🔵Gary Gensler, Chairman of the SEC, stated at an event at New York University that Bitcoin and other cryptocurrencies are unlikely to ever become widely used as a means of payment.
🔵He noted that these assets are more likely to be viewed as a store of value. Gensler referred to the historical trend of having a single currency in states and quoted Gresham’s Law, which says, “bad money drives out good.”
🔵He also emphasized the importance of regulation in the crypto industry, citing the numerous scammers and fraudsters operating in this space. Gensler believes that the current legislation is sufficient to protect investors and bring cryptocurrencies to proper standards.