- The Bitcoin plan of Trump at Davos is urging leaders to use crypto, hence the banks are investing more in it.
- Leaders like Trump and Bukele support blockchain and free markets for economic growth.
- Crypto faces regulatory issues, with Coinbase fighting an SEC lawsuit that may bring stricter rules.
Trump Influence on Crypto
Recently, Coinbase CEO Brian Armstrong commented on the effect of President Donald Trump on cryptocurrency. He noted that most the discussion at the World Economic Forum in Davos concerned Trump’s plans for cryptocurrency, particularly his vision of a “Strategic Bitcoin Reserve.” According to Armstrong, Trump is prompting leaders to change their mind regarding crypto and utilizing it to secure economic freedom. Thus, banks and asset managers are accelerating their investment in cryptocurrencies.
Armstrong also mentioned other leaders such as Trump, Argentina’s President Javier Milei, and El Salvador’s President Nayib Bukele, who regard free markets as an essential instrument to prosperity and continue to retreat from socialism. “The conversations over crypto and AI at Davos were highly upbeat,” he added. “The majority of leaders there looked on blockchain as an instrument of freedom for the world economy.”. Armstrong believes this marks the end of old, centralized economic policies and the start of a new era of economic freedom with crypto and AI.
At the forum, Armstrong said most traditional finance leaders are very keen on Bitcoin. However, this is accompanied with regulatory constraints. For instance, Goldman Sachs CEO David Solomon said that the bank cannot own or deal with Bitcoin because of regulations. As such, this further underscores ongoing discussions on digital currencies and their regulation, which would help pour more funds into the crypto space.
Armstrong’s Vision for Crypto’s Future
Armstrong always believes that crypto is important for the future of international finance. It is hard to oppose increased competition, especially in that space. It does boost innovation, he said.
Simultaneously, lawsuits against Coinbase multiply. The exchange requested the US Court of Appeals for the Third Circuit to decide if crypto trades on its platform are securities. This is after the SEC recently accused Coinbase of operating as an unregistered securities exchange. The choice in court could have immense implications for the crypto industry. For example, it can make stringent regulations for the likes of Coinbase.
Highlighted Crypto News Today
Will GateToken’s Surge Stand the Test of Time After Hitting its ATH?
