President-elect Donald Trump is on a mission to appoint a powerful cryptocurrency team to rebuild the cryptocurrency history of the United States. With this goal, Trump has announced Bo Hines, a former college football player and Republican candidate in 2022, as the executive director of the Presidential Advisory Council on Digital Assets, known as the 'Cryptocurrency Council.' Trump announced on his social media account that Hines will work alongside David Sacks, Trump's cryptocurrency expert, to promote innovation and growth in the digital asset space.
The market is paying attention to every political move as next month will be a political month and policies will determine the fate of cryptocurrency assets. To support his love for cryptocurrency, Trump is working hard to make the United States the 'cryptocurrency capital of the world.' The industry is welcoming his major appointment plans to add Elon Musk and former SEC Commissioner Paul Atkins to key positions, hinting at friendlier rules to help the cryptocurrency industry grow alongside technological advancements.
AI and Science Leadership play a central role
Trump is also focusing on other areas, with Sriram Krishnan, a former partner at Andreessen Horowitz, appointed as senior AI policy advisor. Additionally, Trump has appointed Stephen Miran, a cryptocurrency supporter, as chair of the Economic Advisory Council, seen as a positive change on the political front.
Does Bitcoin's sentiment signal a recovery?
Bitcoin has seen a major bloodbath following the Fed's hawkish comments. Since then, the price has dropped 10% from a peak of $108,300, currently trading near $95,000. Furthermore, social sentiment has fallen to its lowest in 2024, with negative rumors and short sellers dominating the cryptocurrency space. Nevertheless, Santiment views this fear as an opportunity for Bitcoin to break out. Traditionally, when sentiment is low, it often signals that prices will break out and many expect Bitcoin to regain upward momentum above $100,000 after Trump officially joins in January.
This market could recover if regulations are not delayed any further as many cryptocurrency assets remain concerned about upcoming legal disputes with the SEC. If Trump can introduce a unified cryptocurrency policy, this will boost the global cryptocurrency market with expectations that Bitcoin will reach $120,000 by 2025 as predicted by Mark Yusko, Founder, CEO, and Chief Investment Officer of Morgan Creek Capital.