Bitcoin and crypto prices have rebounded, with bitcoin climbing as high as $100,000 after a sudden downturn sparked fears of a crypto crash.
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The price of bitcoin soared following Donald Trump’s election victory in November, with Trump confirming last month that he planned to drop a bomb on the price of bitcoin.
Now, as the Federal Reserve prepares for a looming crisis, Trump, the so-called crypto president, reportedly issued several crypto-related executive orders on his first day back at the White House on January 20 , one of which is expected to trigger a huge boom in bitcoin prices.
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The new US president, Donald Trump, would have prioritized the issuance of several bitcoins and … (+)
Trump’s first-day executive orders could address issues such as debanking and repealing a controversial crypto accounting policy requiring banks holding bitcoin and cryptocurrencies to count them as liabilities on their own balance sheets.
“Team Trump has made it very clear that this is a priority,” an anonymous source told the newspaper. Washington Post.
The mysterious and unconfirmed “Operation ChokePoint 2.0” – named after a similar 2013 US Department of Justice policy aimed at suppressing legal sectors considered to be at high risk of fraud and money laundering – has weighed on crypto companies through the Biden administration. , with the founders and executives claiming that financial regulators have pressured banks to cut off crypto companies from financial services.
The issue was recently catapulted into mainstream consciousness thanks to venture capitalist Marc Andreessen’s appearance on Joe Rogan’s podcast.
Andreessen, who has backed numerous tech and crypto companies at the venture capital firm known as a16z and is an associate of Trump’s so-called crypto czar David Sacks, is reportedly working with the new Trump administration behind the scenes.
Meanwhile, crypto companies led by MicroStrategy’s Michael Saylor have campaigned against the policy that requires companies to report crypto as a liability, following a Securities and Exchange Commission (SEC) staff accounting bulletin ) from March 2022, SAB121.
The repeal of SAB121 is one of three catalysts Saylor said would trigger a rise in the price of bitcoin to $5 million, giving bitcoin a total market capitalization of $100 trillion.
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The price of Bitcoin has surged over the past year, with the election of Donald Trump in November. … (+)
Last year, Saylor, who has transformed his software company into a bitcoin buying vehicle over the past five years, said on an X show that repealing SAB121 would help “get us to $5 million per coin” as businesses and financial institutions begin buying bitcoin.
“The other two (catalysts named by Salyor) have already happened (spot ETFs (exchange-traded funds) and fair value accounting),” Julian Fahrer, chief executive of Bitcoin rewards company Apollo, told X .
Last year, BlackRock, the world’s largest asset manager, led a rush of newly approved spot Bitcoin ETFs on Wall Street, with its IBIT Bitcoin fund becoming one of the fastest-growing ETFs in the world. all the time as traders piled in.
In November, the Financial Accounting Standards Board (FASB) officially adopted fair value accounting for bitcoin, allowing companies to more accurately reflect the current market value of bitcoin in their financial statements.
