Bitcoin Price Hits New Record, Leads to Calls for More Regulation

bitcoin price

There’s no denying that Bitcoin is becoming a significant part of the global financial system. Bitcoin is a decentralized network with a straightforward set of rules that allows for efficient money transactions over the internet, making it a viable alternative to central bank-controlled fiat money. There has been a lot of discussion on how to value Bitcoin or what the cryptocurrency’s price would look like if it becomes more widely adopted. Bitcoin and other digital currencies have been marketed as fiat money replacements. And with this, bitcoin mining in Dubai is growing exponentially.  

Regulation of crypto will soon become a top priority for financial regulatory agencies as Bitcoin prices hit record levels. The price of Bitcoin reached a record high last month, surpassing $60,000 on the deVere Crypto exchange for the first time. This has heightened the interest in bitcoin mining in Dubai and the Middle East region. 

Bitcoins in circulation currently have a market capitalization of $1 trillion, with values up 890 percent in the last year. The world’s largest cryptocurrency is now backed by the majority of major financial firms, including investment giants and payment companies, and there is continued soaring demand from retail investors. 

Utility of Bitcoin Mining in Dubai and The Value of Bitcoin  

The use of blockchain technology has been one of Bitcoin’s biggest selling points. Blockchain is a decentralized and trustless distributed ledger framework, which means that no parties involved in the Bitcoin business must maintain trust in one another in order for the system to function properly. This is made possible by a complex system of checks and verifications that is key to the ledger’s upkeep and the development of new Bitcoins. Best of all, the simplicity of blockchain technology ensures that it can be used for purposes other than cryptocurrencies. 

For bitcoin mining in Dubai, almost all currency transactions are performed through banks or exchange houses, and cryptocurrencies should follow suit. It would be much easier to fix potential irregularities, such as money laundering, and ensure that taxes are charged when the flows pass through controlled exchanges. 

Banks would need to open accounts for exchanges in order for this to happen, so they must be monitored. 

Reduction of Any Potential Disruption 

For bitcoin mining in Dubai, Bitcoin and other cryptocurrencies must be kept to the same standards as the rest of the financial structure, with a solid, workable international structure, as their dominance increases. This will help to mitigate any potential disruption to global financial stability, protect investors, combat illegal activity, and give countries that embrace and adhere to it an economic boost. 

Where to Buy Bitmain Antminer S9, S19, and Other Bitcoin Mining Computer? 

Bitcoin has entered a crucial juncture with its value now exceeding the GDP of many countries. Financial regulators must carry this asset class to the regulatory table via exchanges as soon as possible. This is the reason there is a massive shift towards bitcoin mining in Dubai. To get high processing crypto mining machine for sale, call our experts at Phoenix and we will give you a free consultation on buying antminers, bitcoin wallets and much more.