Crypto Insider says a catalyst will increase investment in Bitcoin and trigger BTC price appreciation
Crypto insider Kristin Smith unveils a possible catalyst that could ignite the next Bitcoin (BTC) bull run.
In a new interview on CNBC’s Squawk Box, Smith, CEO of crypto lobby group Blockchain Association, says Bitcoin’s current price is being stabilized by long-term investors, while adding that retail traders have largely fled the digital asset markets due to bearish sentiment. relationship.
However, Smith says retail investors are likely to return as the economy picks up.
“I think Bitcoin has largely been stable for a couple of reasons. One, you have the retail investor who has largely stopped investing in Bitcoin … People are worried about paying for gas. They’re worried about paying for groceries. They do not have the ability to put away extra money by investing in Bitcoin at the moment.
But I think the investors that are in there right now are holding out for a future date. They are in it for the long haul. And I think as we start to see the economy turn around and people put more risk in their investment portfolios, we’re going to see the investment in Bitcoin go up and then the price.”
Smith also considers the possibility of the US Congress passing crypto regulations by the end of the year, which some believe will attract more institutional investment in Bitcoin.
“Congress is actually actively working on legislation that would provide additional regulation for the underlying digital commodity spot market, so including the Bitcoin spot market, and this actually has a real chance of being done before the end of the year.
Chairman and Ranking Member of the Senate Agriculture Committee has introduced the Digital Commodities Consumer Protection Act, DCCPA, and this is a pretty good framework for regulating centralized exchanges in the spot markets. There is one outstanding question about decentralized finance. These are software protocols that work completely differently than centralized centralized exchanges. But it is a matter that will be resolved. I am optimistic that we will reach a good solution there. I think there’s a decent chance we’ll see legislation signed into law before the end of the year.”
At the time of writing, Bitcoin is changing hands at $19,167.
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