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Contemporary Week 1 Response Response to Classmate 1: I agree with your assessment that Tesla's investment in Bitcoin has increased the legitimacy of cryptocurrencies and could lead to more companies making similar investments. However, I also share your sentiments that the lack of regulation in the cryptocurrency market is a major hurdle to widespread adoption as a form of payment. The involvement of financial institutions could certainly push for more regulation, but it remains to be seen how effective these regulations would be in stabilizing the market (Kachigan, 2019). The recent collapse of FTX and other cryptocurrency exchanges shows that significant risks are still associated with investing in cryptocurrencies. Individuals must fully understand these risks before investing. Overall, the future of cryptocurrencies is uncertain and could go in many different directions depending on how governments, financial institutions, and investors respond to the challenges and opportunities presented by this new asset class.
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