Crypto Breakthrough Bill Could Send Bitcoin, Ethereum, and BlockDAG Network Prices Soaring
The cryptocurrency market has been on a rollercoaster ride in 2024, with Bitcoin and other major cryptocurrencies surging after hitting their lowest points in 2022. The Bitcoin price has rebounded to its previous all-time high of around $70,000 per BTC and could potentially surge further to anywhere between $100,000 to $150,000 as traders and analysts are noticing a bullish price pattern.
A potential surge in Bitcoin prices could be on the horizon
Meanwhile, Ethereum, BlockDAG Network, and other altcoins are preparing for a significant but positive impact from Wall Street. Amid the political landscape, where both President Joe Biden and former President Donald Trump are making moves related to cryptocurrency, a potentially transformative bill has emerged.
Senate Committee Passes Crypto Provision
The U.S. Senate Select Committee on Intelligence recently passed its funding package, which includes a little-noticed crypto provision. This provision mandates crypto companies to collect more information about their users or face sanctions designed to prevent terrorism financing.
The Senate Committee’s crypto provision could have a significant impact on the industry
According to Coindesk, this move would “speed and automate the process to sanction ‘foreign digital asset transaction facilitators,’ including crypto exchanges linked to users who support terrorism groups.” The Intelligence Authorization Act (IAA) passed unanimously with a 17-0 vote.
Crypto Industry Response
Despite the significance of the bill, crypto industry insiders believe the provision might not survive the budget process. Cody Carbone, the chief policy officer for the 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 ease concerns and further boost confidence and investment in the crypto market.
The crypto industry is cautiously optimistic about the bill’s impact
Trump’s Endorsement and Industry Growth
The Biden administration has softened its stance on Bitcoin and crypto recently, following Donald Trump’s pledge to support the crypto industry. Last week, Trump conducted a crypto-friendly fundraiser in Silicon Valley, hosted by investors David Sacks and Chamath Palihapitiya, raising around $12 million. Trump declared his intention to be the “crypto president” and promised that the Biden-Gensler crackdown on crypto would end swiftly if he were re-elected.
Trump’s endorsement of crypto could mean a significant increase in industry value
Trump’s endorsement of crypto and digital assets could mean a significant increase in industry value and individual projects growth as soon 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 is an emerging revolutionary technology. Unlike traditional blockchain, which relies on a linear sequence of blocks, BlockDAG (Directed Acyclic Graph) allows for multiple chains of blocks to coexist and interconnect. This structure significantly increases transaction throughput and scalability while reducing confirmation times.
BlockDAG Network’s revolutionary technology could lead to substantial returns
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 mainstream attention and political endorsement, technologies like BlockDAG Network could play a crucial role in the industry and lead to substantial returns for both new and existing venture capitalists.
The legislative developments, coupled with favorable regulatory changes and high-profile endorsements, set the stage for a significant market rally. 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 Network, and other major altcoins, making the industry more robust and appealing to more investors.
