"Bitcoin has emerged as a "shadow" monetary tool, a type of liquidity overflow to prevent even bigger asset bubbles in conventional assets such as commodities, stocks, and housing. It represents some $2 trillion in excess liquidity that would otherwise be invested in housing or stocks - making both of these respective asset bubbles that much more prone to bursting and bringing the entire asset-bubble dependent socio- economic and financial system closer to collapse. ... This benign side effect of bitcoin which paradoxically allows the Fed to perpetuate its ultra-easy monetary policy for much longer, "explains lack of regulation". Although if we hit hyperinflation and bitcoin goes offer-less, regulation will come for one simple reason: it will be tantamount to deleveraging the system by trillions in a heartbeat. Regulation of crypto is a structural risk to investors/ speculators. Regulation of crypto can be seen as 2nd order monetary tightening tool by Gov to tame inflation.