By John Meyer, consultant in financial affairs – Eurasia Business News, December 5, 2024. Article n°1324.
Bitcoin has reached a historic milestone, surpassing the $100,000 mark for the first time, largely fueled by optimism surrounding the incoming administration of President-elect Donald Trump. The cryptocurrency hit a peak of approximately $103,544 late Wednesday, marking a significant increase of over 140% in 2024 alone.
This surge comes on the heels of Trump’s announcement to nominate Paul Atkins as the new chair of the Securities and Exchange Commission (SEC), a move anticipated to ease regulatory pressures on the crypto industry.
Trump said Atkins, the CEO of Patomak Partners and a former SEC commissioner, was a “proven leader for common sense regulations.” In the years since leaving the SEC, Atkins has made the case against too much market regulation.
Investors are betting that President-elect Donald Trump will turn U.S. government policy into an engine of growth for crypto.
Political Context and Industry Reaction
The crypto sector has embraced this political shift with enthusiasm, viewing it as a potential turning point for their regulatory landscape. Trump’s election has been characterized as a “dream come true” for crypto advocates, given his promises to implement policies that favor digital currencies, such as creating a national bitcoin reserve and reducing transaction taxes.
The industry invested heavily in the recent elections, contributing around $131 million to support pro-crypto candidates, which has resulted in a Congress perceived as more favorable to cryptocurrency interests than ever before.
Irony and Skepticism
Despite this momentum, some market veterans express irony in the crypto community’s newfound embrace of political power.
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Historically rooted in anti-establishment sentiments and libertarian ideals, the industry’s pivot towards lobbying and political influence raises questions about its foundational principles. Critics warn that while political engagement may yield short-term gains, it could also lead to increased scrutiny and regulation in the long run.
Future Outlook
Looking ahead, many in the crypto community remain cautiously optimistic. While they celebrate current successes, they acknowledge the inherent volatility of digital assets and the unpredictable nature of regulatory developments. The path forward will likely involve navigating complex political landscapes while striving to maintain the decentralized ethos that originally defined cryptocurrencies.
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© Copyright 2024 – Eurasia Business News. Article no. 1324.
Eurasia Business News 