For instance, Elon Musk’s Tesla (NASDAQ: TSLA) invested $1.5 billion in Bitcoin. Additionally, both Bank of New York and MasterCard announced they’ll be accepting the digital currency. On the other hand, MicroStrategy lifted its debt offering to over 1$ billion to invest it in Bitcoin. In return, the institutional interest in Bitcoin and Altcoins resulted in an even higher volatility in the cryptocurrencies market.
However, with the growing interest in cryptocurrencies, the fear from crypto schemes and highly volatile cryptocurrencies markets raised an alarm for watchdogs and regulators.
Last month U.S. Treasury Secretary Janet Yellen warned about investing in the crypto. Growing concerns regarding using Bitcoin for illegal purposes and money laundering fueled discussions of the future of Bitcoin. In conjunction with Yellen’s comments, New York Attorney General Letitia James said that the Bitcoin community should play by the rules or we will shut you down.
