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Bitcoin Glorified By Jack Dorsey As He Justifies Trump’s Twitter Ban

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2021 started off on a good note for the crypto-verse as Bitcoin rose up to a high of $40K. The United States, however, was subject to extreme unrest. The world had only seen such things in movies, a few citizens of America turned reel into reality by attacking the US Capitol. While Trump was scheduled to give up his office to Joe Biden, Trump’s supporters stormed into Capitol Hill protesting Biden’s win. Several deaths and arrests later, numerous social media platforms decided to ban Trump as he was expected to insinuate and prolong the riots.

Bitcoin’s Zero Association With Any Entity Lauded By Dorsey

Just as the news of Trump’s second impeachment came through, the CEO of Twitter Jack Dorsey pointed out the reasons behind this ban. Dorsey made it clear that he does not “celebrate or feel pride” in confirming the permanent ban on Trump. He affirmed that the social media platform had taken this decision after a series of warnings as well as the best information received by them.

Dorsey pointed out that Twitter’s latest action was right for the social media platform. He said,

“We faced an extraordinary and untenable circumstance, forcing us to focus all of our actions on public safety. Offline harm as a result of online speech is demonstrably real, and what drives our policy and enforcement above all.”

This was further continued by the importance of transparency. Now coming to Bitcoin, Dorsey revealed why he had “so much passion for Bitcoin”. The network’s zero dependency on centralized institutions has lured numerous individuals. Dorsey suggested that he was one among them. He tweeted

Bitcoin

Dorsey has time and again exhibited his interest in the crypto industry and aiding those who are a part of it with Square.

Bitcoin seemed to be back in action after a few retracements. During the time of writing, BTC was trading for $38,585 with a 13.31% surge in the last 24-hours. Apart from this, the global crypto market cap had found its way back to $1 trillion.

OCC Gets Brian Brooks As Comptroller For Next 5 Years; Better Days Ahead For Crypto?

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The Office of the Comptroller of the Currency also known as the OCC has sparked up in the news several times this year. From a change in management all the way to US Congress calling out the current Comptroller for his interest in crypto, the OCC has time again made it to the headlines. The latest news from the White House has proved beneficial to both the Acting Comptroller and the crypto industry.

OCC Head Appointed By Donald Trump

As the crypto industry has been encountering exponential growth, regulators across the globe have been formulating regulations that aid the growth of crypto without compromising the safety of the users. Brian Brooks, the Acting Comptroller of the OCC has been working towards the same. While the ex-Coinbase employee was appointed as the interim Comptroller, President Trump went on to designate Brooks as the Acting Comptroller for the next five years.

Previously serving as the chief legal officer at the prominent crypto exchange, Coinbase, Brian Brooks took over the post of Joseph Otting in May. As per the White House, Brooks would be prolonging his stay in the OCC office and with this news, the crypto-verse could see brighter days ahead. From the beginning of his term, Brooks displayed his inclination towards crypto following the progress of several activities.

Trump has about 63 days left as the President of the United States and a new session of Congress would commence on 3 January 2021. Recently, several members of Congress went on to call out Brooks for his keenness towards crypto. In a long letter, Congresswoman Rashida Tlaib, Congressmen Stephen Lynch, Jesús G. “Chuy” García, Deb Haaland, Barbara Lee as well as Ayanna Pressley pointed out that Brooks was “excessively focusing on crypto assets and crypto-related financial services.” The aforementioned members of the Congress suggested that Brooks contemplate the complications of a unilateral approach.

Brooks had even testified before the US Senate advocating the importance of crypto. While the market cap of the crypto industry has been soaring to new heights, several have been realizing the capabilities of the crypto-verse. Many went on to speculate that Brooks’ appointment could spike up the adoption and acceptance of crypto.

Biden’s Win Affecting Bitcoin Remains Unclear But Cabinet Picks Tells A Different Story

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Many market experts chimed in to say that it did not matter who won the 2020 US elections, Bitcoin was always the winner. However, the latest polls conducted by a well-known crypto platform showed that the asset class did slightly favor incumbent President Donald Trump despite his loss.

58.9% of respondents of a Twitter poll conducted by the crypto analytic platform, Santiment, felt that Trump would win the election and Bitcoin would go up. Whereas 76.1% of people taking the poll felt that Bitcoin would go up [regardless of whether Biden or Trump won].

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Notably, Bitcoin surged nearly 9% since election night on the 3rd of November further climbing more than 4% since the announcement of Joe Biden as the projected winner.

Shortly after the first poll, the platform once again asked its followers if their current perception of crypto as an investment has changed as a result of the election results. And not surprisingly, as Santiment mentioned, the results showed that most of the respondents’ expectations of crypto hadn’t changed based on the news of Biden winning the election. Furthermore, Santiment observed that many people had actually become more bullish than prior to the election results.

