During the Biden administration (2021–2024), Bitcoin faced significant FUD driven by regulatory scrutiny, environmental concerns, market volatility, and broader economic factors. Regulatory fears included the 2021 Infrastructure Bill’s tax reporting provisions, SEC crackdowns on exchanges, and potential competition from a U.S. digital dollar, while critics like Janet Yellen associated Bitcoin with illicit activities. Environmental concerns focused on Bitcoin mining’s energy consumption and its carbon footprint, leading to actions like New York’s mining moratorium. Market volatility, compounded by the 2022 crypto crash and collapses of Terra/LUNA, FTX, and crypto-friendly banks, further damaged confidence. Allegations of “Operation Chokepoint 2.0” suggested covert efforts to limit banking access for crypto businesses, while geopolitical tensions, such as accusations of Bitcoin facilitating sanctions evasion, heightened scrutiny. Media narratives amplified misconceptions, often linking Bitcoin to scams and declaring it “dead” during price drops, while technological critiques highlighted scalability issues and competition from altcoins. These narratives, though often exaggerated, underscored challenges while sparking debates on regulation, innovation, and adoption.
Now imagine a crypto winter without all this FUD under Trump.
BTCUSD GM and Good bye for the year. We had the bounce till 99.5 just shy of my 99.9 target.. now likely slump under 90k all the way to 85-80s.. I was really hoping an annual close under 50k but that’s wishful thinking now.