Action in the Cryptosphere: Off to the Races?

So, we're back from the holiday weekend and it would seem that the Cryptosphere is off and running, for the first time in a very long time. Overnight, bellwether Bitcoin actually broke the $90,000 barrier for the first time.

Meanwhile, I saw a tweet (can't find it now, of course!) showing that the market cap of Bitcoin now exceeds to aggregate market cap of silver. Wow.

I expect a good bit of it is tied to the outcome of the US Presidential election and some initial enthusiasm over the idea that Trump will be a "crypto friendly" President.

After all, just a few weeks ago, Donald Trump became the first US President to make a purchase with Bitcoin when he purchased a bunch of burgers with Bitcoin, while at a campaign stop.

Of course, it remains to be seen whether he will really make good on his promises to become the first US "Crypto President" and make the USA the "World Crypto Capital."

It also remains to be seen whether Trump will really fire Gary Gensler and put someone more competent (and crypto friendly) in his place. I also have to wonder whether we will finally see purely crypto legislation, rather than the ongoing attempts to lump crypto into the existing financial legislation.

It is a completely different beast, after all... and it just makes more sense that it have its own rules and regulations, rather than simply being a subsection of asset classes that have been around for 100 years!

Of course, some of us have a personal stake in a more favorable crypto climate. I'm definitely not looking for handouts here, but I am hoping for an operating environment in which I don't spend quite so much of my thought bandwidth worrying about how yet another way to trade crypto in the USA gets shut off... not because it's illegal, but because draconian regulations makes legitimate crypto exchanges simply throw in the towel and say "Not going to trade in the US anymore!"

And yes, I know there are stalwarts out there who will come up with a whole series of convoluted workarounds... and whereas those are definitely valid, they also partially miss the point entirely, which is that crypto will never get a broader following and adoption rate as long as it is so damn convoluted and complicated to deal with.

And certainly, there are those who advocate that we should simply insist on paying for everything with crypto, rather than fiat... but personally, I like to do simply things like eat and have electricity in my world.

Regardless, it will be very interesting to see what the next four years will bring. I sure hope it's something good!

Thanks for stopping by, and have a great week ahead!

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Created at 2024.11.12 13:25 PST
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