Investorideas.com

Call 800 665 0411 to learn about our services

Search   Follow Investorideas on Twitter   Investorideas is on Facebook   Investorideas is on Youtube   Investorideas is on Pinterest  Investorideas is on stocktwits   Investorideas is on tumblr   Investorideas is on LinkedIn   Investorideas Instagram   Investorideas Telegram   Investorideas Gettr   Investorideas RSS



Share on StockTwits

Facebook's Congress hearings show U.S. lawmakers know cryptocurrencies are the future

 

July 16, 2019 (Investorideas.com Newswire) The U.S. governmental hearings on Facebook's new cryptocurrency will boost the crypto sector and underscores that digital currencies are now mainstream.

This is the bullish assessment of the CEO and founder of one of the world's largest independent financial advisory organizations, deVere Group.

Nigel Green's comments come as the social media giant prepares to defend its cryptocurrency project, Libra, on the Hill.

The Senate hearing will take place today (Tuesday), with the House panel holding its hearing on Wednesday.

Mr Green affirms: "The high-profile scrutiny of this new cryptocurrency must be championed as cryptocurrencies are already part of the global financial system.

"They are here to stay. And their influence is set to grow exponentially. As such, they should face the same scrutiny and meet the same standards and requirements as the rest of the financial system.

"This is a step in the right direction for establishing a robust global regulatory framework for the wider crypto market."

Regulation is necessary, believes the deVere Group CEO, as it will provide further protection for the growing number of people using cryptocurrencies, the less likely it will be that criminals will use these digital payment methods, the less potential risk there will be for the disruption of global financial stability, and the more potential opportunities there will be for higher economic growth and activity in those countries which introduce it.

He continues: "Whatever you think about Facebook's Libra as an individual cryptocurrency, these top-level U.S. governmental hearings underscore again that, as a concept, digital, global, borderless currencies are now a part of mainstream finance, and increasingly so.

"This is why most major financial institutions, tech giants, and of course institutional and retail investors are increasingly involving themselves in the burgeoning sector."

The deVere CEO goes on to add: "Last week President Trump raised the issue of Bitcoin, with the effect of making cryptocurrencies become a presidential issue. The hearings this week will make them a global policy issue.

"This all adds to greater awareness and acknowledgement of digital currencies that will further boost mass adoption and push up prices across the sector."

Following the President's Bitcoin comments last week, Mr Green commented: "I agree with Mr Trump that Facebook's new Libra project should be scrutinized.

"But, being the social media monolith that it is, it is surely expecting this level of scrutiny. I would suggest that it is prepared for it, has the resources for it, and will welcome it, as it will make its cryptocurrency stronger."

Nigel Green concludes: "Facebook's Libra will likely get through these hearings on Capitol Hill in a stronger position. The scrutiny, which could advance the cause of regulation, will be welcomed by crypto investors as it provides more confidence.

"But whatever happens with the social media giant's crypto project, it is clear from the top-level hearings that the U.S. government now understands that, whether they like it or not, people and institutions across the world are increasingly using a combination of sovereign and non-sovereign digital currencies."

e: george@priorconsultancy.co.uk
t: +44 207 1220 925
Twitter: @PriorConsults

deVere Group is one of the world's largest independent advisors of specialist global financial solutions to international, local mass affluent, and high-net-worth clients. It has a network of more than 70 offices across the world, over 80,000 clients and $12bn under advisement.

More Info:

Investorideas.com Newswire

This news is published on the Investorideas.com Newswire - a global digital news source for investors and business leaders


Disclaimer/Disclosure: Investorideas.com is a digital publisher of third party sourced news, articles and equity research as well as creates original content, including video, interviews and articles. Original content created by investorideas is protected by copyright laws other than syndication rights. Our site does not make recommendations for purchases or sale of stocks, services or products. Nothing on our sites should be construed as an offer or solicitation to buy or sell products or securities. All investing involves risk and possible losses. This site is currently compensated for news publication and distribution, social media and marketing, content creation and more. Disclosure is posted for each compensated news release, content published /created if required but otherwise the news was not compensated for and was published for the sole interest of our readers and followers. Contact management and IR of each company directly regarding specific questions.

More disclaimer info: https://www.investorideas.com/About/Disclaimer.asp Learn more about publishing your news release and our other news services on the Investorideas.com newswire https://www.investorideas.com/News-Upload/ and tickertagstocknews.com

Global investors must adhere to regulations of each country. Please read Investorideas.com privacy policy: https://www.investorideas.com/About/Private_Policy.asp


Follow Us on StockTwits






Get more Bitcoin and Blockchain Investor ideas - news, articles and stock directories