Recently, on Wall Street Journal, the richest person in Florida warns the rise of Bitcoin that could disrupt the economy.
Thomas Peterffy, the richest person in Florida, isn’t a big fan of Bitcoin. Thus, he calls for a ban on Bitcoin. He says, Bitcoin threat to its current business model. But meanwhile, the demand for Bitcoin futures has never been higher. Since several businesses are waiting to explore.
Petterffy writes an open letter to J. Christopher Giancarlo, chairman of the Commodity Futures Trading Commission. He claims that Bitcoin is a very serious threat as it may destabilize the entire industry. This simply means that strong elite doesn’t have to change unless there is something benefit from it. Since the rise of Bitcoin tends to be harder.
He says there is no fundamental basis to set a value for Bitcoin. However, the worldwide digital payment system that opponents have long complained as vulnerable to abuse through illegal money transfer.
Peterffy wrote, that lack of fundamental basis,
“This has been illustratation quite clearly in 2017 as the price of Bitcoin has increasing nearly 1,000 percent”.
The underlying crypto market or to the market the products are not regulated nor tested, he added.
At last Peterffy mentions,
“Unless the risk of clearing cryptocurrency is isolated and segregated from other products, a catastrophe in the cryptocurrency market that destabilizes a clearing organization will destabilize the real economy”.
Thomas Peterffy, who is successful in the discount brokerage business. Thus, he is world’s richest billionaires resident of Florida.