Musk: I think it's likely that bitcoin, ethereum and DOGE have a future
Bestchange.com
The bankruptcy of FTX will not cause the collapse of digital currencies created on the basis of the blockchain. This opinion was recently expressed by Twitter CEO Elon Musk.
According to the entrepreneur, the situation associated with FTX, in reality can be beneficial. Investors should understand that cryptocurrency exchanges are only suitable for buying or selling digital assets, not for savings. By understanding this principle, users will be able to effectively protect their assets from bankruptcies and theft.
“I would like to reiterate that cryptocurrencies should be stored in a direct access wallet. Not on the stock exchange,” Musk said.
The businessman also spoke about the future of digital assets. He named three crypto coins that should not be missed.
“I think it’s likely that Bitcoin, Ethereum and DOGE have a future. I can't comment on the rest. But if you keep one of these three [cryptocurrencies] in a wallet and not on an exchange, then I believe that this has its advantages,” the new owner of Twitter said.
Meanwhile, experts believe that the US authorities may increase regulatory pressure on the cryptocurrency market after the bankruptcy of FTX. Other states may adopt a similar strategy.
“There is a need for adequate consumer protection for crypto and blockchain projects, especially for centralized exchanges. However, the ideal approach for blockchain would be to establish clear rules so that successful, legitimate projects succeed, and opaque, criminal enterprises fail,” said a US lawyer associated with the crypto industry, who wished to remain anonymous.
According to the expert, the lack of a consistent and clear SEC policy regarding crypto projects has led to uncertainty among investors, which fraudulent projects use for their own purposes.
What do you think about the effectiveness of the current regulation of the digital asset market?