BitGo CEO Says Bitcoin Is A ‘Barometer Of Excitement’ For Crypto, But Not The Whole Story

• Belshe said the Clarity Act should be "really pretty non-controversial" and provide a legislative framework for the crypto market.

• He argued that clearer rules could help rein in crypto's "wild, wild west" and strengthen investor protections.

• Belshe said the U.S. needs to "kick up its game" with regions like South Korea and Europe racing ahead on crypto regulation.

BitGo CEO Mike Belshe said on Friday that Bitcoin's (BTC) price remains a useful gauge of investor excitement around crypto, but argued that its movements should not be viewed as a definitive measure of the broader digital-asset industry.

"I think it's human nature to be excited when prices are moving a lot, so that is what people tend to do," Belshe said in an interview with CNBC. "I think it's [BTC] to some degree a barometer of excitement about what's going on in the space at any point in time."

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Bitcoin's price traded flat in the last 24 hours, trading at around $79,500 at the time of writing. The apex cryptocurrency recovered to $80,000 in the previous session – its second time crossing that threshold this week, before paring gains. According to an analyst, market reaction to the upcoming keynote speech by the new Fed chair, Kevin Warsh, at Jackson Hole will help determine whether Bitcoin can sustain above the $80,000 mark.