Deloitte Report: "There is a race to regulate Bitcoin. Is it too soon?"

DeloitteIn a Deloitte report entitled “Bitcoin at the crossroads,”  Managing Director Jon Watts opines that Bitcoin need not yet be regulated, offering three reasons why global policy makers and regulators may want to consider giving Bitcoin more time to develop. Regulation could in fact slow innovation, an innovation with a still small market penetration:

jon watts“Bitcoin is receiving a remarkable amount of attention and scrutiny from policy makers and regulators all around the world-far beyond what its current scale and market impact would seem to justify. In fact, by any relevant benchmark, the value currently at risk with Bitcoin is just a drop of water in the ocean that is the financial industry. At the moment, the total value of all Bitcoins globally is less than $4 billion, which pales in comparison to the nearly $1.36 trillion in US currency physically in circulation today,” observed Watts. “With the internet’s power to rapidly disseminate information, many US consumers may have heard of Bitcoin, but very few actually own Bitcoin or have conducted a Bitcoin transaction. Individuals who have used Bitcoin are very early adopters

Read more ... source: TheBitcoinNews