Author: Josh O'Sullivan, CoinTelegraph; Translated by: Deng Tong, Jinse Finance

As 2024 draws to a close, it has been a significant year for those who have played both supportive and obstructive roles in the cryptocurrency space. One side advocates for the technology and seeks to push it forward, while the other has either not accepted it or has given crypto technology a bad reputation.

This article highlights seven supporters and seven detractors of cryptocurrency who have had significant impacts on its development this year.

Cryptocurrency fundamentalists

Donald Trump

Elected U.S. President Donald Trump has become an advocate for Bitcoin and cryptocurrency this year, proposing to establish a Bitcoin reserve and promising that the U.S. will become the world's "crypto capital."

His speech at the Bitcoin 2024 conference in Nashville was a key moment in his campaign for cryptocurrency policy, as he changed the narrative around BTC in the political sphere.

This represents a significant shift compared to his views in 2021, when he stated that Bitcoin "seemed like a scam" and that he "didn't like it because it was another currency competing with the dollar."

Nayib Bukele

Salvadoran President Nayib Bukele continues to use BTC as legal tender and supports the adoption of cryptocurrency in his economy through blockchain.

As part of a $1.4 billion loan agreement with the International Monetary Fund (IMF), the Bukele government agreed to abandon some of its ongoing Bitcoin activities, but the national Bitcoin office stated it will "continue to buy one Bitcoin daily."

Hester Peirce

Hester Peirce, a commissioner of the SEC known as "crypto mom," has been praised by the cryptocurrency community for her resistance to the agency and her advocacy for clarifying how it handles digital assets.

Peirce pushes for reforms within the SEC to create policies that support the long-term growth of the cryptocurrency industry and unleash its potential innovations.

Brian Armstrong

Coinbase CEO Brian Armstrong has been at the forefront of the 2024 cryptocurrency support wave, engaging with legislators on crypto issues and ramping up support for cryptocurrency in the U.S., UK, and Australia through the Stand With Crypto lobbying group.

Coinbase has also been in legal battles with the SEC, recently attempting to push cryptocurrency companies to stop collaborating with law firms that employ former SEC litigation attorneys.

Vitalik Buterin

Ethereum co-founder Vitalik Buterin continues to push the boundaries of blockchain capabilities, further advancing decentralization and crypto innovation.

From proposing modifications to Web3 wallets to improve security and privacy, to defending against quantum computers that can crack encryption, Buterin has continuously promoted cryptocurrency technology and methods to protect it in the financial sector this year.

Senator Cynthia Lummis

Senator Cynthia Lummis has been a staunch supporter of cryptocurrency on Capitol Hill, proposing a BTC investment strategy for the U.S. government and advocating for BTC in mainstream policy discussions.

In November last year, Lummis stated that the U.S. Treasury should convert a portion of its 8,000 tons of gold into BTC to establish a strategic reserve for cryptocurrency.

She stated that the direct impact of this conversion on the U.S. government's balance sheet would be "neutral," rather than spending approximately $90 billion to purchase BTC at market prices.

Michael Saylor

Michael Saylor, founder of MicroStrategy and a Bitcoin bull, has led how publicly traded companies adopt BTC as their primary treasury reserve asset, reaping substantial windfalls from it.

MicroStrategy holds 439,000 BTC, pushing the company's value beyond well-known companies like Nike and Starbucks. Saylor also attempted to involve Microsoft in this action but failed, though it was a good attempt.

Opponents restricting and hindering cryptocurrency

SEC

In 2024, the SEC, under Chairman Gary Gensler's leadership, gradually intensified its crackdown on cryptocurrency companies through lawsuits and enforcement actions, increasing uncertainty in the industry.

Gensler will resign in January. Gemini co-founder Tyler Winklevoss stated that no apology can "erase" the damage done to the crypto industry by Gensler and his SEC.

UK FCA

The UK's Financial Conduct Authority also continues to strengthen its control over the cryptocurrency industry—much like the U.S. SEC across the ocean—enforcing local industry rules that are seen as stifling innovation and pushing cryptocurrency companies towards more friendly jurisdictions.

The FCA recently issued warnings about unauthorized platforms, such as the Solana-based memecoin project Retardio and the memecoin generator Pump.fun. These two platforms allegedly provided financial services without proper authorization, with Pump.fun being banned by regulators in the UK.

Sahil Arora

Sahil Arora, known as the Meme coin orchestrator, became notorious in 2024 for launching numerous celebrity-endorsed Meme coins, only to be publicly condemned by some of those celebrities.

Source: Caitlyn Jenner

He allegedly collaborated with celebrities like Caitlyn Jenner, Rich the Kid, and Iggy Azalea to persuade them to promote Meme coins via social media. He reportedly sold off his holdings of each token before the price crash.

Biden administration's "Bottleneck 2.0 Initiative"

People in the cryptocurrency space have long accused President Joe Biden's administration of a well-orchestrated conspiracy to isolate cryptocurrencies from the banking system, known as the "Bottleneck 2.0 Initiative."

According to Marc Andreessen, co-founder of Andreessen Horowitz, over 30 cryptocurrency and tech founders in the U.S. have reportedly been denied banking services.

On November 27, Coinbase's Armstrong also joined the chorus of accusations, calling it one of the "most unethical and un-American" things.

Dark Angels ransomware group

The Dark Angels ransomware group severely impacted the cryptocurrency industry in 2024, considered one of the most active cybercrime organizations in the sector to date.

According to a report by Chainalysis, the organization received the largest ransom payment of $75 million in BTC in July, marking a 96% increase in ransomware payments compared to 2023.

The organization has targeted centralized cryptocurrency exchanges, leveraging the rising cryptocurrency prices and increased trading volumes to maximize impact.

Pig-butchering scam

Pig-butchering scams have become one of the most common forms of cryptocurrency-related fraud, with global victims losing over $75 billion.

These scams involve criminals establishing long-term, trust-based relationships online, ultimately coercing victims into participating in fake cryptocurrency investment schemes.

On December 10, nearly 800 people were arrested in a raid in Lagos, Nigeria, for allegedly participating in criminal activities.

State-sponsored cybercrime

This year saw a surge in state-sponsored cybercrime, with the notorious Lazarus Group, linked to North Korea, transferring over $1 million in Bitcoin in January after a period of silence.

Since 2017, the Lazarus Group has been linked to cryptocurrency thefts worth over $3 billion, including the $600 million Ronin Bridge hack.

The Elliptic 2024 report also indicated that AI-driven tools have fueled state-sponsored cybercrime, leading to deep fake promotions, ransomware attacks, and other types of scams.

In summary, 2024 has unfolded a long tug-of-war between innovators, regulators, scammers, and states.

Cryptocurrency is currently preparing for 2025, largely driven by the U.S. government's friendly commitments to cryptocurrency and hopes for continued institutional adoption.