"Don't worry everyone, the crypto market won't easily fall like that because of the US."
Balaji Srinivasan, the former Chief Technology Officer (CTO) of Coinbase has once again given his views on the cryptocurrency market after he previously caused controversy by predicting the price of Bitcoin (BTC) to reach $1 million within 3 months.
According to him, the veto power of the United States (US) on technology may not be the same as before as the crypto market will grow faster once investors start to see its opportunities in other countries.
Recently, crypto exchange Coinbase intends to expand its services outside the US after the Securities and Exchange Commission (SEC) has so far failed to provide further clarification on the regulatory framework.
Therefore, Srinivasan is of the view that the US administration's plan to have a supervisory environment led by central bank digital currency (CBDC) will not have the same effect at the global level.
While investors are concerned about US lawmakers' plans to crackdown on digital assets including BTC, Srinivasan revealed it will not have a far-reaching impact on the crypto market as Washington DC has no power over the technology.
In fact, the US government is still unable to bring down the crypto market even though the SEC is taking drastic action by imposing legal actions against Binance and Coinbase.
There is no denying that lately there have been many obstacles and legal attacks, but BTC is still up 54% when compared to the closing price in 2022 which was below $17,000.
