Oct 25, 2024
6thTrade
In today’s top crypto news, Pennsylvania’s House of Representatives made strides toward a pro-crypto future, CryptoQuant CEO Ki Young Ju predicts Bitcoin may evolve into a stable currency by 2030, and MicroStrategy’s Michael Saylor walks back controversial comments on self-custody. Let’s dive in.
Pennsylvania House Passes Landmark Pro-Crypto Bill
On October 23, the Pennsylvania House of Representatives passed HB-2381, a groundbreaking pro-crypto bill aimed at protecting self-custody and supporting digital asset payments. The legislation, officially announced on October 24, passed with a large bipartisan vote of 176 to 26. However, before it becomes law, the bill must pass through the Pennsylvania Senate and receive the signature of Governor Josh Shapiro.
HB-2381, written by the Bitcoin advocacy group Satoshi Action Fund, seeks to establish a clearer regulatory framework for cryptocurrencies, which many believe is vital for the industry’s growth. According to Satoshi Action Fund co-founder Dennis Porter, “Support for Bitcoin transcends traditional party lines, appealing to voters who prioritize economic freedom, technological innovation, and digital privacy.”
This legislation comes at a time when the U.S. crypto industry is seeking favorable policies amidst a sea of regulatory challenges. Industry leaders, like Tether’s CEO Paolo Ardoino, have expressed hope that the November elections could bring a new wave of crypto-friendly policies. $BTC
Bitcoin Could Become a Stable Currency by 2030, Says CryptoQuant CEO
Bitcoin’s mining difficulty has surged by 378% over the past three years, driven by institutional investment in large-scale mining operations. This has created intense competition among miners and raised barriers for smaller, independent miners. However, CryptoQuant CEO Ki Young Ju sees this as a potentially positive sign for Bitcoin’s future.
Ju predicts that the growing involvement of institutional investors and increased mining difficulty may stabilize Bitcoin’s value by 2030, potentially setting the stage for Bitcoin to evolve into a globally recognized stable currency. In a recent post, Ju explained that the increased dominance of institutional players could reduce volatility, one of the primary concerns that has held Bitcoin back from becoming a mainstream currency.
“Major fintech players are expected to drive mass adoption of stablecoins within three years,” Ju added, forecasting that serious discussions about Bitcoin’s role as a currency could begin after the next Bitcoin halving event in 2028.
Michael Saylor Backtracks on Controversial Custody Remarks
MicroStrategy founder and Bitcoin bull Michael Saylor has walked back his recent remarks about relying on “too big to fail” banks for Bitcoin custody, following backlash from the crypto community. Initially, Saylor had suggested that Bitcoin holders trust major financial institutions with their assets, prompting criticism from many in the decentralized finance space, including Ethereum co-founder Vitalik Buterin.
In a post on X (formerly Twitter) on October 23, Saylor clarified his stance: “I support self-custody for those willing and able, the right to self-custody for all, and freedom to choose the form of custody and custodian for individuals and institutions globally.”
Saylor’s reversal comes after he faced heat for calling out “paranoid crypto-anarchists” in a recent interview, where he advocated for trusting large banks with digital assets. His updated remarks emphasize Bitcoin’s inclusivity, welcoming all forms of investment, whether from individuals, institutions, or large financial entities.
Final Thoughts: The Road Ahead for Crypto
As the crypto world continues to evolve, today’s developments showcase the growing importance of clear regulations and the rising institutional influence in the industry. With Pennsylvania’s pro-crypto bill making headway, Bitcoin potentially on track to become a stable currency, and leaders like Michael Saylor emphasizing the freedom of choice in custody, the future of crypto looks increasingly promising.
As always, these trends are worth watching closely—both for seasoned investors and those new to the world of digital assets.
Disclaimer: The content of this article is for informational purposes only and does not constitute financial advice. Cryptocurrency investments are highly volatile and may lead to substantial financial loss. Always perform your own research and consult a qualified financial advisor before making any investment decisions. The opinions expressed are solely those of the author and do not represent the views of the publisher or its affiliates. Investing in cryptocurrencies involves inherent risks, and past performance is not a reliable indicator of future results. Please exercise caution.
