US President-elect Donald Trump is continuing his mission to appoint a crypto powerhouse team to rebuild US crypto history. To this end, Trump announced Bo Hines, a former college football player and 2022 Republican candidate, as the Executive Director of the Presidential Council of Advisors for Crypto Assets, known as the “Crypto Council”. Trump announced on his social account that Hines will work with Trump’s crypto czar David Sacks to promote innovation and growth in the crypto assets space. The market is watching all the political moves as next month will be a purely political month and politics will decide the fate of crypto assets.
Donald Trump picks Bo Hines
Donald Trump continues his efforts to create a powerhouse in the field of cryptocurrencies. Trump announced the appointment of Bo Hines as the Executive Director of the Presidential Council of Advisors for Crypto Assets. Hines is a former college football player and 2022 Republican candidate. Trump has been working closely to make the US the “world capital of crypto” in support of his love affair with crypto. The industry is applauding his major appointments plan to add Elon Musk and former SEC Commissioner Paul Atkins for key roles, pointing to friendlier rules to help the crypto industry grow with technological advancements.
With Trump’s focus on other sectors as well, Sriram Krishnan, a former Andreessen Horowitz partner, was appointed senior AI policy advisor. Trump also added pro-crypto Stephen Miran as chairman of the Council of Economic Advisors, which is seen as a positive change on the political front.
Is Bitcoin’s sentiment signaling a recovery?
Bitcoin saw a massive bloodbath after the Fed’s hawkish comments. Since then, it has fallen 10% from its peak of $108,300 and is currently trading around $95,000. Moreover, social sentiment has plummeted to its lowest level in 2024, with bears and negative rumors taking control of the crypto space. Despite this, Santiment sees this fear as an opportunity for a Bitcoin breakout. Historically, when there is low sentiment it often signals a price breakout, and many expect Bitcoin to gain momentum above $100,000 after Trump officially joins in January.
A rebound could be seen in this market if regulations are not delayed further as many crypto assets fear further legal disputes with the SEC. If Trump succeeds in introducing a unified crypto policy, it will boost the crypto market globally, with Bitcoin expected to reach $120,000 by 2025, as predicted by Mark Yusko, Founder, CEO and Chief Investment Officer of Morgan Creek Capital.
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