Cause for concern? – Messari CEO sees authorities under pressure from crypto hype
Ryan Selkis is targeting a first wave of Bitcoin sales at US$80,000, as regulators could soon intervene.
Regulators could be squeezed by the current boom in crypto markets. At least that’s what Ryan Selkis, CEO of crypto market research firm Bitcoin Rush Messari, thinks.
„I’ve never been more optimistic than I am right now, but I feel like we’re not properly considering the risk that regulators pose,“ as Selkis writes accordingly on Twitter. To that effect, he adds:
„As long as the crypto market seems like a toy, it’s not a threat, but when stablecoins have the volume of PayPal, suddenly the market looks like a weapon.“
For example, an NFT by the artist Beeple was recently
The Decentralised Financial Services (DeFi) space is also experiencing a flurry of hype, which has seen Project Yearn.Finance (YFI) alone soar from less than US$1,000 to over US$48,000. Non-fungible tokens (NFTs), i.e. cryptocurrency collectibles, are currently booming even more. For example, an NFT by the artist Beeple was recently auctioned off for a record sum of 69 million US dollars.
Given the risk that regulators will sooner or later feel compelled to intervene, Selkis formulates a somewhat more pessimistic price target for Bitcoin than many of his colleagues. „I have set myself an initial sell threshold for US$80,000,“ the expert says on Twitter. In another tweet, he adds, „At US$80,000-$100,000 I sell 5% and at US$100,000-$125,000 I sell the next 5%. After that I will wait and see how the situation develops.“
In the wake of the last big crypto hype of 2017, when Initial Coin Offerings (ICO), an alternative method of raising capital, were all the rage, US regulators in particular have stepped up their crackdown on the industry. The European Union has also created stricter regulations for crypto as part of its 5th Money Laundering Directive. Selkis‘ fears are therefore not made up out of thin air and could have a considerable influence on the further development of the market in the future.