Cryptocurrencies have always been on the bad side of regulators as most of them look at it as a threat to the economy. The lack of proper regulations and authorities blocking development has been a major setback for crypto. Even though there are some who are in favour of this burgeoning technology, the bulk of them isn’t. Discoursing on this matter, Blockstream CSO Samson Mow, during a Liquid meetup held at the Litecoin Summit on October 29, said that the regulatory constraints placed upon Bitcoin (BTC) could turn out to be both favourable as well as damaging for the regulators.
Mow was part of the panel held by BTC technology firm Blockstream and BTSE exchange located in Las Vegas, as per a tweet from BTSE’s global marketing director Lina Seiche. Besides Mow, the panel also featured big industry names like Charlie Lee, founder of Litecoin (LTC) and Crypto twitter personality WhalePanda.
During the event, Mow spoke about the various use cases of Bitcoin and how it solves a lot of issues in the traditional financial system, one of which is inflation that is plaguing many third world countries. He also stressed on the fact that in future authorities will have to adopt cryptocurrency due to all the various benefits of cryptocurrencies.
He further urged that excessive hostility towards this could have serious consequences if the regulator’s power is impaired by the boundless technology. He said:
“They might be hostile to it. But the thing is hostility to Bitcoin is a double-edged sword like if you are in power and you ban Bitcoin, and you fall out of power, then you’re screwed. […] People need to be careful when they are enforcing regulation and creating all this policy because you could be on the other side of the sword, down the road if you fall out of favor.”
Besides this, Mow focused on Bitcoin’s decentralized and deflationary nature and how this will be some of the most beneficial features and play a major role in the global adoption of cryptocurrencies as soon as people learn about these advantages. He further discussed the Bitcoin hype in China, claiming that the authorities, as well as the people of the nation, love Bitcoin. He continued:
“Bitcoin is allowing you to make the transactions that people don’t want you to make. It’s essentially digital freedom.”