Crypto millionaire says regulation is overdue
A 27-year-old UK entrepreneur and trader says Bitcoin's volatility in the past 12 months proves that regulation is "much needed".
Samuel Leach is the founder and CEO of Samuel & Co. Trading, a business he set up in 2012 using £200,000 of his own money earned through trading on the markets.
He recently launched a new social networking platform called Yield Owl for cryptocurrency investors and is also behind Yield Coin, the world's first multi-purpose backed cryptocurrency token.
Leach told BusinessCloud that he is “strongly in favour” of regulating the cryptocurrency landscape.
"You only have to look at bitcoin's volatility in the past 12 months to see why it is much needed," he said.
Bitcoin fell from an all-time high of almost $20,000 in December 2017 to below $6,000 in June 2018 and is currently trading at almost $6,500 (at the time of writing).
Experts including Blackmore Group CEO Phillip Nunn have predicted that the virtual currency could rise as high as $60,000 this year, while leading economists have suggested that regulation could cause it to plummet below the $100 mark.
Leach says a layer of protection and trust would not only benefit investors, but also the “ever-increasing number of projects underpinned by blockchain technology".
"As an industry we need to re-evaluate our attitudes towards regulatory oversight and focus our collective efforts on working with legislators to implement meaningful regulation that benefits us all," he said.
Leach says his hopes for Yield Owl, which he claims is already the fastest-growing FinTech social media platform, is to unite the cryptocurrency trading community in once place.
"We had an incredibly successful pre-registration process which saw over 1,500 users create profiles on the platform, and we’ve had another 500 registrations since our official global launch last week," he said.
"Members can post updates, trips, events and opportunities to the platform as well as explore industry news and share insights in dedicated forums."
"Another key focus for us is providing educational assets for members of the community who aren’t experienced traders."