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NYDIG Declares Bitcoin a “Political Imperative” for U.S. Investors

11 November 2024
in Bitcoin, News
Reading Time: 3 mins read
106 2
Home Explore Bitcoin

Bitcoin is poised to gain unprecedented political significance in the U.S. following Republican victories in the recent elections, according to the New York Digital Investment Group (NYDIG).

In a report published on November 11, Greg Cipolaro, NYDIG’s global head of research, stated that Bitcoin’s position in the investment landscape is now a “political imperative” for investors, warning that failing to hold the cryptocurrency could soon be a liability.

“While some investors have allocated to Bitcoin, the most common allocation remains zero. There are no excuses now,” Cipolaro noted, adding that those who continue to ignore Bitcoin may risk financial harm.

This comment comes as Bitcoin surged to over $79,000 on November 10, approaching the $80,000 mark, according to data from TradingView. Market observers and analysts have attributed the surge to positive factors, including Donald Trump’s election win.

According to Cipolaro, Bitcoin and the broader crypto space now have a “seat at the table” in U.S. government circles. He anticipates that the year 2025 will bring a shift in leadership across major financial agencies, offering new opportunities for pro-crypto legislation and regulatory reforms.

Cipolaro believes new leadership could bring a more supportive regulatory approach for crypto, with potential for settlements or the dismissal of some lawsuits deemed not to be in the public interest.

He also speculated that under new leadership, the SEC could drop potential enforcement actions, including those highlighted in Wells notices sent to companies like Robinhood, Crypto.com, ConsenSys, Uniswap, and Immutable.

According to Cipolaro, other agencies, including the FDIC, the Office of the Comptroller of the Currency, and the Treasury, could see new department heads with a more pro-crypto stance. This shift might enable banks to engage more freely with digital assets, potentially offering custody services for stablecoins and other digital currencies.

Cipolaro’s comments reflect the sentiments shared by many stakeholders in the crypto industry since the U.S. election concluded on November 5. Ripple CEO Brad Garlinghouse notably expressed, “To everyone who doubted it: the crypto voter is here to stay, loud and clear!”

 

If you want to read more news articles like this, visit DeFi Planet and follow us on Twitter, LinkedIn, Facebook, Instagram, and CoinMarketCap Community.

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Tags: BitcoinNYDIGU.S. Elections
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Jewel Buddy

Buddy Jewel is a finance writer specializing in cryptocurrency news. With a keen eye on the latest developments in the digital asset space, I provides insightful and timely updates on the ever-evolving world of crypto.

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