By Sheila Bair (original source Yahoo Finance)
“The nearly 2000% run up in bitcoin’s (BTC-USD) price over the past year, followed by its recent precipitous drop, is stirring the usual calls to regulatory arms.
Watching a volatile asset bubble (and yes, anything up by 2000% in less than a year is a bubble) can be painful for regulators. They know it’s going to turn. They know people are going to lose a lot of money. But what should they do?
Some argue that bitcoin performs no socially useful function and thus should be banned. But value — like beauty — is in the eye of beholder.”
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