Bitcoin’s utility proposition is still misunderstood despite its revolutionary promise. In a recent roundtable discussion, Rob Nelson, Shalin Mdaan, co-founder and chief growth officer of Formidium, and Richard Levin from Nelson Mullins discussed why the bitcoin message failed to resonate among key demographics. They revealed that there is a need for improved communication and regulatory clarity.
What is Bitcoin’s message?
Nelson opened the discussion with a critique of bitcoin’s message. He stressed that the potential of bitcoin as a financial savior to those outside traditional systems had not been adequately communicated. Nelson stressed the importance of educating younger Americans about bitcoin and those who are unable to invest conventionally.
Shalin Madan acknowledged that bad actors pose challenges in the digital assets space, but praised Bitcoin for its regulatory clarity as well as its status as a free asset. Madan noted that bitcoin is a unique asset that offers an adoption factor that could lead to future profits.
Richard Levin gave a regulatory perspective. He compared the current financial regulations with refereeing a modern game of football using outdated rulebooks. Levin emphasized the need for legislation to update these regulations. He warned potential investors of the risks involved in buying bitcoin from less regulated platforms. He recommended that investors consider bitcoin ETPs and ETFs instead, as they offer better protection under Securities Investor Protection Act.
Levin went on to elaborate the importance of protecting investors, and advised individuals to consult suitable investment advisors. He highlighted the benefits of bitcoin ETFs as a safer investment option than direct purchases on crypto platforms.