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According to the platform’s insight, the high amount of people who believed that cryptocurrency was a more bullish asset class, mildly contradicted the first poll. It is fairly clear that most respondents believed that Trump would win, which does not looks be the case. Santiment explained,

“This can, of course, be an indication that people simply wanted the election to be put in the past so the country (and world) could move forward. But more likely, the crowd had already become significantly more bullish between election night #1 on Nov. 3rd (BTC at $14.1k) and Nov. 9th (BTC at $15.3k). This +8.5% price jump very likely had most people euphoric about crypto regardless of the candidate chosen.”

Another theory that was put forward was the cryptocurrency market was restricted sue to the election uncertainty and the prices were “ready to pop” regardless of the winner. While it is indeed a bit too early to draw a conclusion on how Biden’s impact on cryptocurrency asset class will be.

The contradiction: Biden’s Pick

Despite the fact that the president-elect has so far kept a tight lid on his stance on cryptocurrencies, Biden’s presidency is mostly viewed as a good thing for the industry. Here’s why. The current Vice-President elect and the former Attorney General of California, Kamala Harris might not have publicly mentioned her position on Bitcoin, her team, however, featured a crypto-friendly face – Ryan Montoya, who happens to be former CTO of the Sacramento Kings.

According to certain reports, Lael Brainard, who is an official at the Federal Reserve, is the frontrunner to succeed Steven Mnuchin as Treasury Secretary. It is important to note that the American economist has played an important role in researching how a potential digital dollar would work.

Additionally, Biden recently confirmed Gary Gensler to lead the financial policy transition team. This is significant because the ex–Goldman Sachs banker has closely studied the workings of the crypto industry and is also engaged in teaching courses on blockchain technology and digital currencies at the MIT Sloan School of Management.

The closest that Biden has ever gotten to talk about Bitcoin, was when his Twitter account was hacked and the perpetrators fraudulently offered to double any Bitcoin amount sent to the specified account within 30 minutes. While notifying that he did not have any Bitcoin holdings, he did urge his followers to chip in to help make Donald Trump a one-term President.

While it remains unclear as to how the Biden administration would treat the world of crypto, his approach is expected to be fairly different than Trump who said that “Bitcoin is based on thin air”.

Bitcoin Nears $14.5K Despite Minor Retraction as Biden Nears Victory Threshold

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Bitcoin has hit a fresh high of the year. At $14,492, it seems like there is no stopping Bitcoin’s strong uptrend. It is important to note that the latest rally comes in the wake of growing uncertainty as Joe Biden nears the victory threshold despite the race being a close call. Despite a slight retraction as the day followed investors have flocked to, what some call it, the risk asset.

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With the latest surge, Bitcoin’s market value jumped to a 33-month high. But will the bullish sentiment halt here? Many in the community have opined that the world’s largest cryptocurrency would potentially skyrocket to previously established ATH of nearly $20,000.

It was back on the 10th of January 2018, when Bitcoin was trading close to this level. The difference between the previous high and the current phase is the development activity on the network which has doubled since then. This could be marked as a bullish indicator suggesting that more market participants were now involved in the network than there was nearly three years back.

Bitcoin’s price had previously failed to react immediately after the 2016 US election as it climbed a scant 1.8% in the 24-hour trading period. It was only roughly a year later that the cryptocurrency jumped formed its peak.

Bitcoin’s Development Activity Soars

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Biden and Bitcoin

The Trump-Biden conundrum has prompted uncertainty and while the traditional financial markets are not a big fan of it Bitcoin, however, does not seem to mind it as much. Why is the cryptocurrency community leaned towards the Democratic presidential candidate?

It is important to note that US President Donald Trump is not a big fan of Bitcoin and the cryptocurrency market, a stance which he made quite clear when he stated “Bitcoin is based on thin air”. A change of heart at this point does not seem very likely.

Unlike Trump, Biden has not made any comments about the industry. But after Biden’s Twitter hack this year which offered to double any Bitcoin amount sent to the specified account within 30 minutes, he went on to claim that while he did not have Bitcoin, but if people wanted to chip in, they could. Interestingly, this happens to be the only Bitcoin-related tweet by Biden.

 

The current US Senator and former Attorney General of California, Kamala Harris is one of his cabinet picks. While the US Vice President candidate might not have publicly mentioned her position on the cryptocurrency, her team features Ryan Montoya, the former CTO of the Sacramento Kings, a familiar crypto-friendly face.

Additionally, Sam Bankman-Fried, the CEO of cryptocurrency derivatives platform FTX, had reportedly made the second-largest donation to Joe Biden’s presidential campaign by gifting his campaign a total of $5.2 million.