The post Bitcoin Surges Past $99,000 Amid Powell’s Gold Comparison and Trump’s Pro-Crypto SEC Nomination appeared on BitcoinEthereumNews.com.

Bitcoin surged past $99,000 following Federal Reserve Chair Jerome Powell’s comparison of the cryptocurrency to gold, energized by Trump’s pro-crypto SEC nominee. The Fed Chairman emphasized Bitcoin’s speculative nature during the NYT DealBook Summit, clarifying it is not poised to replace traditional currencies. Trump’s nominee, Paul Atkins, could herald a new era of crypto-friendly regulations, potentially increasing institutional participation in digital assets. Bitcoin’s price surges above $99,000 as Powell compares it to gold, while Trump nominates pro-crypto SEC Chair, signaling a shift in crypto regulations. Bitcoin’s Emerging Role as Digital Gold Despite ongoing debates regarding Bitcoin’s place in the financial ecosystem, Jerome Powell’s recent comments underscore its positioning as a leading asset comparable to gold. He explicitly stated, “It’s just like gold only it’s virtual,” highlighting Bitcoin’s perception as a highly volatile investment rather than a currency. This notion resonates with many in the crypto community who regard Bitcoin as the ‘digital gold,’ a unique store of value appreciated for its scarcity and resilience in the face of economic instability. In recent years, Bitcoin has consistently outperformed traditional assets, marking a significant year-on-year increase that propels it into the conversation about long-term investment alternatives. Furthermore, Powell’s remarks draw attention to growing acceptance of Bitcoin in investment circles, especially as Bitcoin ETFs have begun to overshadow their gold counterparts since their inception. The Potential Impact of a Pro-Crypto SEC Chair With Donald Trump’s nomination of Paul Atkins to lead the SEC, a shift toward a more supportive regulatory environment for cryptocurrencies seems imminent. Atkins, known for his favorable stance on digital assets, previously served on the SEC and has been an advocate for less restrictive policies since his tenure. This potential leadership change has raised expectations within the crypto industry for new regulatory frameworks that could facilitate broader institutional investment. Experts…

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Filed under: News - @ December 5, 2024 12:21 am