It has been a landmark 12 months for cryptocurrency, and significantly for the trade’s poster baby: Bitcoin (CRYPTO:BTC).
With just some weeks till the top of 2024, the worth of Bitcoin has soared 140% and surpassed the worth of $100,000 per coin. Though Bitcoin has since oscillated above and under the $100,000 mark, I feel there are many causes to stay optimistic concerning the cryptocurrency’s future.
Let’s discover some tailwinds that would positively influence Bitcoin in 2025 and assess the place it could possibly be buying and selling by this time subsequent 12 months.
Gary Gensler is without doubt one of the most intriguing figures within the monetary world at this time. As a former funding banker at Goldman SachsGensler initially centered on mergers and acquisitions (M&A) earlier than transferring to different roles in buying and selling, mounted earnings and treasury operations.
However within the late Nineteen Nineties, Gensler left Wall Avenue to pursue a profession in public service. Gensler served in numerous positions underneath Presidents Clinton, Obama and now Biden. Since 2021, he has served as Chairman of the Securities and Change Fee (SEC).
On November 20, the SEC issued a press release that President Gensler will resign from his function on the SEC on January 20. Whereas this will likely look like President Gensler is retiring, pay attention to the timing of his resignation: January 20, 2025 is President-elect Trump’s Inauguration Day.
For my part, one of many most important causes Gensler is leaving the SEC has to do together with his philosophy across the crypto panorama in comparison with that of President-elect Trump. Trump seems to be taking a extra open-minded method to crypto laws, listening to a number of the concepts touted by outstanding crypto firm executives reminiscent of Coinbase. Though the crypto trade has made some progress underneath Gensler – the introduction of spot Bitcoin ETFs, for instance – I feel the brand new administration is extra pro-crypto than what’s in place at the moment by some extent of regulatory view.
Step one in advancing crypto regulation begins with the Monetary Innovation and Know-how for the twenty first Century Act (FIT21). This invoice was handed by the Home of Representatives final Might. At its core, FIT21 goals to develop extra detailed pointers concerning crypto regulation. An vital a part of the invoice is how the SEC and the Commodity Futures Buying and selling Fee (CFTC) will oversee digital property.
President-elect Trump has nominated pro-crypto businessman Paul Atkins to succeed Gensler as SEC chairman. Moreover, the Republican Get together will maintain a majority within the Home of Representatives and the Senate. Such dynamics ought to clean the approval course of for Atkins’ cupboard whereas giving Trump a fast path to signing FIT21.
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