Bitcoin price WARNING: Crypto WILL be regulated & prices will PLUMMET | City & Business | Finance

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Bitcoin and other cryptocurrencies including Ripple and ethereum have all seen their prices fluctuate over fears they will become regulated. 

The prices of the three cryptocurrencies are all on the rise over the last 24 hours but Bill Winters has warned the prices could soon fall.

The CEO of Standard Chartered said he could not see any way where the cryptocurrencies and Blockchain were not going to be looked into by authorities. 

He said: “We think it is very real, it is fundamental. We have got some extremely interesting early stage developments how clearing currency pairs with disrupted technology. 

“We are a complete believer in the technology underlying the cryptocurrencies. 

“The cryptocurrencies themselves I imagine will find themselves quite regulated. 

“Of course, they were designed in many ways to avoid being regulated. 

“But like is happening in Korea and China, I find it hard to imagine that authorities are going to allow widespread use of any currency or cryptocurrency for cross-border payments or domestic payments for that matter without some ability to be able to look in and see what is going on.”

Speaking to CNBC, Mr Winters also warned this could lead to the price of cryptocurrencies like Bitcoin to plummet. 

“I think the growth will naturally be curtailed,” he said. 

“But there is a reason that these things exist and at the end of the day they are not controlled in terms of their values by central banks, and that is appealing to a big chunk of the population.” 

The comments come after the South Korean Government announced that it would be cracking down and impose stricter regulation on cryptocurrency trading. 

Bitcoin is a cryptocurrency which is not controlled by a single administrator and can be used to buy things worldwide electronically. 

Financier Bill Browder warned that the cryptocurrency world could face another crisis if it is regulated. 

He told CNBC: “Bitcoin and other cryptocurrencies are a way for bad dictators or criminals to bypass sanctions and so from my perspective, and I think from the perspective of politicians around the world, governments are not going to allow that to happen.

“Eventually it’s going to be regulated and as it gets regulated one of the prime aspects of Bitcoin will disappear, which is this libertarian freedom.

“It’s true with Bitcoin in terms of money laundering. They will get to it and when they get to it, it will be extremely tough and devastating and hurt the share price.”

Nobel Memorial Prize winner Joseph Stiglitz warned bitcoin “must” be regulated to stop money laundering. 

He said: “We have a good medium of exchange, called the dollar, we can trade in that. Why do people want a bitcoin? For secrecy. We have a perfectly good currency. We are moving towards an electronic payments mechanism. I would like us to move more towards an electronic payments mechanism but you don’t need a bitcoin for that.” 

Bitcoin saw its highest value before Christmas when it reached the monumental price of just under $20,000. 

The price of Bitcoin has since fallen, but According to Coindesk the cryptocurrency over the last 24 hours has risen 2.71 percent to $11,133.60at 18.18pm (GMT) on Wednesday 24 January.

Coindesk also says Ripple’s XRP is also on the rise, up 1.95 percent to $1.36 at 18.19pm on Wednesday 24 January. At the same time, ethereum was also on the up 4.82 percent to $1,033.74.

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