As the transfer of presidential power from Trump to Joe Biden looms and is set for January 20, many are eagerly anticipating the transition and hoping for the best. Cryptocurrency advocates have been crossing their fingers and hoping that the future of Bitcoin and all things crypto will be brighter under the new US President.
Bitcoin bull and tech billionaire Tim Draper is included among the onlookers who hope that under Biden’s reign, America will be great again, and more specifically, that cryptocurrency will evolve more rapidly and be normalized and used as much as fiat.
Many in the cryptocurrency industry have speculated and hypothesized on what Biden taking charge as the president of the United States may mean for the sector. How the Democratic party chooses to regulate the list of cryptocurrency policies that the exiting Trump administration have processed for review remains in question, but many are hopeful that Biden will be more welcoming towards crypto than Trump, who had previously explicitly stated that he hated Bitcoin.
Will Biden help improve SEC crypto regulation?
Among the list of things that Biden will have to oversee will be the Securities and Exchange Commission’s regulatory rule on cryptocurrencies. The SEC had long been criticized by the cryptocurrency community for a lack of regulatory cryptocurrency framework, failing to classify crypto assets. Its failure to regulate as dynamic an industry as blockchain and crypto has been criticized, as many private firms operating in the sector have said that this has pushed them to migrate to Asia.
Bitcoin bull Tim Draper said:
“I hope he (Joe Biden) reigns in the SEC. I hope he leads by example and makes bitcoin a national currency. I hope he solves global warming, but we all know that this will happen because some entrepreneur found a solution, not because of a politician. So I hope he celebrates the entrepreneur.”
Will Bitcoin one day become the national currency?
The tech mogul expressed what many in the cryptocurrency industry have been anticipating – a better framework for cryptocurrencies suggested by the Commission. Additionally, Draper’s wish that Bitcoin may become the national currency may be far-fetched for now, as policies around cryptocurrencies have yet to be better understood in the United States. However, it will be something that the crypto community aspires to one day see – Bitcoin entering the mainstream and everyone transacting in a cashless, trustless manner through the safe-haven asset.
As Bitcoin has been gaining considerably in popularity as of late, with its bull run to hit $40,000, its budding potential is still being discovered lately. 2020 has been the first time BTC has been overwhelmed with a huge wave of institutional investors. It has also been the first time an investment portfolio has been deemed incomplete without Bitcoin. Throughout 2020, many portfolio managers and investment firms have suggested that the way to diversify one’s assets and secure one’s funds was through Bitcoin. What’s to know what there is in reserve for the digital asset this year?