Bitcoin bullish trend continues – Bangkok Post
Bitcoin has been making waves lately, reaching over $100,000 for the first time on December 5th. That’s a big jump from around $69,000 just a month before the US presidential election. The spike in price has caught the attention of investors, especially those in the cryptocurrency world.
One major factor driving this surge is the anticipation of policy changes under the incoming US administration. During his campaign, Donald Trump promised to make the US the “crypto capital of the planet” and even suggested that the country could pay off its national debt in cryptocurrency. These statements have raised hopes among cryptocurrency enthusiasts, contributing to the recent price increase.
Nirun Fuwattananukul, the CEO of Gulf Binance, a Thai joint venture between a major crypto exchange and a SET-listed company, believes that Trump’s proposed policies could have a positive impact on Bitcoin and other crypto assets. With a Republican majority in both the Senate and the House of Representatives during Trump’s second term, there is a possibility of these policies being implemented effectively.
According to Nirun, Bitcoin was already a well-known and widely adopted asset globally before the US election. Many institutions and state pension funds in the US have started investing in Bitcoin. If new regulations are put in place, Bitcoin could become even more mainstream, similar to gold or silver, in the future.
Moreover, the cryptocurrency market as a whole is expected to follow Bitcoin’s lead, with assets like Ethereum gaining more mainstream acceptance. Increased innovation in the industry, supported by favorable US policies and capital inflow, could lead to new applications and use cases for crypto assets in the future.
Investors are optimistic about a more crypto-friendly regulator taking the helm at the US Securities and Exchange Commission (SEC) after Gary Gensler’s expected departure in early 2025. Trump has announced his intention to nominate cryptocurrency advocate Paul Atkins as the new SEC chairman, signaling a potential shift towards less market regulation in the crypto space.
However, realizing the benefits of these proposed policies will take time. Given the pressing issues facing the US, such as the economy and immigration, it may be a while before attention is focused on Bitcoin and crypto assets. Drafting new laws and regulations for the crypto industry is a complex process that requires careful consideration.
Overall, the future of Bitcoin and the cryptocurrency market looks promising, with the potential for increased mainstream adoption and innovation on the horizon. Investors and enthusiasts will be keeping a close eye on how these developments unfold in the coming months.
