Why Biden As The New American President Good News For Bitcoin?
The price of Bitcoin has hit its all-time high price value. The end of November witnessed the event when the price of the Bitcoin crossed $19,000. Seeing how Bitcoin’s price is soaring, experts believe that the price evaluation might even cross the $20,000 mark in December.
According to the Cryptocurrency investment manager, Tim Hennekin, the typical Bitcoin Investors have become much more institutional. This has created a less volatile market. For most people, the Crypto and Blockchain industry is the same as it was in the first successful rally. Unfortunately, not. After the first successful rally, the market has changed, and Cryptocurrency has seen some of the major technological innovations.
Though there are still some uncertainties, the recent price growth has increased their interest in Crypto investment. Some of the big investors are using it as a hedge. Investors like Stanley, Druckenmiller, who have built a wealth of more than $4.4 billion, are still skeptical about Bitcoin’s performance in the market.
In the chaos and market competition, the US presidential election has played an important role. Some experts believe that the price hike in Bitcoin is also due to the election. We thought about it and ran some research. This is what we find.
Why Can Joe Biden Be A Game Changer In The Crypto Industry?
Joe Biden, who recently won the presidential election against Donal Trump, is now shifting his office to the white house. This has given Bitcoin Supporters new hope that Biden might stand more in favor of Crypto than Trump.
Last year was a bad year for the Crypto trading industry when Trump tweeted against Crypto. This created a panicked Crypto market. People started selling off their Crypto assets in fear of losing it. Now that the president has changed, people are looking for new hope in the form of Biden.
How Could Biden Steer The Blockchain Industry?
With Biden defeating Trump, rumors have it that who will make up his cabinet. The Federal Reserve Governor, Lael Brainard, thinks that blockchain technology can be used to provide security to the national treasury. She is even supporting the concept of Cryptocurrency and believes that it holds future financial potential.
Gary Gensler was given a chance to lead the financial team of the Biden Financial policy. He is also in favor of Blockchain technology and wants to carry on with the “Blockchain duck test” to determine the security of the Crypto coins.
If Biden can keep collecting people in his team who favor Cryptocurrency and Blockchain, then we might see new infrastructure building up for the Crypto regulation.
Crypto Custody Clarity
The SEC recently issued a statement that allowed a wealth management enterprise with a custodian for Cryptocurrencies. This shows that the future of Cryptocurrency in the US is bright. After mentioning Custody on Cryptocurrencies, SEC does not talk more about how to define Qualified Custodians. However, they have said that they will soon talk about this in public. We can certainly hope some good news is coming.
This statement might not hold importance for most of the trading platforms, but it certainly holds importance to Coinbase and Gemini. As Coinbase and Gemini are one of the biggest trading platforms and provide insurance coverage, they provide only custody of the client’s account. That means the platforms themselves control clients’ accounts.
Bitcoin Criminal Sentenced
We all have heard about the hope Microsoft will become a victim of fraudulent crypto activity. This raised concerns about the Crypto trade and regulation platforms. IRS special agent, Ryan Korner, said that this case was one of the first kind where the tax component was presented. The person behind the $10 million Fraudulent activity in Microsoft, Volodymyr, is now sentenced to 9 years in prison. This event shows how much serious government men have become against Crypto fraudulent activities.
Now that Biden has become the president of the US, people are expecting good things about the Crypto industry. We can see new security measures, regulation networks, and efficient trade from 2021. If you also want to be a part of Biden’s new Cryptocurrency era, visit here to know about bitcoin evolution.