The price of Bitcoin saw a dramatic spike following Donald Trump’s election victory in November, and now, with a potential “bombshell” announcement looming, Bitcoin investors are bracing for even more volatility. Trump, often dubbed the “crypto president” for his pro-bitcoin stance, has confirmed that he plans to unveil multiple crypto-related executive orders upon his return to the White House on January 20. Among these, one is expected to trigger a major Bitcoin price rally.
A key focus of these executive orders is expected to be the reversal of regulations that have hindered Bitcoin’s growth, including the controversial crypto accounting policy. Under the current rule, banks holding Bitcoin are required to list it as a liability on their balance sheets, a move that has deterred many financial institutions from embracing cryptocurrency. Trump’s administration is reportedly planning to address this issue and repeal the SEC’s 2022 SAB121 policy, which could lead to a surge in institutional adoption of Bitcoin.
Adding to the anticipation is the ongoing debate surrounding “Operation ChokePoint 2.0,” a policy that has stifled crypto companies by pressuring banks to cut off services. This has led many crypto leaders, including MicroStrategy’s Michael Saylor, to advocate for changes to the regulatory landscape. Saylor, who has transformed his company into a Bitcoin powerhouse, believes that repealing SAB121 is one of three key catalysts that could push Bitcoin to an unprecedented $5 million per coin.
MICHAEL SAYLOR: 3 catalysts will take #Bitcoin to $5 million:
— Bitcoin Archive (@BTC_Archive) November 7, 2023
1. Spot ETF approval – inevitable.
2. Banks custody and lend against Bitcoin as collateral – coming soon.
3. Fair value accounting rules from FASB – ✅ Approved.
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Alongside the regulatory shift, the rise of Bitcoin-focused ETFs, including BlackRock’s IBIT Bitcoin fund, has further fueled optimism. As more institutional investors gain access to Bitcoin, its market capitalization could skyrocket, and Saylor’s $5 million prediction may soon become a reality.
Also Read: XRP to $20,000? Community Expert Outlines Vision for Ambitious Price Surge
With Trump’s return to power signaling potential regulatory reform, Bitcoin’s future is looking brighter than ever, and investors are watching closely for the executive orders that could send the price soaring.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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