Bitwise, one of the leading crypto-fund managers, is very optimistic about the future of Bitcoin. The recent announcement of Libra sparked new public interest toward crypto.
Furthermore, the US government is now active in bringing order in the market, to the benefit of conventional and institutional investors.
Some members of Congress also realize that the United States should lead the race to crypto, which now sees China and other countries on the forefront.
Bitcoin is emerging as a store of value, alternative to gold. It is dominating the market and separating more and more from other cryptocurrencies.
Blockchain in Government
Facebook Libra has made it plain that the US is lagging in digital currencies. The political reaction to Libra’s announcement has been so tough that Facebook might cancel the project altogether. Yet it has become plain that other countries are more advanced in the field compared to where the United States. Senator Michael Crapo, head of the US Committee on Banking, Housing and Urban Affairs, wants the US to be at the forefront of cryptocurrencies and blockchain. China might end up winning this race.
Bitwise, a leading crypto-asset funds manager, just wrote its investors that Libra has propelled Bitcoin ahead by three years.
Despite the initial belief that the two cryptocurrencies would compete, Libra’s announcement has driven a lot of new potential investors towards Bitcoin. Facebook has also forced the US government to take crypto seriously. It will spark enforcement of existing regulations and possibly the development of new ones, bringing order in the market.