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Bittrex CEO: Crypto Expected to Integrate into Traditional Finance in 5-10 Years

Key Takeaways
  • Bittrex Global's US division files for Chapter 11 bankruptcy amid a challenging regulatory environment.
  • CEO Oliver Linch believes crypto conferences will cease to exist as Crypto becomes integrated into traditional finance.
  • Bittrex Global's US operations wind down due to unclear regulations and economic viability concerns.
19-May-2023 By: Aditi Tiwari
Bittrex CEO: Crypto

Bittrex Global CEO Oliver Linch believes that crypto conferences will no longer exist in the next five to ten years.

He thinks this is because cryptocurrency will become a regular part of traditional finance. Instead of trying to fit crypto into existing financial products, Linch suggests that it should be seen as something entirely new in the finance world. He believes crypto should follow the same basic principles as traditional finance but also be recognized as distinct.

Linch points out that in some countries, including the United States, regulators tend to view crypto through the lens of traditional finance. However, he argues that analyzing crypto in the same way as traditional finance is not effective. He sees crypto as a separate and unique component that should coexist with traditional financial products like securities and derivatives.

Linch also highlights that the countries with the most robust regulatory frameworks are the ones that engage with crypto on its own terms. They recognize its unique characteristics and regulate it accordingly.

In Linch's ideal scenario, in five to ten years, crypto will seamlessly integrate into traditional finance. He believes that events like Bitcoin Miami will no longer be necessary because crypto will be fully integrated into the financial system.

Bittrex Global's US Division Files for Bankruptcy Amid Regulatory Challenges

Bittrex Global's US division recently filed for Chapter 11 bankruptcy. However, the company clarified that this filing will not affect its global operations. The decision to wind down its US operations was due to the challenging regulatory and economic environment in the United States. Bittrex Global's co-founder and CEO, Richie Lai, expressed concerns about unclear and enforced regulatory requirements, which created an uneven competitive landscape and made it economically unviable to continue operating in the US.

Oliver Linch predicts the disappearance of crypto conferences in the next few years as crypto becomes a regular part of traditional finance. He emphasizes the need to recognize crypto as a distinct element while following fundamental financial principles. Linch envisions a future where crypto seamlessly integrates into traditional finance, rendering events like Bitcoin Miami unnecessary. Meanwhile, Bittrex Global's US division faced challenges due to regulatory and economic factors, leading to its decision to wind down operations in the country.

Also read- US Crypto Lobby Highlights Threat of 'Rival Nations' Winning Blockchain Competition

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