CoinMarketCap News, Sept 29: An Uncomfortable Truth for Bitcoiners

The financial crisis engulfing the British pound shows no sign of abating. Interest rates are now set to peak at 6.1%, but the government appears to be doubling down on controversial plans to slash taxes for the highest earners.

Across Crypto Twitter in recent days, sterling's been branded a "s***coin" — with Bitcoin presented as a better alternative. But I'd argue this. Even if things get much, much worse for the pound (and they might,) most Britons would still pick GBP over BTC.

Bitcoiners argue that the pound is only suffering downward volatility over time. This is true to an extent — £1 was worth $2 in 2007, now it's just $1.09. But even consumers who know little about BTC are familiar with the fact that it can go through stomach-turning fluctuations on an early basis, with a brutal boom-and-bust cycle every four years.

Those who believe BTC should become the world's currency face an Everestian challenge ahead of them to educate the public and assuage their concerns. Crypto remains far too technical and fiddly for most consumers, who just want an easy way to pay for their pints. And while Bitcoiners value having full control over their keys, this would be a daunting prospect for those who feel more comfortable entrusting their savings with a bank.

El Salvador has already embarked on the experiment of making Bitcoin legal tender. And while it's still early days — we're only a year in — it hasn't gone all that well. Most businesses won't accept this cryptocurrency as a payment method, and few Salvadorans are using it.

This isn't to say that Bitcoin can't play a bigger role in the world's financial future. But at just 13 years old, this cryptocurrency is still young. The message about BTC's benefits isn't cutting through to the public. And the discourse on Twitter — which centers on attacking "FUD" and telling people to "have fun staying poor" — is downright off-putting for the public.

Now more than ever, money matters are a serious topic. In the U.K. this winter, people are worried about heating their homes — and even keeping them. With a brash, macho, f*** you brand, Bitcoin just doesn't feel like the answer yet.

Bitcoin could double in price if it was regulated by the Commodity Futures Trading Commission, according to its chairman. Rostin Behnam said clear rules could help the crypto markets to grow — boosting institutional inflows. Speaking at NYU School of Law, he said many deep-pocketed institutions would only be able to invest with greater amounts of regulatory clarity. Behnam went on to claim that non-bank institutions "thrive" on regulation because it delivers a level playing field. Many crypto entrepreneurs in the space agree that regulation is needed — and they've been pleading with U.S. agencies for greater clarity. But there's been something of a battle when it comes to which agency should be responsible for overseeing crypto.

Floyd Mayweather has filed a motion to dismiss the claims against him in a class action lawsuit centered on Ethereum Max. The boxer has been accused of making false and misleading statements as he promoted this digital asset. His lawyers argue that the class action "does not identify a single statement made by Mayweather about EMAX tokens or Ethereum Max." They go on to argue that the evidence provided — such as him wearing clothing bearing Ethereum Max's logo — is insufficient. Lawyers added: "Plaintiffs' pursuit of claims against Mayweather is a transparent attempt to reach a perceived deep pocket in an effort to obtain a windfall for an admitted 'highly speculative' and 'risky' investment that resulted in disappointment."

Pig butchering scams are notoriously difficult to prosecute — but over in Delaware, there's an encouraging development. Prosecutors have issued summary orders to cease and desist against 23 entities and individuals involved in these scams. Typically, victims are groomed to make increasingly larger investments into fake schemes over time — often their whole life savings — only to realize they've lost it all. Delaware's Department of Justice described it as an "international scam involving thousands of victims across the country with losses into the billions of dollars." Detectives managed to trace the crypto that belongs to two complainants — linking it to wallets on various exchanges. Withdrawals have now been frozen.