Ark Invest predicts that the U.S. may lose its status as a technology power in the coming years due to its tough policy toward the cryptocurrency market.
Thus, Ark Invest analysts joined those businessmen and the expert community who periodically criticize the U.S. leadership and urge it not to increase pressure on the industry, but rather to create conditions for its development.
Yassin Elmanger, of Ark Invest, said the U.S. is losing ground to the United Arab Emirates, South Korea, Australia and Switzerland. These nations are driving the growth of the blockchain industry and the spread of digital currencies.
The analyst’s note said that a wave of cryptocurrency bankruptcies and market declines have negatively affected the sector’s attractiveness to U.S. institutional investors. The lack of a regulatory framework for digital currency transactions has also hindered the entry of large capital into the cryptosphere. The U.S. government needs to accelerate the problem of market regulation. Otherwise, most blockchain businesses will leave the country, said Yassin Elmanger.