In case you didn’t know, the G7 meeting comes up between August 24-26 and will see national leaders from Canada, France, Germany, Italy, Japan, the United Kingdom, and the United States gather to discuss political and economic interests.
Interestingly Bitcoin and cryptocurrencies will get airtime at the meeting, the fact that Morgan Creek Digital Assets CEO, Anthony Pompliano was quick to point out in Tuesday’s session with CNBC presenter Joe Kernen.
Pompliano highlighted that it had taken only a decade from Bitcoin’s creation for the ‘decentralized digital currency to go from basically the fringes of the internet to now being discussed at the G7 and other regulatory offices.’
With this in mind, Pompliano shared his thoughts regarding incoming regulation for the industry, noting that the regulators are likely to target fiat onramps such as cryptocurrency exchanges and wallet providers.
If regulators eventually bring these venues under their watch as they’re already making efforts to, Pomp admitted that such “regulation could definitely hurt in the short term” since it will scare people away.
However, he said that if such regulations get worked out, then it could “ultimately be a net benefit for Bitcoin in a long period” since it will become more accessible for people to own and trade the cryptocurrency.
For the short term, though, Pompliano used the recent approval of Bakkt by U.S regulators to sell physically-backed Bitcoin futures as a point of reference that the more infrastructure is built around Bitcoin, the more likely it is never to go away.