Crypto resistance: Bloomberg believes crypto will skyrocket soon

• Bloomberg believes the market will bloom in the future.

• Bloomberg also predicts that the US would push for more crypto adoption in order to stay ahead of the competition.

• Crypto adoption in the United States is meeting significant resistance from regulators, who have previously limited the extent.

Bloomberg analysis

Although the present crypto environment is far from ideal for investors and market participants, Bloomberg analysts anticipate a number of variables driving a shift.

Dollar domination, which refers to the surge in USD acceptance made possible by stablecoins, is particularly important for the country. Because fiat is losing ground to prominent cryptocurrencies such as Bitcoin (BTC) and Ethereum (ETH), stablecoins are helping to boost demand for the USD.

– Advertisement –

The Securities and Exchange Commission (SEC), which is responsible for protecting the interests of investors, has been criticized for its strict standards.

Bloomberg, on the other hand, believes the market will take a different path in the future.

According to their February Intelligence report “We believe the US government will welcome cryptos and ETFs with adequate regulation for the following reasons: dollar supremacy, jobs, votes, and a large amount of money (tax), and, most crucially, it will go against China’s antipathy.”

Bloomberg also predicts that the US would push for more crypto adoption in order to stay ahead of the competition. This is already happening, as many states in the United States are supporting cryptocurrency mining and usage among people.

ALSO READ – WILL IOTA REACH $6 MARK IN 2022?

Adoption of cryptocurrencies in the United States

In the United States, there has been a considerable surge in cryptocurrency mining. Following China’s ban on the cryptocurrency mining business, numerous countries opened their doors to cryptocurrency miners. The United States lead the industry by having the greatest Bitcoin mining hashrate. However, this new title comes with plenty of responsibilities.

Crypto adoption in the United States is meeting significant resistance from regulators, who have previously limited the extent to which crypto entrepreneurs may dominate the market in addition, there are restrictions on cryptocurrency sales and issuance in the country. 

The United States was recently reported to be scrutinizing the country’s crypto mining scenes. Kevin O’Leary, a market participant, has responded to the new revelation by warning that remaining carbon neutral will assist miners to stay on the good side of the SEC.

On the other hand, cryptocurrency usage among US residents has increased. The U.S

Congressman Tom Emmer and New York City Mayor Eric Adams are among the few famous individuals who receive their pay in Bitcoin. The country stands to benefit from taxing holders in the country as usage grows.