The appointment of pro-cryptocurrency figures within the U.S. government has sparked an exhilaration similar to the Space Race, potentially positioning the U.S. as a significant player in the digital asset sector, as suggested by Ari Redbord from TRM Labs.
Ari Redbord, head of legal and government affairs at TRM Labs, spoke about CNBC’s Squawk Box on January 6th, expressing that the situation now resembles a space race where the US has the opportunity to match or even overtake other countries in terms of progress.
Previously serving as a prosecutor, Redbord noted an increase in pro-cryptocurrency appointees within U.S. federal agencies following the election of Donald Trump.
He emphasized that the public’s voice is crucial in policy-making, as he announced the potential appointments of Scott Bessent for Treasury secretary, Paul Atkins for Securities and Exchange Commission chair, and David Sacks as the White House’s “cryptocurrency advisor.
As a crypto investor, I’m observing an increasing number of decision-makers across various sectors showing support for digital assets, technological innovations like AI.
He emphasized repeatedly that what truly thrilled him was not just Bitcoin, but even more than that. Over the last few months, he noted, companies in the financial technology sector such as Stripe and Cash App have been employing stablecoins extensively for transactions on a large scale.
“Bitcoin traditionally has been an investment mechanism or store of value, but what we’re really seeing is people start to use the technology for cross-border payments, remittances, and to buy things.”
In response to being asked about a Bitcoin (BTC) price projection, Redbord declined to give a specific number but stated that its value could rise substantially due to factors like establishing a strategic Bitcoin reserve within the United States, as well as similar initiatives in other nations globally.
As a researcher delving into the world of cryptocurrencies, I find myself aligning with the consensus among market analysts that the asset’s value is poised for an upward trajectory. On January 7th, full-time crypto trader ‘Daan Crypto Trades’, addressing his 396,000 followers, expressed the viewpoint that Bitcoin has merely embarked on its price discovery phase.
As a researcher, I delve into the dynamic interplay between market participants to explore how they collectively establish the current value of an asset. This process is known as price discovery, as it involves buyers and sellers exchanging information, setting prices according to the fluctuating demand and supply levels.
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2025-01-07 08:28