A new Trump presidency could bring a lot of new money into the cryptocurrency market, according to the CEO of cryptocurrency exchange Coinbase (currency).
Speaking to a panel at the World Economic Forum in Davos, Switzerland, Brian Armstrong said legislation in Congress in the coming months and years will Attract new investments To cryptocurrencies.
“Trump’s influence cannot be denied,” Armstrong said, according to what Reuters reported. “For the leader of the largest country by GDP in the world to undeniably come out and say he wants to be the first crypto president.”
Armstrong also attributed Bitcoin’s all-time high on Monday, when the largest cryptocurrency by volume surpassed $109,000, to Trump’s inauguration as the 47th president of the United States.
But that boom was short-lived. Bitcoin I blinked Nearly 3% on Tuesday morning at around $104,000 amid disappointment over the president’s lack of first-day action on cryptocurrencies and digital assets.
The global market value of cryptocurrencies fell more than 2% over the past day to $3.58 trillion, driven by the decline in the price of Bitcoin.
Among the disappointments is Trump’s failure to do so Create a national Bitcoin reserve Immediately after taking office. Alexander BloomCEO of Two Prime, an SEC-regulated investment advisor specializing in digital asset derivatives, Quartz said Failure to fulfill this promise early in his new term would provoke a backlash.
But a pro-crypto regulatory environment could make way for more rapid progress and adoption of Bitcoin and other digital assets. SEC Chairman Gary Gensler, a staunch opponent of cryptocurrencies, He officially resigned From his post on Monday. His resignation paved the way for Paul Atkins, Trump’s pick for the SEC, to take charge of the agency. Atkins’ appointment still needs Senate approval.
Gensler’s departure is a win for the cryptocurrency lobby, which has campaigned against the SEC official over the agency’s strict oversight of the industry. Its Securities and Exchange Commission has handled high-profile cases against a number of major players in the industry, e.g Coinbase and Binance. According to the agency, 18% of its complaints were related to cryptocurrencies.
William Gavin contributed to this article.
