The Chairman of the SEC thinks that Bitcoin’s growth is mainly due to the inefficiency of current payments

The Chairman of the SEC thinks that Bitcoin’s growth is mainly due to the inefficiency of current payments

Jay Clayton was a guest of CNBC today where he presented his view of the current situation and also Bitcoin.


19 Nov 2020 , 20:24 @ Thomas Alford

The Chairman of the SEC thinks that Bitcoin’s growth is mainly due to the inefficiency of current payments

Jay Clayton was a guest of CNBC today where he presented his view of the current situation and also Bitcoin.

The Chairman of the Securities and Exchange Commission, Jay Clayton, who is resigning at the end of the year, also responded to the rising price of Bitcoin today, informs Coindesk.

Jay Clayton told CNBC:

What we are seeing is that our current payment mechanisms domestically and internationally have inefficiencies. Those inefficiencies are the things that are driving the rise of bitcoin.

Bitcoin is currently under discussion almost everywhere, as there is a high probability that it will soon be able to overcome the previous ATH. At the time of writing, the price is still around $ 18K.

The Chairman also commented on the moderator’s addition that Bitcoin could be regulated as a security and said “Bitcoin was much more a payment mechanism and stored value than a security.

However, with the rising price, the commission raises a warning finger for Bitcoin and leans towards the CEO of JPMorgan Chase, who said on Wednesday that regulators would eventually come knocking as Bitcoin continues to grow. 

Jay added:

I think we’re going to see this mature and I think we’re going to see more regulation around the payments space,

Read also: Miners in China started shuting down the machines because they can’t pay for electricity due to frozen bank cards

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