By the time of writing, the asset was trading at $29,608 from data provided by Finviz. Rozek states that unless there is a defined framework, the regulatory dynamics could affect the digital currency’s rise. He calls on US regulators to develop a national strategy and support the technology collectively. Rozek adds that a defined regulatory framework will keep the US competitive in the cryptocurrency sector. In the US, Bitcoin’s exact status has been controversial, with stakeholders torn between a commodity or a currency. However, Rozek believes it an advanced form of money, and it fits as a perfect store of value. He states that Bitcoin is a competitive store of value to Gold.
Bitcoin market cap surpasses $500 billion
The sentiments come as Bitcoin’s impressive run from 2020 continued with the asset also recording $547 billion in market capitalization by the time of writing. Bitcoin is currently close to hitting the $30,000 mark. The surge in Bitcoin’s price is mainly due to activities from institutional investors that increased towards Q4 2020. Bloq is a blockchain company that delivers a suite of multi-blockchain infrastructure services like Nodes and APIs. The services help businesses to grow as blockchain technology advances. Related video: The new year kicks of the ‘roaring 20s’ for bitcoin
