnings estimates, the ROI looks very attractive.
In the industry of promoting Bitcoin adoption, Square is 100% bullish. "It is absolutely justified that every balance sheet contains bitcoin," said the company's CFO. Meanwhile, Fred Ehrsam, former president of Coinbase and founder of Paradigm, another company involved in the Bitcoin Trade Group, has articulated his thoughts on industry politicians.
“Cryptocurrencies are at a mainstream tipping point. It is in its very early stages and just like the Internet, it is very fragile during this stage, ”he added.
Ehrsam further explained that politicians' fears are valid and understandable. He summarizes his opinion, comparing the cryptocurrency market with the first Internet, saying that:
“It's challenging because policymakers want to balance risk and reward, and even people who spend time in this space would struggle to predict where it will go over the next decade. It was very difficult to say where the Internet would go, yet ”. In our opinion, the growth of this market in the coming years will be exponential. And what do you think of it?