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“Crypto-Breakthrough” Bill Could See Bitcoin, Ethereum, 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, surged in 2024 after hitting their lowest levels in 2022. The price Bitcoin 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 notice an upward price trend. Meanwhile, Ethereum, BlockDAG Networkand other altcoins are bracing for a significant but positive impact from Wall Street.
Amid the political landscape, where President Joe Biden and former President Donald Trump are taking cryptocurrency-related actions, a potentially transformative bill has emerged. Passed quietly by a Senate committee, the bill could become the most crucial U.S. crypto policy if it becomes law.
Senate committee adopts crypto provision
The US Senate Select Committee on Intelligence recently passed its funding package, which includes a little-noticed cryptographic provision. This provision requires crypto companies to collect more information about their users or face sanctions intended to prevent the financing of terrorism. According to Coindesk, the move would “accelerate and automate the process of sanctioning “foreign facilitators of digital asset transactions,” including crypto exchanges linked to users who support terrorist groups.
The Intelligence Authorization Act (IAA) passed unanimously in a 17-0 vote. However, the crypto section was not highlighted when Senator Mark Warner, the Democratic chairman of the committee, announced the vote. Warner emphasized that the bill strengthens the ability of the U.S. intelligence community to identify and counter technological threats emanating from adversary countries and designates foreign ransomware organizations as hostile cyber actors.
Crypto Industry Response
Despite the importance of the bill, crypto industry insiders believe the provision may not survive the budget process. Cody Carbone, policy director at 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 trust and investment in the crypto market.
Last month, the U.S. 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 Commodities Futures Trading Commission (CFTC) and has received broad support from cryptocurrency companies and lobbying groups pro-crypto. Such clarity and regulatory support is likely to attract more institutional investment, thereby 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, hosted by investors David Sacks and Chamath Palihapitiya, raising around $12 million. Trump declared his intention to be the “president of crypto” and promised that the Biden-Gensler crackdown on crypto would end quickly if he was re-elected.
Trump’s endorsement of crypto and digital assets could mean a significant increase in the value of the industry and the growth of individual projects 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 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 facing traditional blockchain networks. As cryptocurrencies gain more mainstream attention and policy-supporting technologies such as BlockDAG Network could play a crucial role in the industry and generate substantial returns for new and existing venture capitalists .
Legislative developments, coupled with favorable regulatory changes and high-profile supports, have paved the way for a significant market recovery. Investors should prepare for a potential increase “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 major altcoins, making the sector more robust and attractive to more investors.
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