Crypto entrepreneur Brock Pierce, who is a co-founder of Tether, recently shared his thoughts on CNBC Crypto World regarding Bitcoin’s rally, digital asset regulation, and the enforcement actions in the U.S.
Brock Pierce is a prominent figure in the cryptocurrency industry, with a long and influential history in the blockchain space. He has been involved in various crypto projects, organizations, and initiatives, making significant contributions to the development and adoption of cryptocurrencies.
Pierce’s involvement in cryptocurrencies began in the early days of Bitcoin, around 2010. He was one of the first investors in Bitcoin, recognizing the potential of this revolutionary technology. He also played a key role in developing BitcoinArmory, one of the first Bitcoin wallets, and contributed to the growth of the early Bitcoin community.
In 2014, Pierce co-founded Tether Limited, the company behind the Tether (USDT) stablecoin. USDT is a cryptocurrency pegged to the US dollar, providing a stable store of value and facilitating transactions in the cryptocurrency market. Pierce served as the Chairman of Tether Limited until 2017, and his involvement in USDT has been a significant part of his crypto career.
Pierce has also been actively involved in investing in various blockchain-based projects and companies. He has founded several companies himself, including Blockchain Capital, which invests in early-stage blockchain startups. He has also been an advisor to numerous organizations and entrepreneurs in the crypto space.
Pierce is not only a businessman and investor in the crypto industry; he is also a vocal advocate for the adoption of cryptocurrency and blockchain technology. He has been involved in various political initiatives, including supporting pro-crypto legislation and lobbying for regulatory clarity. He has also spoken at numerous conferences and events, promoting the benefits of cryptocurrencies and educating the public about this emerging technology.
During his CNBC appearance, Pierce attributed the recent surge in Bitcoin’s price, surpassing $44,000, to a restoration of faith in the technology following a period of trust erosion due to issues with TerraLuna, BlockFi, Celsius, and FTX. He emphasized that the market is recovering as people recognize the underlying value of the technology. Pierce also mentioned the excitement surrounding potential spot Bitcoin ETFs, which could open the market to significant institutional buying.
Pierce expressed concern over the way digital asset regulation is being handled in the U.S., particularly the approach of regulating by enforcement. He believes this method is stifling innovation and is not in the best interest of America. Pierce hopes for more sensible regulation that protects people from bad actors without hindering technological progress.
Reacting to the settlement between Binance and U.S. government officials, Pierce highlighted the responsibility of those in charge of major financial platforms, emphasizing the need for self-regulation and vigilance against misuse. He acknowledged that while the crypto industry is young and learning, it is crucial for platforms to work with authorities to mitigate risks.
Pierce discussed the challenges posed by regulatory uncertainty and the need for clear guidance from bodies like the SEC. He stressed the importance of the crypto community’s involvement in educating legislators to ensure sensible laws are passed. Pierce remains optimistic about America’s role in innovation despite current regulatory hurdles.
Looking ahead, Pierce is bullish about the future of crypto, anticipating continued positive momentum into 2024:
“If you look at the historical cycles you know when we eventually get into one of these real bull runs and this is looking like Christmas came early … I think that this is the next [bull run], and every time we find ourselves in one of those bull runs, we do find all-time highs, and if it usually happens, it blows the roof off. So is $150,000 where we’re going to end up? I have no idea, but is it possible? Certainly. And it’s also possible that we find ourselves falling again if we find another one of these terrible events.”
Regarding his political ambitions, he remains open to the possibility of running for President of the United States if necessary, emphasizing his independent stance and desire for national unity.
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