Overview
• Bitcoin price has surged 15% in 7 days, prompting investors to consider if it’s the right time to buy.
• Regulators have taken steps toward regulating cryptocurrency, while a Bahrain hotel is now accepting cryptocurrency payments.
• Binance CEO Changpeng Zhao recommends that cryptocurrency business owners consider relocating to France, Dubai (UAE), and Bahrain.
Regulators Take Steps Towards Regulation
The Securities and Exchange Commission recently introduced a new “custody” regulation that would limit the ability of asset managers to invest clients’ funds in cryptocurrencies, among other things. Simultaneously, the New York Department of Financial Services has directed cryptocurrency firm Paxos to cease issuing BUSD due to “unresolved issues” related its association with the Binance exchange. Despite reassurances from regulators about regulating the sector, investors have returned to the market and caused BTC/USD prices to surge.
Bahrain Hotel Accepting Cryptocurrency Payments
Novotel Bahrain Al Dana Resort has become the first hotel in the Arabian Peninsula region to accept payments in cryptocurrency. To facilitate this service through the Binance app, special terminals will be installed at its outlets. Additionally, Binance CEO Changpeng Zhao recommends that cryptocurrency business owners consider relocating their projects to France, Dubai (UAE), and Bahrain due their pro-Bitcoin regulations.
Pros & Cons Of Buying Bitcoin Now
Buying Bitcoin now may bring potential benefits such as taking advantage of its recent surge and profiting from speculation over its future growth prospects; however it comes with certain risks as well such as volatile prices or potential government regulation on digital assets. Investors should conduct extensive research before deciding whether or not they want to buy Bitcoin at this current time period.
Conclusion
With regulators taking steps towards regulation of cryptocurrencies and businesses such as Novotel Bahrain Al Dana Resort beginning to accept payments in digital assets, many investors are considering buying Bitcoin now while it is surging in price. However they should always conduct adequate research beforehand and weigh out all pros & cons before making any decisions regarding investing in cryptocurrencies like Bitcoin
