Source: mint
by James Mackintosh
“The election lit the rocket that crypto enthusiasts hope will take prices to the moon. They are anticipating that President-elect Donald Trump will follow through on his pledge to defenestrate the anti-crypto chief of Securities and Exchange Commission, Gary Gensler, ease regulations on crypto-company listings, exchanges, finance and mining, and create a national stash of bitcoin. Easier regulations should in principle push up prices by making it easier to attract buyers. Because cryptocurrencies aren’t backed by income or an economy, in the absence of any fundamentals they are driven entirely by supply and sentiment-driven demand. More buyers means a higher price. Yet, dig deeper into the argument, and it is hard to see why bitcoin should benefit so much.” (11/15/24)