Major legal threats in the case of a big leap in Bitcoin price will see banks scrambling for support, the advocate forecasts.
JPMorgan would have to move to Wyoming to protect itself from million-dollar Bitcoin (BTC), one blockchain advocate has warned.
Speaking on financial news show the Keiser Report on June 6, Caitlin Long, who’s been appointed to the Wyoming blockchain committee, argued that the state was now far ahead of New York on Bitcoin support.
Long: $1M BTC will spark lawsuits
In the future, she told host Max Keiser, Bitcoin may cost $1 million, which will bring new forms of legal problems for owners and financial institutions.
“There are people now finally starting to put leads on Bitcoin because Bitcoin is being lent out and that’s what lenders do — they put leads on collateral,” she said.
“We’re skating to where the puck is going to be and thinking about where the attack vectors are going to come from.