A WEF executive issued a “dramatic” Bitcoin warning amid the base price-fueled Bitcoin craze

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The Nasdaq has driven Bitcoin and cryptocurrencies

NDAQ
 debut of the cryptocurrency exchange Coinbase.

The price of bitcoin rose to nearly $ 65,000 per bitcoin this week, up 800% more than at this time last year, before retreating, with investors trying to call where the top of the bitcoin market might be .

Now, a World Economic Forum (WEF) executive has warned that the booming bitcoin and cryptocurrency sector could soon be hit by a “dramatic” regulatory wheel.

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“We will see another round of rather dramatic attempts to regulate this space,” said Sheila Warren, head of data, blockchain and digital resources at the WEF and a member of its executive committee, during an online conference. Bloomberg seminar Thursday.

Bitcoin’s massive 2021 rally has helped the broader cryptocurrency market reach the shocking $ 2 trillion of recent months.

The emergence of the long-awaited institutional adoption of bitcoins and Tesla

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 Billionaire Elon Musk, who slowed down the cryptography market, has given legitimacy to the nascent cryptographic space, while technological advances have allowed the growth of blockchain-based decentralized finance.

“As there is more and more activity in these spaces, there is more and more signal of demand for regulators to engage and participate,” Warren said.

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This week, Turkey’s central bank banned the use of bitcoins and cryptocurrencies for payments, prompting a sale of bitcoins that dropped the price of bitcoins from their most recent highs. In March, it was reported that India would propose a law banning cryptocurrencies and could start fining anyone who trades or holds bitcoins and other digital tokens.

Elsewhere, Bitcoin has faced criticism for its high power consumption (something that will rise if the price of bitcoin continues to rise) and for its use by extremists to evade surveillance.

However, despite Warren’s warning, he is still optimistic about the bitcoin and cryptocurrency market, even after its huge price rise.

“Some see this as the high point, I think it’s absolutely wrong,” he added.

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