Crypto Insider Says A Catalyst Will Increase Investments In Bitcoin And Trigger BTC Price Surge
Crypto Insider Kristin Smith Reveals a Possible Catalyst That Could Trigger Bitcoin (BTC)’s Next Bull Run.
In a new interview on CNBC’s Squawk Box, Smith, executive director of crypto lobby group Blockchain Association, says Bitcoin’s current price is being stabilized by long-term investors, while adding that bear markets have largely seen retailers flee digital asset markets Conditions.
However, Smith says retail investors are likely to return once the economy picks up steam.
“I think bitcoin has been largely stable for a number of reasons. First, you have the retail investor who has largely stopped investing in bitcoin…People are worried about paying for gas. You worry about paying for groceries. You don’t have the option to set aside extra money by investing in Bitcoin right now.
But I think the investors who are at it right now are waiting for a future date. You are in it for the long term. And I think as we see the economy turn around and people put more risk into their investment portfolios, we’re going to see the investment in bitcoin go up and consequently the price.”
Smith is also weighing the possibility of the U.S. Congress enacting crypto regulations by the end of the year, which some believe will attract more institutional investment in Bitcoin.
“Indeed, Congress is actively working on legislation that would provide additional regulation for the underlying cash market for digital commodities, including the bitcoin cash market, and indeed this has a real chance of being done before the end of the year .
The chair and senior member of the Senate Agriculture Committee introduced the Digital Commodities Consumer Protection Act, the DCCPA, and this is a pretty good framework for regulating the centralized exchanges in the spot markets. There is an open issue related to decentralized finance. These are software protocols that work completely differently than centralized exchanges with custody. But this is an issue that is being worked on. I am optimistic that we will find a good solution there. I think there is a good chance the legislation will be signed before the end of the year.”
At the time of writing, Bitcoin is changing hands at $19,167.
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