As 2024 comes to a close, crypto has had a tumultuous year for those both for and against the space. One camp supports the technology and wants to move forward, while the other remains divided or has given crypto a bad name.
Here, TinTucBitcoin celebrates seven crypto-supporting “Santas” and seven “Grinches” who have put barriers or slowed down crypto’s progress this year.
Santas: Fundamentalists Who Support Cryptocurrency
Donald Trump
US President-elect Donald Trump has emerged as a vocal defender of Bitcoin (BTC) and cryptocurrencies this year, proposing the creation of a Bitcoin reserve and pledging that the United States will become the “crypto capital” of the world.
His speech at Bitcoin 2024 in Nashville was a pivotal moment for his campaign's crypto policy as he shifted the narrative on BTC acceptance in politics.
It's a big shift from his views in 2021 when he said Bitcoin “looks like a scam” and didn't “like it because it's another currency competing with the USD.”
Nayib Bukele
El Salvador President Nayib Bukele has defended cryptocurrency adoption by continuing the country’s use of BTC as a legal tender and building blockchain into its economy.
The $1.4 billion loan agreement with the International Monetary Fund (IMF) has led to Bukele’s government agreeing to abandon some of the Bitcoin operations it had been conducting, but the National Bitcoin Office said it would “continue to buy one Bitcoin per day” and not sell any of its reserves.
Hester Peirce
Dubbed “Crypto Mom,” U.S. Securities and Exchange Commission Commissioner Hester Peirce has been praised by the crypto community for her pushback against the agency and her support for clarifying its approach to digital assets.
See also: What is Bitcoin Rainbow Chart? Learn about Bitcoin pricing tool
Peirce has pushed for reforms within the SEC to create policies that support the long-term growth of the cryptocurrency industry and unleash its innovative potential.
Brian Armstrong
Coinbase head Brian Armstrong has been at the forefront of crypto advocacy in 2024, engaging with crypto lawmakers and championing crypto in the US, UK and Australia through the Stand With Crypto lobbying group.
Coinbase has also faced a legal dispute with the SEC and recently tried to start a movement for crypto companies to stop working with law firms that hire former SEC attorneys.
Vitalik Buterin
Ethereum co-founder Vitalik Buterin has consistently pushed the boundaries of blockchain capabilities for decentralized development and cryptocurrency innovation.
From proposing changes to Web3 wallets to improve security and privacy to defending against cryptographically broken quantum computers, Buterin has been relentless in promoting cryptography in finance and methods to protect it this year.
Senator Cynthia Lummis
Senator Cynthia Lummis has been a strong advocate for cryptocurrencies on Capitol Hill, proposing the idea of a US government BTC investment strategy and advocating for BTC in mainstream policy discussions.
In November, Lummis said that the US Treasury should convert part of its 8,000 tonnes of gold into BTC to form a strategic reserve of the cryptocurrency.
The immediate effect of the switch on the US government’s balance sheet would be “neutral,” she told Bloomberg, rather than spending around $90 billion to buy BTC at market prices.
Michael Saylor
MicroStrategy founder and Bitcoin advocate Michael Saylor walks through how public companies can adopt BTC as a primary reserve asset and make huge profits from it.
MicroStrategy's massive 439,000 BTC Bitcoin holdings—more than 2% of all BTC—are pushing the company's value closer to that of household names like Nike and Starbucks. Saylor also tried to get Microsoft on board, but failed, but it was a remarkable effort.
The “Grinches”: Cryptocurrency Obstacles and Barriers
SEC
In 2024, the SEC under Chairman Gary Gensler increasingly clamped down on crypto companies through lawsuits and regulatory enforcement actions that added to the industry’s uncertainty.
See also: Australia tightens crypto ATMs: Money laundering risk increases
Gensler will step down on January 20, 2025, but after his term ends, Gemini co-founder Tyler Winklevoss said that no apology can “undo the damage” that Gensler and his SEC have done to the crypto industry.
UK FCA
The UK’s Financial Conduct Authority also continues to tighten its grip on the crypto industry — much like the SEC across the Atlantic — implementing regulations that the local industry argues stifle innovation and push crypto companies to friendlier jurisdictions.
The FCA has recently warned about unlicensed platforms such as Solana-based memecoin project Retardio and memecoin generator Pump.fun. Both platforms were accused of providing financial services without official authorization, and Pump.fun has been banned in the UK by the regulator.
Sahil Arora
Known as a memecoin guru, Sahil Arora rose to fame in 2024 for launching multiple celebrity-endorsed memecoins and then being publicly criticized by those celebrities.
Source: Caitlyn Jenner
He allegedly teamed up with celebrities like Caitlyn Jenner, Rich the Kid, and Iggy Azalea, convincing them to promote the memecoin on social media. He then allegedly sold his portion of the tokens before the price collapsed.
Biden Administration's “Operation Chokepoint 2.0”
Cryptocurrency figures have long accused President Joe Biden’s administration of trying to isolate cryptocurrencies from the banking system in what is being called “Operation Chokepoint 2.0.”
More than 30 crypto and tech founders in the US have reportedly been denied access to banking services recently, according to Andreessen Horowitz co-founder Marc Andreessen.
Coinbase head Armstrong also added his voice to the allegations on November 27, calling it “one of the most unethical and un-American things” that has happened.
See more: Ex-girlfriend threw away $716 million Bitcoin wallet because she was too tired!
Dark Angels Ransomware Group
The Dark Angels ransomware group that hit the cryptocurrency industry in 2024 was powerful enough to be considered one of the most notorious cybercrime organizations the industry has seen.
According to Chainalysis’ report, the group recorded its largest ransom payment of $75 million in BTC in July, marking a staggering 96% increase in maximum ransoms compared to 2023.
The group targeted centralized cryptocurrency exchanges, exploiting rising cryptocurrency prices and increased trading volumes for maximum effect.
“Pig butchering” scam
“Pig butchering” scams are becoming one of the most common forms of cryptocurrency fraud, with victims globally losing more than $75 billion.
These scams involve criminals building long-term relationships based on trust online and eventually coercing victims into fake crypto investment schemes.
On December 10, nearly 800 people were arrested in a raid in Lagos, Nigeria, suspected of involvement in these crimes.
State-sponsored cybercrime
State-sponsored cybercrime has exploded this year, with the notorious North Korea-linked Lazarus group moving over $1 million in BTC in January after a period of inactivity.
The Lazarus group has been linked to more than $3 billion in cryptocurrency thefts since 2017, including the massive $600 million hack of Ronin Bridge in 2022.
A 2024 Elliptic report also revealed that AI-powered tools have fueled state-sponsored cybercrime, enabling AI-powered counterfeiting, ransomware attacks, and other scams.
With advocates and opponents on both sides of the crypto industry, 2024 is a long-term tug-of-war between innovators, regulators, scammers, and the state.
The crypto space is now gearing up for 2025, driven largely by the promise of a crypto-friendly administration in the US and hopes of continued institutional adoption.
Follow me @TinTucBitcoin #tintucbitcoin #Write2Win #Write&Earn #binance #bitcoin
