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We’re standing on the verge of the big win-win!
The Federal Reserve and the Office of the Comptroller of the Currency – the nation’s top banking regulators — will soon loosen their tough stance when it comes to digital assets now that President Trump has fully embraced the industry, On The Money has learned.
Officials at the nation’s top banks, namely JP Morgan and Bank of America, are growing more optimistic that regulators will soften their long-held anti-crypto stance. They expect to be providing even basic services to crypto clients such as holding digital assets in custody, even buying bitcoin exchange-traded funds at their branches.
The change in sentiment at the bank’s top overlords all began with President Trump’s courting of the $3.5 trillion crypto business and its top executives, and promising to end the Biden-era regulatory assault on the industry, Fox Business’s Eleanor Terrett reports.
Trump put words into action earlier this month when his Securities and Exchange Commission reversed Biden’s strict accounting guidance that made it difficult for banks to keep custody of digital assets.
The move could continue the ascension of crypto price — including Bitcoin, the world’s most popular digital coin — already experiencing a significant post-election rally. Bitcoin is up nearly 124% over the past year, trading at close to $100,000.
“I expect banking regulators to get on board with the administration’s newfound approach to crypto and we will see banks enter the space at a rapid pace,” Mike Lempres, former chairman of the now defunct Silvergate Capital Corporation, and a consultant to crypto companies, told Terrett.
This is one of the promises Trump actually can fulfill, and there is huge pressure on him to do it, because all of the Silicon Valley people who supported him are deep in crypto.
I’m not going to make any predictions or give any advice, but I’d say Bitcoin is on sale right now as the market gets ready.
Of course, some of the stuff Trump hasn’t done yet is already priced in, which is why the price of Bitcoin exploded after the election. That needs to be considered.
But it seems unlikely that if Trump goes through with his plan to bolster crypto and at the same time slash the fed’s rates that Bitcoin is not going to totally explode well beyond where it is now.
Dirty Larry is saying it’s going to be worth $700k.
He seems to know a lot about money, that guy.
Furthermore, I would certainly expect that US tech companies are going to face further losses as it continues to crystalize that the Chinese are dominating the tech industry and the only real value of these American companies is based on the ability of the US to keep Chinese products out of American markets. The government did a good job keeping out Chinese phones and EVs, but they can’t really keep out the software. If tech companies drop further, that could lead to a lot of cash moving into crypto.
Of course, at the same time, if tech companies drop, there is going to be money moved out of crypto, at least in the short run, in order to cover losses. But in the long run, Bitcoin is likely going to be looked at as a much better asset than the Mag 7, excluding Amazon, which is actually a real business. The other six can be very easily displaced by the Chinese, and already have been in fact; the average Fatmerican retard just doesn’t know it yet.
