Bitgo CEO Mike Belshe Shares Outlook On Bitcoin's Recent Burst Above $50,000 And Regulatory Effect On Crypto Markets

BitGo’s Mike Belshe has asserted that Bitcoin shall continue to soar despite the many obstacles thrown at it, in the long term.

In a Tuesday morning conference with CoinDesk newsroom, the C.E.O and co-founder of the over $16 billion crypto custodian BitGo talked down FUD created around the major crypto-asset observing that over the years, the crypto community only seemed to push Bitcoin’s price higher especially when the asset was faced by impediments.

“Every single time Bitcoin is here to prove that Bitcoin does last. We have seen a number of rejections over the years and it has always overcome” He said.

We welcome regulations

The 50-year-old C.E.O noted that over the years, investors were becoming more comfortable with the regulatory environment expressing confidence in the path taken by the crypto community in collaboration with regulatory authorities in carving out a clear path for the industry.

In the preceding weeks, the U.S. Senate witnessed a tremendous voice in the crypto and digital assets space ahead of voting in the rushed crypto tax provisions in the must-pass infrastructure bill. Although Mike disagrees that the Senate floor was quite the best place to discuss such matters he marked the whole engagement as a great plus for the entire crypto space.

“We pay taxes, so that’s actually not a big deal. We welcome actually welcome clarification of how these assets should be traded from a regulatory perspective”

Bitcoin is progressing as expected

Notwithstanding a major correction in May followed by a prolonged price squeeze that lasted for close to two months, the C.E.O was unfazed about Bitcoin’s price terming the move as the “natural progression of Bitcoin.” 

BTCUSD Chart By TradingView

He asserted that despite the backdrop of the pandemic where the fiat monetary policy is completely uncertain, the industry continued to witness a surge in interest and participation both by institutional and retail players in Bitcoin and digital assets which was a major boost to the asset’s bolstering price. 

The DeFi boom and progressive developer activity around the general crypto industry such as technical and regulatory safety nets also encouraged investing diversity in the space, pointing to an upside in the assets growth. 

BitGo which serves a range of wealthy clients including Galaxy Digital Holdings, Valor Equity Partners, and Goldman Sachs is the custodian of 1% of Bitcoin’s total supply worth around $6.2 Billion which is locked in Wrapped BTC (WBTC) making it the world largest holder of tokenized BTC according to an official reveal made in June. 

It has however diversified and currently offers custody services for a wide range of other digital assets and most popular coins using its digital wallet.