Bitcoin - Will Bitcoin continue its upward trend?Bitcoin is trading below the EMA50 and EMA200 on the four-hour timeframe and is trading in its descending channel. Capital outflows from Bitcoin ETFs or risk off sentiment in the US stock market will pave the way for Bitcoin to fall.
Bitcoin’s upward correction and its placement in the supply zone will allow us to resell it. It should be noted that there is a possibility of heavy fluctuations and shadows due to the movement of whales in the market and compliance with capital management in the cryptocurrency market will be more important. If the downward trend continues, we can buy in the demand zone.
Donald Trump, the President of the United States, has signed an executive order establishing a task force on digital asset markets. The task force’s mission is to explore ways for the U.S. to lead in the cryptocurrency industry while evaluating the creation of a national strategic digital asset reserve.
Many who are familiar with cryptocurrencies recognize Bitcoin as “digital gold” due to its unique characteristics. According to a recent study, an increasing number of Americans now prefer Bitcoin over gold. ChainPlay, in collaboration with Storible, conducted a survey asking 1,428 Americans about their views and investments in cryptocurrencies.
The study reveals that over 68% of Americans currently own some form of cryptocurrency. Furthermore, 77% plan to increase their investments in the sector by 2025, while 60% believe the value of their assets will double by that year. Other sources indicate that only 13% of Americans owned cryptocurrency as of November 2024, though this discrepancy appears to depend on the methodology used.
Another survey revealed that Trump’s election victory significantly influenced public perception of cryptocurrencies, with 38% of respondents deciding to invest in crypto after the election results. Notably, 84% of these individuals made their first purchase following Trump’s win, viewing him as a pro-crypto candidate.
The idea of preferring Bitcoin over gold or stocks was once a marginal perspective during the bull market of 2017. Today, as governments worldwide announce plans to mine, store, or use Bitcoin for international payments, public opinion has shifted to view Bitcoin more favorably.
Additionally, statistics indicate that many investors have not only bought Bitcoin but have sold their traditional assets to allocate funds to the cryptocurrency. According to the survey, over 51% of these individuals are based in the U.S., reflecting unprecedented optimism toward Bitcoin as “digital gold.”
Mark Cuban, entrepreneur and TV personality, stated that Bitcoin has become a valuable asset and has reached a level of acceptance comparable to gold. Both he and Michael Saylor, CEO of MicroStrategy, emphasize that Bitcoin offers easier transportability and control compared to gold.
In the financial world, opinions on cryptocurrencies, particularly Bitcoin, remain divided. Some figures, like Warren Buffett, remain vocal critics of these assets.
Following Elon Musk’s advocacy, CZ, former CEO of Binance, also expressed support for the idea of recording government expenditures on blockchain. In a tweet, he said: “All governments should record their spending on blockchain, creating a public and immutable ledger. After all, government spending is public spending.”
According to a report from Street, Eric Trump, son of Donald Trump, recently stated that domestic cryptocurrency projects in the U.S., such as XRP and HBAR, will benefit from tax exemptions in the future, whereas foreign projects will face a 30% tax rate.
Additionally, Senator Cynthia Lummis, a Republican and Bitcoin advocate from Wyoming, has been appointed as the first chair of the Senate’s new Digital Assets Committee. Operating under the Senate Banking Committee, this new body aims to pass bipartisan legislation supporting the crypto industry and protecting investors.
Lummis announced that the committee will focus on three key areas:
1. Market Structure: Establishing a framework to improve the digital asset market structure.
2. Stablecoins: Regulating and supervising stablecoins as a crucial part of the crypto ecosystem.
3. Strategic Bitcoin Reserves: Strengthening the U.S. dollar by creating strategic Bitcoin reserves.
In a statement, Lummis said: “Digital assets are the future, and if the United States wants to maintain its position as a global leader in financial innovation, Congress must urgently pass comprehensive bipartisan laws to regulate this space and strengthen the U.S. dollar by creating strategic Bitcoin reserves.”
The committee will also oversee federal regulators to ensure compliance with laws and to prevent unjustified denial of banking services to legitimate participants.
