Bitcoin
“Crypto-Breakthrough” Bill Could Cause Bitcoin, Ethereum and BlockDAG Network Prices to Skyrocket “Very Soon”
BlockDAG Network
London, United Kingdom, June 14, 2024 (GLOBE NEWSWIRE) — Bitcoin and other major cryptocurrencies, including Ethereum and XRP, rose in 2024 after reaching their lowest points in 2022. Bitcoin price has recovered to its previous high all-time high of around $70,000 per BTC and could potentially rise further to somewhere between $100,000 and $150,000 as traders and analysts are noticing a bullish price pattern. Meanwhile, Ethereum, BlockDAG Networkand other altcoins are bracing for a significant but positive impact from Wall Street.
Amid the political landscape, where both President Joe Biden and former President Donald Trump are taking action related to cryptocurrency, a potentially transformative bill has emerged. Passed quietly by a Senate committee, this bill could become the most crucial crypto policy in the US if it becomes law.
Senate Committee Approves Encryption Clause
The US Senate Select Committee on Intelligence recently approved its funding package, which includes a little-noticed encryption provision. This provision forces crypto companies to collect more information about their users or face sanctions aimed at preventing terrorist financing. According to Coindesk, this measure “would speed up and automate the process for sanctioning ‘foreign facilitators of digital asset transactions,’ including cryptocurrency exchanges linked to users who support terrorist groups.”
The Intelligence Authorization Act (IAA) passed unanimously with a vote of 17-0. However, the cryptographic section was not highlighted when Senator Mark Warner, the committee’s Democratic chairman, announced the vote. Warner emphasized that the bill increases the U.S. intelligence community’s ability to identify and combat technological threats from adversary nations and designates foreign ransomware organizations as hostile cyber actors.
Crypto Industry Response
Despite the importance of the bill, crypto industry experts believe the provision may not survive the budget process. Cody Carbone, policy director at Digital Chamber, told Coindesk that there would likely be pushback from the industry, potentially leading to its removal from the National Defense Authorization Act (NDAA). This potential removal could alleviate concerns and further increase confidence and investment in the crypto market.
Last month, the US House of Representatives passed the Financial Innovation and Technology for the 21st Century (Fit21) Act. This law divides responsibility for regulating cryptocurrencies between the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) and has received broad support from crypto companies and pro-crypto lobby groups. This clarity and regulatory support will likely attract more institutional investment, increasing the value of cryptocurrencies.
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Trump endorsement and industry growth
The Biden administration recently softened its stance on Bitcoin and crypto following Donald Trump’s pledge to support the crypto industry. Last week, Trump held a crypto-friendly fundraiser in Silicon Valley, organized by investors David Sacks and Chamath Palihapitiya, raising around $12 million. Trump declared his intention to be the “president of cryptography” and promised that the Biden-Gensler crackdown on cryptography would end quickly if he was re-elected.
Trump’s endorsement of cryptographic and digital assets could mean a significant increase in the value of the industry and the growth of individual projects as early as 2025. His support, combined with technological advancements and favorable regulatory changes, creates a positive outlook for the market.
BlockDAG Network: a revolutionary technology
In the evolving world of cryptocurrencies, BlockDAG Network It is an emerging revolutionary technology. Unlike traditional blockchain, which relies on a linear sequence of blocks, BlockDAG (Directed Acyclic Graph) allows multiple blockchains to coexist and interconnect. This structure significantly increases transaction throughput and scalability while reducing confirmation times.
The BlockDAG Network can handle a higher volume of transactions without compromising security or decentralization, addressing one of the most critical challenges faced by traditional blockchain networks. As cryptocurrencies gain more attention and political endorsement, technologies like the BlockDAG Network could play a crucial role in the industry and lead to substantial returns for new and existing venture capitalists.
Legislative developments, coupled with favorable regulatory changes and high-profile endorsements, have set the stage for a significant market recovery. investors should prepare for a potential surge “very soon” as the bill’s positive impact on the crypto ecosystem could trigger a substantial increase in the value of many digital assets, including Bitcoin, Ethereum, BlockDAG Networkand other important altcoins, making the industry more robust and attractive to more investors.
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