US Not Dominant Anymore In Crypto Market

Crypto Market News: Former Coinbase chief technology officer and crypto investor Balaji Srinivasan once again made a claim about the state of the crypto market. Earlier, in March 2023, he made a sensational claim about Bitcoin price reaching $1 million shaking not just the crypto market but also the wider financial markets. Meanwhile, the investor believes that the United States’ global veto over technology is no longer the same, just as the global distribution of power is not dominated by the US. Hence, going by Srinivasan’s argument, the crypto ecosystem is bound to grow faster if market participants look beyond the US as much earlier as possible.

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In the recent times, top US based crypto exchange Coinbase announced plans to expand its presence beyond the United States. This came after its repeated attempts to obtain clear path to regulatory framework from the U.S. Securities and Exchange Commission (SEC). Meanwhile, he feels that US administration’s plans to have a CBDC-led surveillance environment would not have the same effect globally as it had earlier.

“CBDC Surveillance State In The US”

The crypto investor responded to a tweet by Josh Swihart about the US lawmakers’ plans to “diligently working to shut off all crypto from the mainstream, including Bitcoin.” Srinivasan, however, explained that it would not have a widespread effect on the crypto market as Washington DC does not have a global veto over tech anymore. Interestingly, the back to back lawsuits against top crypto exchanges Coinbase and Binance draw parallel to the US government’s string resistance to the digital assets ecosystem.

Yet, despite the many obstacles and legal attacks, Bitcoin price is still 54% higher when compared to the closing price in 2022. This makes the case even more stronger to migrate to new crypto hubs like Dubai and Singapore.

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Anvesh reports major crypto updates around regulation, lawsuits and trading trends. Published around 1,000 articles and counting on crypto and web 3.0. He is currently based in Hyderabad, India. Reach out to him at [email protected] or twitter.com/BitcoinReddy

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.