• Bittrex Global CEO Oliver Linch believes that in five to ten years crypto will become just a part of traditional finance.
• He suggests that crypto should be seen as a “brand new” component of traditional finance, rather than trying to squeeze into existing products.
• Linch also argued that the most robust regulations are those set up for countries engaging with crypto-on-crypto terms.
Crypto Becoming Part of Traditional Finance
Bittrex Global CEO Oliver Linch believes that within five to ten years, crypto will become just a part of traditional finance. He suggests that instead of trying to fit into existing financial products, it should be seen as a “brand new” component. In order to achieve this, he argues that the most robust regulations should be those set up for countries engaging with crypto-on-crypto terms.
The Impact of U.S. Regulations on Crypto
The U.S arm of the crypto exchange recently filed for Chapter 11 bankruptcy and announced its intention to return customer funds and wind down its U.S operations without affecting global operations. Linch stated that in several places — including the United States — regulators tend to view cryptocurrency through the lens of traditional finance while trying to comprehend its nature; however, it is ineffective to try and analyze crypto through this prism due to its unique features.
Ideal World Scenario
In an ideal world, Linch suggested that in “five to 10 years” from now, crypto will seamlessly integrate into traditional finance and events like “Bitcoin Miami shouldn’t exist” anymore since it would no longer need extra attention or conferences dedicated solely towards it due to being fully integrated into established systems already present within the financial space such as securities and derivatives .
Wind Down Of US Operations
The company announced on April 1st that it would be winding down operations on April 30th citing challenges with regulatory requirements & economic environment in The US.. Co-founder & CEO Richie Lai said as the ecosystem has evolved so has regulatory requirements becoming increasingly unclear & enforced without appropriate discussions or clarity around what is expected from them which made their position unsustainable leading them to wind down their US operations successfully returning all customer funds by May 5th 2021 before shutting down completely .
It is clear from this article that although there are still some challenges ahead when it comes integrating cryptocurrency into traditional finance such as regulatory issues ,once these can be overcome we could see a world where cryptocurrency becomes just another part of our everyday lives & exchanges like Bittrex have been successful at winding down their US operations while protecting customers funds throughout demonstrating they are well placed for continued success going forward .