Bitcoin remains rangebound and will likely trade sideways into January, frustrating the majority of crypto investors. In November, the popular consensus was that December would mark the bull market top in Bitcoin and the beginning of an altcoin rally. We feel that the Bitcoin price has the potential to keep going higher in 2022 and go against consensus. Now is the time to accumulate top-rated altcoins for heavily discounted prices. Please see our model altcoin portfolio located in the Crypto Portal.
This past week, the crypto market bore witness to a watershed moment as the congressional hearing with leading Web 3.0 executives helped shine light on the negative sentiment of crypto within the halls of congress. While many other countries around the world have created a regulatory framework for digital assets, America has been lagging behind. In our opinion, this is the first step towards the creation of a crypto regulatory body. Similar to the SEC or CFTC, this agency will regulate and monitor what occurs in the digital asset space.
The SEC has been perceived as the boogeyman of crypto as they have been malicious at worst and capricious at best when it comes to their regulatory policies. For example, the company Ripple is currently in a lawsuit with the SEC, as the agency has claimed the tech company has sold unregistered securities in the past. Meanwhile, projects such as Ethereum and Bitcoin are able to perform similar actions and are met with no legal recourse. To make matters worse, the former chairman of the SEC, Jay Clayton, filed the lawsuit against Ripple on his last day in office. Shortly after this, Clayton took on an advisory role at One River Asset management, a company with a large stake in Bitcoin and Ethereum.
Concerning the digital asset space, the United States is creating an environment that stifles innovation and prevents entrepreneurs from competing on the global stage. With that being said, we feel this hindrance is only a temporary obstacle, and that we will soon have fairer ways to regulate digital assets. Once we are able to get regulatory clarity in the United States, the floodgates will open and mass adoption will occur within a few short years. In the future, we expect there to be a silicon valley of crypto, and it is already taking shape in places such as Miami.