Cryptic Holidays

Smaller countries like Bermuda are looking to become hubs of global cryptocurrency firms. This article in the new york times suggests that cryptocurrency firms are increasingly looking to set up shop in smaller countries to evade regulatory hurdles in the U.S and Asia. Regulatory stability coupled with an openness to these companies have led smaller countries like Bermuda, Gibraltar, and Malta to attract these companies. Liechtenstein is also entering the race.

This is concerning because in a race to reinvent everything, whether working or not, we aren’t concerned about consequences. Cryptocurrency genuinely addresses certain problems of the current financial system. But the question we need to really ask is if the intrinsic value of bitcoin thousands of US dollars? Can’t we take a more systematic approach where an international consortium of a sort can come together and regulate the market to foster both growth and caution?