US Crypto Market Resembles Trump Era Space Race in Terms of Excitement and Ambition Says TRM Labs Executive
The recent pro-crypto political appointments in the United States have led to a surge of excitement for cryptocurrency, with many predicting that the country will become a key player in the digital asset industry. According to Ari Redbord, head of legal and government affairs at TRM Labs, this is reminiscent of a "space race" where the US is now in a position to keep up with or even surpass the rest of the world.
A Pro-Crypto Cabinet
Redbord pointed out that there have been several pro-crypto key appointments in US federal agencies since Donald Trump’s presidential election victory. These nominations include hedge fund manager Scott Bessent as Treasury secretary, Paul Atkins as Securities and Exchange Commission chair, and venture capitalist David Sacks, who has been tapped to serve as the White House "crypto czar."
"The people are the policy," Redbord said, highlighting the importance of these appointments. He emphasized that what’s exciting is not just the individuals themselves but also their positions within the Cabinet.
"We’re seeing people up and down the Cabinet who have been supportive of digital assets, innovation, and AI," he said.
A New Era for Crypto
Redbord expressed his excitement about the future of cryptocurrency, saying that what excites him most goes "even beyond Bitcoin." He noted that over the past few months, fintechs like Stripe and Cash App have started using stablecoins at scale for payments.
"Bitcoin traditionally has been an investment mechanism or store of value," he said. "But what we’re really seeing is people start to use the technology for cross-border payments, remittances, and to buy things."
This shift in usage is a significant development, as it highlights the growing adoption of cryptocurrency beyond its traditional uses.
A Bitcoin Price Prediction
When asked for a Bitcoin (BTC) price prediction, Redbord didn’t provide a specific figure. However, he did say that the asset would go "significantly higher" boosted by incentives such as a strategic Bitcoin reserve in the US and potentially other countries.
Market Analysts Agree: A Price Increase Is Imminent
Many market analysts agree with Redbord’s prediction of a significant price increase for Bitcoin. On Jan. 7, full-time crypto trader Daan Crypto Trades told his 396,000 followers on X that Bitcoin "has only just started its price discovery phase."
Price discovery refers to the process through which buyers and sellers interact to determine an asset’s spot price based on demand and supply.
The Price Discovery Phase
The price discovery phase is a critical period for any asset, as it determines the fair value of the asset in the market. In the case of Bitcoin, this phase has just begun, with many analysts predicting a significant increase in price over time.
As Redbord noted, the growing adoption of cryptocurrency and its increasing usage beyond traditional uses are key drivers of this price increase. The strategic Bitcoin reserve in the US, combined with other potential reserves in countries around the world, will further boost demand for the asset.
The Future of Crypto: A Bright Outlook
In conclusion, the recent pro-crypto political appointments in the US have sparked excitement for cryptocurrency, with many predicting that the country will become a key player in the digital asset industry. The growing adoption of cryptocurrency beyond its traditional uses and the increasing demand driven by strategic Bitcoin reserves make it likely that the price of Bitcoin will go significantly higher.
As Ari Redbord noted, "There’s this excitement and cadence of almost a space race where the US is now in a position to keep up with the rest of the world or even surpass the rest of the world." This is an exciting time for cryptocurrency, and it will be interesting to see how the market develops in the coming months.
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