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‘Crypto-Revolutionary’ Bill Could See Bitcoin, Ethereum and BlockDAG Network Prices Skyrocket ‘Very Soon’
BlockDAG network
London, United Kingdom, June 14, 2024 (GLOBE NEWSWIRE) — Bitcoin and other major cryptocurrencies, including Ethereum and XRP, have surged in 2024 after hitting lows in 2022. Bitcoin’s price has rebounded to its previous all-time high of around $70,000 per BTC and could potentially rise further to between $100,000 and $150,000 as traders and analysts are noticing a bullish price pattern. Meanwhile, Ethereum, BlockDAG networkand other altcoins are preparing for a significant but positive impact from Wall Street.
In the political landscape, where both President Joe Biden and former President Donald Trump are making cryptocurrency-related moves, a potentially transformative bill has emerged. Quietly approved by a Senate committee, this bill could become the most crucial US crypto policy if it becomes law.
Senate committee approves cryptocurrency bill
The US Senate Select Committee on Intelligence recently approved its funding package, which includes a little-noticed cryptocurrency-related provision. This provision requires crypto companies to collect more information about their users or face sanctions designed to prevent terrorist financing. According to Coindesk, this move would “accelerate and automate the process to sanction ‘foreign digital asset transaction facilitators,’ including cryptocurrency exchanges linked to users supporting terrorist groups.”
The Intelligence Authorization Act (IAA) passed unanimously by a vote of 17-0. However, the cryptocurrency section was not highlighted when Senator Mark Warner, the committee’s Democratic chairman, announced the vote. Warner emphasized that the bill improves the U.S. intelligence community’s ability to identify and counter technological threats from adversary nations and designates foreign ransomware organizations as hostile cyber actors.
Cryptocurrency industry response
Despite the bill’s importance, cryptocurrency industry insiders believe the measure may not survive the budget process. Cody Carbone, chief policy officer at Digital Chamber, told Coindesk that there would likely be resistance from the industry, which could lead to its removal from the National Defense Authorization Act (NDAA). This potential removal could alleviate concerns and further increase confidence and investment in the cryptocurrency market.
Last month, the U.S. House of Representatives passed the Financial Innovation and Technology for the 21st Century Act (Fit21). This act divides the responsibility for regulating cryptocurrencies between the Securities and Exchange Commission (SEC) and the Commodities Futures Trading Commission (CFTC) and has received widespread support from crypto companies and pro-crypto lobby groups. Such clarity and regulatory support will likely attract more institutional investment, driving up the value of cryptocurrencies.
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Trump’s support and the growth of the industry
The Biden administration recently softened its stance on Bitcoin and cryptocurrencies, following Donald Trump’s promise to support the cryptocurrency industry. Last week, Trump hosted a cryptocurrency-friendly fundraiser in Silicon Valley, hosted by investors David Sacks and Chamath Palihapitiya, raising about $12 million. Trump declared his intention to become the “cryptocurrency president” and promised that the Biden-Gensler crackdown on cryptocurrencies would end quickly if he were re-elected.
Trump’s support for cryptocurrencies and digital assets could mean a significant increase in the value of the sector and the growth of individual projects as early as 2025. His support, combined with technological advances 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 is based on a linear sequence of blocks, BlockDAG (Directed Acyclic Graph) allows multiple chains of blocks to coexist and interconnect. This structure significantly increases transaction throughput and scalability by reducing confirmation times.
BlockDAG Network can handle a larger 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 approval, technologies like BlockDAG Network could play a crucial role in the industry and lead to substantial returns for both new and existing venture capitalists.
Legislative developments, along with favorable regulatory changes and high-profile approvals, have set the stage for a significant market rally. Investors should prepare for a potential surge “very soon,” as the law’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 major altcoins, making the sector more robust and attractive to more investors.
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