The rising price of Bitcoin is a positive for the entire cryptocurrency sector as greater awareness of the coin’s benefits is set to boost the adoption of digital assets, RocketFuel Blockchain Inc (OTCQB:RKFL) CEO Peter Jensen believes.
Bitcoin on Monday hit a new record high price above $72,000.
Jenson told Proactive in an exclusive interview that greater awareness is required to support the adoption of cryptocurrencies, whether as an investment vehicle or as a practical way to move money from A to B.
That’s where RocketFuel comes in, providing global payment solutions supporting payments with bank transfers, Bitcoin and more than 160 other cryptocurrencies.
“As with all new technology, people need to feel comfortable with it to adopt it,” Jensen said. “If the number of people exposed to the technology is going up and they have a good experience, it fosters the adoption of this new technology.”
He said this was where the recent introduction of Bitcoin ETFs in the United States played a role because it offers investors exposure to the coin through old-fashioned financial institutions like Merrill Lynch and BlackRock rather than newer platforms such as Coinbase.
“Now we have an army of financial advisors touting the benefits of digital currencies to their clients that they’ve had for 10s of years,” Jensen told Proactive.
He sees the participation of these financial institutions in the crypto space as a positive for the sector, potentially influencing more favorable regulations.
“As politicians, lobbyists and big banks start putting money into it, there’s a good chance some new laws that come out in the next year or so are going to favor Bitcoin and crypto in general, as opposed to against it,” he said.
In terms of crypto regulations, Jensen believes there needs to be some guardrails and limits to avoid attracting the wrong people and giving the whole industry a bad reputation.
“This technology has the potential to make payments around the world cheaper, faster and safer and it’s a pity if a small group can ruin it as they have in the past because there was not enough regulation,” Jensen said. “A perfect example is the regulation that allowed Bitcoins ETFs. It has helped our industry.”