12/18/2024 - In the tumultuous year of 2024, the cryptocurrency industry has witnessed significant transformations, from the development of new regulations to an unprecedented rise of Bitcoin against gold.
Changes in Legislation
Republican lawmakers in the U.S., including Senator Tim Scott and Representative French Hill, have promised to promote the regulatory framework for cryptocurrency that the industry has anticipated for years. At the Blockchain Association event in Washington, they announced that Congress, under newly elected President Donald Trump, would work to implement laws on digital assets. Key proposals include the Financial Innovation and Technology for the 21st Century Act (FIT21) and a bill on stablecoins, both aimed at bipartisan support.
Bitcoin Surpasses Gold
On December 16, net assets in exchange-traded funds (ETFs) for Bitcoin in the U.S. surpassed those of gold for the first time, exceeding $129 billion compared to gold and reflecting growing interest from institutional investors in Bitcoin. This was driven by investments in both Bitcoin spot and futures ETFs.
Bright Prospects for Altcoins
Not only Bitcoin, but the altcoin market is also witnessing strong growth, with many companies and organizations researching and applying blockchain technology. Major organizations like Ethereum and Solana have been collaborating with governments and non-profit organizations to develop new applications, expanding the use of cryptocurrency in various fields.
The Future of Cryptocurrency Climate Economy
Overall, in the context of a globally unstable economy and the trend of seeking safe assets, investments in cryptocurrency, particularly in Bitcoin and altcoins, are likely to continue growing. The Bitcoin-to-gold ratio has reached a historic high, proving Bitcoin's competitive position against gold in the financial market.
The cryptocurrency industry is on the brink of major changes and breakthrough development opportunities, aiming not only to make cryptocurrency an important part of the financial system but also a tool to drive global innovation.
