“Already one of the largest crypto conferences in the world, attendance this year is up dramatically and coming at a time when Bitcoin/Crypto is down YTD. Hence, we expect the Consensus rally to be even larger than past years.”
Managing partner at Fundstrat Global Advisors – Tom Lee, added the above quotation about cryptocurrency prices being impacted heavily positive by the upcoming Consensus Conference that will begin May 14. This is the fourth year that the conference is taking place and expected to welcome and open doors for around 7k crypto currency advocates.
According to Mr. Lee, the gains following up the Consensus events on a yearly basis are around 10%-70% which signals that if BTC does better this time, it could possibly go for the big $15k.
But, it is evident that the increase is not 100% sure to happen clearly, as he cited regulatory concerns that could turn out to be a bearish factor on the following-Consensus gain.
“What could go wrong? Commentary around regulatory risks during Consensus are negative. We do not expect this to be the case, however.”
With Bitcoin and other digital currencies hitting the mainstream in a way not previously experienced, regulation will undoubtedly be a hot topic of conversation at the Consensus meetup.
The current debate that is going on about if Ethereum should be set under security-status and classified by SEC, is an issue that could cause major side effects.
In a report from the Wall Street Journal, people familiar with the matter have said that the U.S. Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC) are attempting to determine whether the same rules designed for stocks should be applied to other digital currencies such as Ethereum.
Molly Jane is a Russian Literature major from California with a background in writing. She joins CurrencyTimes after working as a freelance journalist and blogger.