NFT hype is waning, and Tyler Winklevoss says that BTC will be highly unlikely outlawed in the U.S.
NFT hype is dying out
The average purchase price of non-fungible tokens has dropped 70% since February this year. Such data is provided by the Nonfungible portal.
Bloomberg analysts believe that the hype around NFT is gradually dying out. According to information as of April 1, the average NFT sale price was $1,400, and on February 22, a non-fungible token cost an average of $4,300. However, experts do not hurry to call the NFT industry a “bubble”.
“It’s not meaningful to characterize a concept as a financial bubble. NFTs’ aren’t in a bubble any more than ‘cryptocurrency’ is a bubble. There will be manias and irrational exuberance, but cryptocurrency is clearly here to stay with us for the long term and NFTs probably are too,” Chris Wilmer, a University of Pittsburgh academic said.
Tyler Winklevoss says that “the U.S. will never outlaw Bitcoin“
The co-founder of the Gemini cryptocurrency exchange, Tyler Winklevoss, is confident that the Bitcoin ecosystem is too developed, so it will not be outlawed in the United States.
“I think that the U.S. will never outlaw Bitcoin. There’s too much precedent that’s been set in the courts. The Coinflip order, which was a CFTC [Commodity Futures Trading Commission] enforcement action which was upheld in the courts, considered Bitcoin a commodity like gold. You’re talking about like companies that are providing careers, building the economy, some of them are going public. They’re going to become drivers of the stock market. To unroll that back is so unlikely to me, ” Tyler Winklevoss concluded.
According to the entrepreneur, a ban on the circulation of BTC in Europe and in the UK is also unlikely. Winklevoss noted that his company is currently in the process of registering in Singapore and “the local regulator is good with cryptocurrencies.”