Experts believe Biden presidency may boost crypto adoption
At Creditum we have been keeping a close eye on what experts are saying about the Biden presidency in relation to cryptocurrencies. Although Biden hasn’t personally made a statement about his position on digital assets, there are those in his new team who are known to have a positive view of Bitcoin and other altcoins.
According to John Reynolds at Fintech Times, the good news is “Biden’s presidency comes amid a period in which regulators, policymakers and financial intuitions are increasingly viewing crypto as a mainstay.”
Furthermore, as you’ve probably noticed, the announcement of the president-elect in the days after the polls closed coincided with a surge in the price of Bitcoin and the leading altcoins, such as ETH, LTC and XRP.
What the crypto experts think
Seamus Donoghue, VP, business development, METACO, a crypto platform, told Reynolds the spike in Bitcoin indicates the market is looking beyond the election result. He added, “Regulators globally are aligning on to the fact that Bitcoin and crypto are here to stay and are defining clear frameworks around crypto.”
Others are afraid that a Democrat-led government will focus too much attention on regulations and stifle the sector. Kristin Smith, executive director, Blockchain Association said, “There is always a concern that Democrats in the US tend to be focused on regulation first and I think the crypto industry very much wants appropriate regulation. I think we could run the risk of having too much regulation.”
Others, such as Llia Maksimenka, CEO at PlasmaPay, commented on the fact that the Trump administration hadn’t been particularly friendly to crypto, saying, “The Biden administration on the other hand will welcome a number of new faces who will enter into key regulatory agencies that may be more flexible to create a policy around crypto.”
Most in the crypto sphere have their eyes on Gary Gensler, who is leading the financial policy transition team for Biden. He once called blockchain a “change catalyst,” so his role in the new administration could be “positive for the space, as Nicholas Pelecanos, head of trading at NEM suggests.
Smith added this to her comments, “we still have some unknowns but I think there is a pathway for a Biden administration to end up being a positive development in the crypto policy world.”
A positive year for crypto
It has been a very positive year for cryptocurrencies overall, in part a reaction to concern over using paper money during the pandemic. Perhaps a need to modernise money will be one of the most positive things to come out of the effects of Covid-19 on the world, and make way for more cryptocurrency owners to experience the utility of their assets by spending them, as well as using them to send funds to others anywhere in the world in the fastest, least expensive way possible.