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2024 will be a transformative year for cryptocurrencies

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2024 will be a transformative year for cryptocurrencies
The days of legal gray areas in the cryptocurrency space may be drawing to a close and from now on, all market players will have to tread more carefully, writes Silvina Moschini.

Chris Ratcliffe/Bloomberg

With three of the crypto industry’s top players dropping out of the game and the SEC approving bitcoin ETFs, we have seen the map of the crypto ecosystem being dramatically redrawn. These changes are propelling us toward a 2024 that puts rules and regulations in the spotlight.

The cryptocurrency market is, by definition, young and disruptive. It appeared discreetly in 2009 with the emergence of bitcoin and has continued to evolve in step with blockchain technology as the latter continues to develop and demonstrate its tremendous potential to improve efficiency through a process of trial and error.

At an unstoppable pace of innovation, key figures such as Do Kwon (Terra Luna), Sam Bankman-Fried (FTX) and Changpeng Zhao (Binance) rose to prominence in the industry and, in the case of the latter two, began to impose their own logic on cryptocurrency exchange platforms.

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However, within the last two years, all three are gone.

The legal cases of Do Kwon and Bankman-Fried were serious enough to land them in the courtroom while Zhao’s departure from Binance made it clear, according to CoinDesk, that “Crypto itself might be borderless, but crypto companies may find it increasingly hard to operate outside of legal or geographical boundaries.”

The days of legal gray areas in the cryptocurrency space may be drawing to a close and from now on, all market players will have to tread more carefully.

This logic is increasingly being validated on the global cryptocurrency dashboard. During 2023, 42 countries discussed regulatory frameworks for cryptocurrencies and more than half of them were approved. In the case of the G20 and the world’s largest financial hubs, which includes the 27 member states of the European Union, 83% of countries now have “crypto friendly” legislation.

In Washington, meanwhile, the prospect of exchange-traded funds that track the price of bitcoin (so-called bitcoin ETFs) being approved has become a reality. One of the most important features of ETFs is that they offer investors a more accessible way to invest in bitcoin, bypassing the direct purchase of cryptocurrency (i.e., disregarding the practical challenges) but without losing track of its evolution.

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The confluence of all of these factors is transforming the face of crypto and I am convinced that throughout 2024 we will continue to see this industry mature.

We have an expanded and revamped game board in which the focus is shifting away from the “star” players to the overall workings of the game.

Crypto

Gold and Silver Explode to Record Highs as Fed Independence Fears Ignite Safe-Haven Panic

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Gold and Silver Explode to Record Highs as Fed Independence Fears Ignite Safe-Haven Panic
Gold and silver surged to record territory as fears over U.S. monetary credibility, inflation risk, and geopolitical instability ignited aggressive safe-haven demand, pushing precious metals to the forefront of a widening global market recoil.
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Former NYC Mayor Eric Adams unveils ‘NYCToken’ cryptocurrency he claims will fight antisemitism

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Former NYC Mayor Eric Adams unveils ‘NYCToken’ cryptocurrency he claims will fight antisemitism

Swagger remains his currency.

High-flying Eric Adams returned from his post-mayoralty travels to unveil the “NYC Token” on Monday, moving forward on his bizarre vow to tackle antisemitism with cryptocurrency.

Adams announced the crypto coin in Times Square, surrounded roughly a half dozen reporters curious to see what the former mayor would say in his first public appearance since leaving office not even two weeks ago.

Former Mayor Eric Adams launched the “NYC Token” cryptocurrency. James Keivom for NY Post

“One focus we have on this New York City coin is to use the revenue generating to address anti-Americanism, antisemitism, to teach our children how to embrace the blockchain technology of how to run cities correctly,” Adams said.

“As Walmart is using blockchains to deal with their food chain and transparency, we know cities can run better, and by using this New York City token, this New York City token, we’re going to continue to invest in making our city a safer city.”

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While the former Hizzoner was still vague on details, the broad strokes of his grand plan are essentially that profits from the “NYC Token” will go into a still-unnamed nonprofit, which will then fund groups that combat antisemitism.

Historically black colleges and universities also will somehow be involved in Adams plans, he said.

“I’ve talked about it often, I want to get on our college campuses and make sure that we start the process of having our young people appreciate our country today,” he said.

The crystal-loving, ghost-believing Adams made clear early in his first and only term that he was a devotee of the magic of cryptocurrency. He famously took his early paychecks in cryptocurrency and cultivated close ties with Bitcoin billionaire and former “The Mighty Ducks” star Brock Pierce.


Former mayor Eric Adams in Times Square.
Adams revealed some details about his jet-setting post-mayoralty. James Keivom for NY Post

Adams is one of three creators behind the “NYC Token,” he said, noting Pierce was not involved.

He said the other creators are listed on the crypto coin’s website, but the page remained blank Monday other than two slogans and a link to follow the token’s X account.

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For those worried the whole venture could be a money-making scam, Adams promised he wouldn’t take a salary — at least at first.

“I’m not taking a salary at this time,” he said. “Down the line, if you take the determination of doing so, we will reveal that.”

The famous frequent-flyer-mile-collector said he had been spending his days since leaving office in Dubai and the Congo.

The jet-setter ex-mayor teased that he will be working with other countries across the globe and bringing the Big Apple’s “levels of services” abroad.

Mayor Zohran Mamdani didn’t seem too jazzed about his predecessor’s plans. When asked if he’d buy one of Adams’ crypto tokens, the new mayor had a one-word reply.

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“No,” Mamdani said with a smile.

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Arthur Hayes Discusses How the Price of Bitcoin and Certain Cryptos Will Skyrocket

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Arthur Hayes Discusses How the Price of Bitcoin and Certain Cryptos Will Skyrocket
A sweeping macro thesis argues geopolitical power plays and election-driven money creation could propel bitcoin during global instability, with Arthur Hayes tying energy politics, liquidity expansion and digital assets into one high-stakes narrative.
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