Crypto market took a hit since 22 May after Bloomberg revealed that the Pentagon is discussing whether investment in Bitcoin could pose a security threat in security clearances.
The market has, however, misunderstood the nature and scope of the security clearances. It appears that the Pentagon is suddenly emerging as a new super-regulatory in the crypto space on top of financial regulators like the SEC. However, this is far from the truth.
The security clearance is like a background check on persons whose work is related to state secrets in the US. As most crypto investors are in Asia and most of them can hardly get a work visa in the US nowadays, the discussion on security clearance is largely irrelevant to the crypto community!
Source: US Department of State
As a contrarian investor, I look out for the catalysts that are not reflected in the prices of cryptos. These include the coming of Intercontinental Exchange (parent company of the New York Stock Exchange), JP Morgan, Nomura, etc into the crypto space. The upcoming Ethereum conference in Beijing on 3 June, which Vitalik Buterin is said to attend, is also a potential catalyst.
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