Bitgo CEO Emphasizes the Need for Regulation in the Cryptocurrency Industry
Bitgo CEO Mike Belshe acknowledged the high volatility of the cryptocurrency market but stated that the theory of Bitcoin remains valid. He emphasized that a clear regulatory framework is necessary for the long-term growth of the cryptocurrency industry. In an interview with Fox Business on August 25, Belshe mentioned that the cryptocurrency industry is transforming the financial system, and there will be cycles of ups and downs in this process. He remarked, "The industry experiences fluctuations; if you are not prepared to handle a 20% drop, you are not prepared to handle a 600% rise." Belshe pointed out that the cryptocurrency industry desires regulation and that basic regulations are needed. He explained that legislation like the Clarity Act must pass for regulatory discussions to gain momentum in the U.S. Additionally, Bitgo, as a regulated trust company, provides cryptocurrency custody infrastructure, and he predicted that major financial institutions would participate more actively once clear rules are established. Regarding the risks of quantum computing, he does not see it as an imminent threat and stated that the industry is developing technologies to prepare for quantum computing. Belshe added that the cryptocurrency industry must prove security and trust to attract institutional funding.
-- Price
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