El-Erian says it’s time for the governments to stop calling crypto a scam or speculation

The advisor of the fund management company Allianz and Gramercy, El-Erian, has urged the government to stop calling crypto a scam. His exact words were, “The time has come for more western governments to stop dismissing the crypto revolution as some mix of illicit payments schemes and reckless financial speculation.” This makes it very clear that even he thinks that we have come a long way in the crypto industry. And the possible reason why the governments are calling it a scam is a fear of losing control.

Governments should start accepting the crypto revolution

title El-Erian says it's time for the governments to stop calling crypto a scam or speculation
Image Source: Time Magazine

According to his statement, El-Erian believes that the governments and the crypto sector need to cooperate and work on this together. As of now, the governments are on their toes to create problems for the crypto market and its investors. There are also very few laws that can properly regulate the market, leading to a lot of problems. El-Erian says the government should be more open to this new financial market. And at the same time, they should support the investors in the sector.

We have come a long way in the crypto sector, but this market is still new. The government’s support will be crucial for its long term growth and the benefit of its investors. Crypto provides a lot of solutions to the current financial problems that exist. And if taken advantage of, the world economy can boost quite a lot. Another factor is that China has been doing their thing (making CBDC), and could become a superpower if they adopt crypto and the US doesn’t.

The markets are changing and becoming better.

The concerns surrounding crypto are fair, but they are slowly changing. For example, the energy usage problem with Bitcoin has reduced quite a lot due to the shift to renewable energy resources. At the same time, a little bit of regulation could reduce money laundering, illegal payments and other concerns related to crypto. It will be wrong to say that the crypto market is speculation anymore. Yes, it is very volatile, but that doesn’t change the fact that the financial markets will change due to this.

What are your thoughts on the governments calling crypto a scam? And do you think that the government needs to change their views? Let us know in the comments below. Also, if you found our content informative, do like and share it with your friends.

Also Read: While gains continue, Ethereum doesn’t look very bullish.