Bitcoin is being used nowadays by a number of countries and their traders. Even some very big names have also associated themselves with dealing in Bitcoin and other cryptocurrency . Bitcoin currency is one of the most ancient and the most popular types of digital currency. It is being used by a number of people around the globe.
However most of the countries have their own insecurities with respect to bitcoins and its uses. For example, the UK does not allow novice dealers and traders to use and trade in bitcoins. Every government has its own insecurities and thus they take steps respectively.
FCA and Bitcoin
The Financial Conduct Authority has issued a statement reflecting that the US authorities are soon to take steps to avoid corruption and to take Anti-money-laundry steps. This policy can be a huge evolution as the Bitcoin cryptocurrency is a totally non regulatory and decentralized platform. A report issued by the University of Cambridge says that most of the ventures and the organizations that are using the Bitcoin cryptocurrency don’t own any license. Some of these organizations are even working with black money. All these facts are an indication that the bitcoin cryptocurrency is at the edge of facing some potential challenges. This shows that bitcoin and other cryptocurrencies are about to go through a tough time. It is suggested for all the investors and traders to be a bit careful before investing in BITCOIN cryptocurrency organization.
Basic ideology of FCA
The basic ideology of the FCA organization is to stop people from getting into the Bitcoin cryptocurrency. It is often seen that a number of buyers of the bitcoins bet at the price fluctuations. The FCA said that this ban has to do nothing with the personal interest of the venture but the main reason behind is to prevent the newbies of the cryptocurrency from the sudden price drops. It is further said that the Bitcoin cryptocurrency is very volatile. Their elusive nature makes them very unpredictable. FCA states that they are taking steps so that people who are investing in Bitcoin should stay safe. It was further stated that all those who are new in the crypto World are not very well aware of the situation of the online market. Thus they often fall for spam and fake options. This leads to a sudden drop in the market trends inducing a situation of market abuse and financial crisis.
Point to Remember
This should be kept in mind that this ban is not applied to professional and institutional investors of bitcoins. The reason behind this is that they are highly efficient and experienced in making investments in the Bitcoin cryptocurrency and also in many other digital currencies.
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Thus , these traders are allowed to use and invest in risky currencies like Bitcoin.
This statement is highly circulating these days that the future belongs to the digital currency. Nowadays cryptocurrency trends are everywhere. People are becoming more and more interested in the trends and the news about the rise and fall of the digital currency.
There are a number of splashy websites that provide people with great opportunities to get themselves enrolled in the World of the Bitcoin cryptocurrency.
According to statistical data there are around 1.9 million people in the UK who are using bitcoins as a source of investment. This makes around 5 percent of the adult population of the UK. Around the 5th part of Bitcoin is being used by this population. This statistic is recorded in the year 2019. This graph is continuously going up and up in the year 2020 and now hopefully in 2021.
Crypto Trends in UK and US
These retail investors are increasing in number day by day. That’s why FCA came with the idea of banning the Bitcoin cryptocurrency. However, if we look deeply we can see that this can not make much difference Because the overall proportion of these investors is way more less then the overall number of the Bitcoin users WorldWide. The UK crypto market has a much lower pace as compared to other digital markets around the globe. The total Worth of the UK crypto currency is around 335 billion US dollars. So this is quite clear that the ban imposed by the FCA will not influence the overall value and the market price of the Bitcoin cryptocurrency. Even all the other cryptocurrencies are also not affected by this ban.
The end of this whole discussion is that FCA is banning small level investors for the sake of security. This step is taken so that the market can be prevented from the upcoming potential harms of the downfall of financial abuse. Countries like the US and UK have been using bitcoins since the time it was first introduced. They are taking reforms to make this Currency a bit more stable. However, the rate of their success can not be predicted at all.