US crypto excitement is similar to ‘space race’ under Trump: TRM Labs exec
Recent pro-crypto political appointments in the United States have fueled interest in crypto as a “space race” that could see the United States become a major part of the digital asset industry, according to TRM Labs' Ari Redbord.
“There's an excitement and a sense of urgency in this space race where America is now able to keep up with the rest of the world, or even surpass the rest of the world,” said Ari Redbord, head of legal and government affairs at TRM. Labs, on CNBC's Squawk Box Jan. 6.
After Donald Trump won the election, there were several key pro-Crito appointments in US federal agencies, said Redbord, a former attorney general.
“The people are the policy,” hedge fund manager Scott Bessant said, highlighting the prospect of Treasury Secretary, Paul Atkins as chairman of the Securities and Exchange Commission and venture capitalist David Sachs to serve as the White House. Crypto Czar.
“We're seeing people up and down the cabinet supporting digital assets, innovation and AI,” he said.
Ari Redboard speaking on Squawk Box. Source: CNBC
“Even beyond Bitcoin,” he said, “even beyond Bitcoin, we've seen fintechs like Stripe and CashApps use stablecoins for payments.”
“Bitcoin is traditionally a means of investment or a store of value, but what we're really seeing is that people are starting to use the technology for cross-border payments, sending and buying things.”
When asked for a price forecast for Bitcoin (BTC), Redboard did not provide a figure but said it will “expand significantly” due to the strategic Bitcoin reserves in the United States and incentives in other countries around the world.
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Many market analysts agree that the property will go up. On January 7, full-time crypto trader ‘Daan Crypto Trades' told his 396,000 followers on X that Bitcoin is “just beginning its price recovery phase.”
Bitcoin is in a price discovery phase on the monthly chart. Source: Daan Crypto Trades
Price discovery refers to the process by which buyers and sellers meet to determine the price of an asset position based on demand and supply.
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