It’s been a rough year for Bitcoin hodlers. The end of 2017 was littered with predictions that BTC would run from its then-valuation of around $20,000 to $50,000, or even more.
As the months have progressed, however, it seems more and more apparent that those astronomical predictions probably won’t come true–at least not by the end of this year.
Bitcoin IRA co-founder Chris Kline told Finance Magnates that he believes that the SEC’s concerns are legitimate. “Recent analysis from Chainalysis indicates that 1,600 investors, collectively known as Bitcoin whales, own digital assets worth $37.5 billion— a third of the Bitcoin market,” he explained.
“While I don’t believe these whales will have a predominant foothold on the industry in the future, I do believe that the SEC’s caution and oversight is necessary and legitimate in order to fully protect customers as the industry stands right now.”
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