According to TechFlow, on November 19, WisdomTree recently released a report stating that in January 2024, the spot Bitcoin ETF was approved, pushing the price of Bitcoin to US$70,000, but regulatory resistance and profit-taking caused Bitcoin to be in a consolidation period for most of the year.
Recently, Trump’s victory pushed Bitcoin to new highs, even surpassing $90,000, suggesting that pro-cryptocurrency policies could gain momentum under the new administration.
Additionally, the proposed Bitcoin Act, which aims to establish a U.S. strategic Bitcoin reserve, could change market dynamics and the regulatory landscape, although debate remains over its size and fiscal impact.
The report concludes, “We don’t know whether the Bitcoin Act (or a bill substantially similar to it) will become policy. However, it is helpful to think about potential policy through this lens, rather than focusing too much on possible changes in different administrations.”
The fact that President-elect Trump took the stage at the Bitcoin 2024 conference in Nashville, Tennessee on July 27, 2024, speaks volumes. We now await some signals on how this campaign will translate into government policy that supports the Bitcoin community.
