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What Will Become of SHIB When Former Fed Chairman Says Bitcoin Won’t Become Legal Tender

Place/Date: - September 19th, 2022 at 10:10 am UTC · 3 min read
Source: Gate.io

Former Federal Reserve Chairman Ben Bernanke shared his thoughts on bitcoin and other cryptocurrencies in an interview with CNBC on May 17. Ben Bernanke said that Bitcoin and other cryptocurrencies have been successful as speculative assets. The main use of bitcoin is mainly for underground economic activities, which usually involve illegal areas. I don’t think bitcoin will become a form of alternative to fiat currency.

The notion of such a statement may be hinting at the future direction of cryptocurrencies. Due to the dramatic fluctuation of cryptocurrency prices down in the last two weeks, the policies of countries for virtual currencies are gradually becoming stricter. This not only affects the trend of stable cryptocurrencies, but even cottage coins, such as the Shiba Inu coin, are also greatly affected.

At the time of writing, the price of the Shiba Inu coin on the Gate.io international digital currency exchange was $0.00001266, having fallen 12.6% in the last 7 days. However, in the last 24 hours, the price has increased by 4.8% and the volume traded was $636,680,458. On May 12, the price reached a low of $0.00000993 in the first half of 2022, which seems to be a bit far from the previous vision of the Shiba Inu coin team of $0.01.

The US Will Strengthen Controls on the Cryptocurrency Market

Cryptocurrency assets are highly speculative and their investors need more protection or they could lose trust in the market, according to SEC Chairman Gary Gensler, who said that while the crypto market is considered decentralized, the reality is that most activity is happening on a handful of trading platforms that along with Token issuers, need to work with the SEC to improve industry rules and disclosure. He pointed out basic market principles such as “anti-fraud, anti-manipulation, making sure there is no pre-emption, and making sure orders are real and not fictitious“. In addition, Gary Gensler said that the SEC will continue to act as a “police officer on call” while working with the CFTC to ensure that all cryptocurrencies are regulated.

Cryptocurrency Investment Products Inflow of $274 Million

According to weekly data released by CoinShares, inflows into digital asset investment products reached $274 million last week, a new high for the year. Among them, Bitcoin saw the most inflows, with total inflows of $299 million last week. Ethereum, on the other hand, continued to see $27 million in outflows last week, with outflows now totaling $236 million, or 2.6% of total AUM. In addition, blockchain stock investors saw outflows totaling $51 million, the third-largest outflow recorded.

Shiba Inu Coin Twitter Followers Reached 3.33 Million

Currently, Shiba Inu Coin is increasing at a surprisingly fast rate early to now 3.33 million on Twitter. The point is that the project has only been around for almost a year and has already become one of the more successful MEME tokens. Shiba Inu coin, which was always behind Dogecoin before, is currently only about 20,000 followers away from the Dogecoin token and could surpass it at any time.

At the moment, Shiba Inu Coin is ranked fourth in the list of top 10 cryptocurrencies for Twitter followers. Many are concerned that the rise in the price of Dogecoin tokens after Marx received Twitter may bring down the Shiba Inu coin, however, the rising number of followers now may also represent more potential investors looking for the right time to buy the Shiba Inu coin.

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