Crypto industry dreams of a golden era under Trump

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The story "Crypto industry dreams of a golden era under Trump" was covered 6 days ago by Financial Times, a news publisher based in United States.

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Financial Times 6d ago

Crypto industry dreams of a golden era under Trump - Financial Times

Quick Summary:

The changing regulatory environment has investors excited by the prospect of a flood of large, traditional asset managers rushing into crypto, pushing it into the mainstream.“It’s gone from being an asset class for some enthusiasts to one where officials are backing it, politicians are backing its mainstreaming,” Yadav says.

The price of bitcoin topping $100,000 has also spurred Fomo — fear of missing out — in the market, with many of those who sat on the sidelines now rushing back in.“Institutionalisation has started, and that momentum will be even stronger going into 2025,” says Richard Teng, chief executive of Binance, the world’s biggest crypto exchange.

As more investors are enticed back into the volatile market, the impact of a price crash could be even more detrimental than previous crypto downturns if the asset becomes increasingly entwined with the traditional financial system.“Not only is [the crypto industry] back, it is going to become institutionalised,” Yadav says.