Coindesk notes that the Winklevoss’ proposed Bitcoin ETF rejected. What caught my attention was a quote from Josh Crumb, co-founder of GoldMoney and a former commodities strategist at Goldman Sachs. After indicating that Bitcoin cannot be regulated because it is fundamentally opposed to government sovereignty, he said:
“Bitcoin’s utility is that it cuts through sovereignty. It’s its own law.”Bitcoin’s utility is that it cuts through sovereignty. It’s its own law. via @CoinDesk Click To Tweet
What is interesting here is that, yes, Bitcoin does “cut through sovereignty”. The beauty of Bitcoin is that it is a non-governmental currency, like gold, but also one that can be transmitted anywhere, any time. There is far less risk of being inflated away, which has been the fate of many, if not most, currencies. And it can circumvent capital controls and other regulation.
At the same time, it would be nice if the regulated entities with which we interact every day could realize some of the benefits and efficiencies of blockchain technology. The regulators are far more likely to accept blockchain tech that has no associated currency. This would mean losing the benefits of easy value transmission, but keeping the easy recording of an immutable, replicated ledger for the transmission or dissemination of information.
Read more here: http://www.coindesk.com/bitcoin-etf-rejection-whats-next-wall-street/