Crypto
The Bitcoin Bounce: Cryptocurrency surges following election
LANSING, Mich. (WILX) – The digital currency, Bitcoin, is climbing in value. It surged more than 40% since Election Day and surpassed $100,000 for the first time ever on Wednesday.
Since the surge, people have seen more than 100% of total returns. Experts say it’s because of President-elect Donald Trump’s interest and support of crypto but whatever the reason is, it has created a huge interest for Americans, leaving people wondering if it’s too late to get a piece of the bitcoin.
“Is it too late? To get the full run up, yeah it is too late but there are still opportunities. To make a risk investment like that is very speculative and so there is going to be days when it’s really bad and days when it’s really good,” said Mike Douglas, the President of LifePlan Financial Design.
Bitcoin, the world’s most valuable cryptocurrency has reached a new milestone with a surge up about 130% just this year.
“We’re talking about a run up from the 70,000s now to over 100,000. I think it’s just been riding momentum, there have been a lot of things that have happened since the election, today for example, the chairman of the Federal Reserve came out and said bitcoin is digital gold which is a very positive comment by the Federal Reserve chair,” said Tom Shohfi, a Professor of Finance at Wayne State University.
People in Mid-Michigan say they’re still weary about the cryptocurrency because it’s strictly online.
“When people have FOMO, the fear of missing out on the biggest thing, or the old phrase pigs get fed and hogs go to slaughter, we don’t want to overly weigh towards a highly risky investment even though it’s doing well. You have to be appropriate about how you invest it,” said Douglas.
Experts say don’t invest any money that you feel you can’t lose.
“The downside is that it’s not like putting your money in the bank, it’s extremely volatile, the prices go up a lot, the prices go down a lot. I would say a small percentage of your portfolio would be a good thing but don’t get too aggressive otherwise you could really get hurt if we see a lot of pullback,” said Shohfi.
If you want to invest your money in crypto, experts say its best to get informed before doing anything.
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The Toronado Pub is a celebrated Haight Street destination for beer enthusiasts — winning the top spot as the best beer bar in the world according to 2024 Reader’s Choice rankings. It offers 50 draft taps, three cask hand-pulls, and a collection of over 90 canned and bottled beers.
“The seasoned patina in the interior is earned, with layers of Trappist ale signs, brewery stickers, vintage bottles, and more that has accumulated over the years — you can’t design this vibe; you can only nurture it over decades,” reads the property listing that went live in January, with an asking price of $1.75 million for the property and business.
But something smells off to fans of the bar, as Parrott also plans to “kickstart a token ecosystem” named ToronadoCash. In the VC chat group, he asks for investors to form a $250,000 “liquidity pool,” which he describes as “a rare insider opportunity for core team & friends.”
“I think it’s probably antithetic to the impression I had of the bar,” said a source with knowledge of the deal. “It’s emblematic of a larger problem in San Francisco: tech bros coming in and buying a 40-year-old institution and making a coin out of it and all that stuff.”
Two neighborhood residents who were mounting their own bid echoed that sentiment. Reacting to the news of the sale, Aaron, 41, and Cody, 37, who have lived nearby for about 10 years and describe themselves as “skate buds,” said the sale to a crypto investor who wants to launch some kind of coin feels like “bringing a Tesla to a hot rod meet.”
The two said they submitted an offer letter to buy the bar and signed a contract to be a potential buyer, but they weren’t able to come up with enough money in time.
“We wanted to keep the bar exactly how it was and have local people do food pop-ups and record swaps, DJ nights, to bring a younger crowd into the bar,” Cody said. “[This] is like filming a Black Sabbath concert with your cellphone; it’s just not it,” Aaron added. (Both declined to give their last names.)
Parrott said ToronadoCash is a play on words referencing a controversial cryptocurrency called Tornado Cash that aims to obscure transactions.
“We’re not going to be controversial like that, but since the bar is called Toronado, there is an opportunity,” Parrott told The Standard. “We’re going to explore that down the road and again — not changing anything about the bar.”
Parrott kept his plans for the bar close to the chest. But a recent post on his X account offers a glimpse of his feelings about the takeover of beloved institutions by private investors.
Texas Border Business
WASHINGTON, D.C. – The United States Senate voted 70-28 on final passage of a a resolution authored by U.S. Sen. Ted Cruz (R-Texas) to overturn a Biden administration midnight rule imposing regulations on software developers of decentralized financial (DeFi) technology. The resolution had previously passed the House.
The rule defined those developers as “brokers,” even though they did not touch any of the cryptocurrency being exchanged. The resolution has passed both chambers of Congress and now awaits the President’s signature to become law.
Upon passage, Sen. Cruz said, “Cryptocurrency has become a leading driver in creating new markets and diversifying our economy. The American people know it and support crypto, and that support was reflected this evening in the overwhelming bipartisan majority that voted for my resolution. I look forward to the President signing it into law and I am proud to be leading the fight to defend cryptocurrency from Biden’s abusive regulatory assault.”
An industry letter, signed by more than 75 members of the Blockchain Association, called for passage of Sen. Ted Cruz’s (R-Texas) CRA.
BACKGROUND
The Internal Revenue Service rule that would be repealed by Sen. Cruz’s resolution in Gross Proceeds Reporting by Brokers That Regularly Provide Services Effectuating Digital Asset Sales. The rule was finalized on December 30, 2024.
Sen. Cruz’s resolution was endorsed by:
The Digital Chamber, Blockchain Association, DeFi Education Fund, Cedar Innovation Foundation, Uniswap, Paradigm, Cryptocurrency Council for Innovation, DCG, Stand With Crypto, Coin Center, Texas Blockchain Association, Crypto Freedom Alliance of Texas, Pennsylvania Blockchain Coalition, Ohio Blockchain Council, North Carolina Blockchain Initiative, South Carolina Blockchain, Virginia Blockchain Council, and California Blockchain Advocacy Coalition.
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