A Coinbase Exec Is Predicting Bitcoin Will Turn A Big Corner This Year

Bitcoin and the wider cryptocurrency industry has struggled over the last year as sky-high expectations for the sector after 2017's massive bull run have either stalled or been delayed.

The bitcoin price has meanwhile stagnated after a bitcoin cash civil war-inspired sell-off resulted in many cryptocurrency holders opting to recoup their losses than hold on for the next bull run—if it ever comes.

However, bitcoin and cryptocurrency developments have continued to rumble on and Marcus Hughes, U.K. lead counsel for San Francisco-based crypto exchange and wallet provider Coinbase, expects this year to mean big changes for bitcoin regulation around the world.

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Bitcoin has failed to live up to the impossibly high expectations the 2017 bull run set—but once regulation catches up, it might get there. GETTY

"Within the next year or two, we'll see big developments," Hughes said in an interview. "Regulation will take shape this year, particularly in Europe."

In the U.K. the country's Financial Conduct Authority (FCA), which oversees its huge banking industry, is carrying out a consultation that could see it ban the sale of derivatives based on cryptocurrencies such as bitcoin to consumers and last month the U.K. government said it stands ready to empower the FCA to oversee all cryptocurrency assets.

The FCA is also investigating some 18 companies over cryptocurrency use, it was revealed by a freedom of information request by the Telegraph newspaper.