6 Things to Tell Your Crypto-Curious Relatives During Thanksgiving
Thanksgiving day is here! As you enjoy some turkey, expect endless conversations with your loved ones. One of the topics that may be brought up is crypto. But fear not because there are numerous positive things to talk about this year compared to last year, considering cryptocurrencies are no longer in the red.
Here are some facts about cryptocurrencies that you should tell your crypto-curious relatives.
Bitcoin Hit a New All-Time High
Bitcoin, the largest coin by market capitalization, reached the $99,574 mark earlier this month to set a new all-time high. It has, however, retraced to $95,641 at press time, according to CoinGecko data.
But what is fueling the demand for Bitcoin and causing it to rally? Well, there is growing optimism among retail and institutional investors that the United States will soon have a conducive regulatory climate for crypto, thanks to Donald Trump, who defeated Kamala Harris on November 5th to make a historic comeback to the White House.
Furthermore, the introduction of Bitcoin spot ETFs has made cryptocurrencies appear more ‘legitimate’ than ever in the eyes of traditional investors, thus pumping BTC’s price.
ETFs Have Simplified Crypto Investments
Your relatives probably know Wall Street giants like Fidelity and BlackRock, which manage their pensions. Now, tell them that these companies are involved in crypto, offering exposure to Bitcoin and Ethereum through ETFs (Exchange-Traded Funds).
After a long wait, the US Securities and Exchange Commission (SEC) approved Bitcoin and Ethereum spot ETFs earlier this year. These new investment products enable ordinary American citizens to get exposure to BTC and ETH by buying shares using their brokerage accounts.
Crypto Could Thrive Under Donald Trump
President-elect Donald Trump made several crypto promises while campaigning. While it’s unclear if he will honor all the promises, he is already fulfilling some even before officially assuming office. For instance, he nominated hedge fund manager Scott Bessent as the Treasury Secretary last week.
While thanking Trump for the nomination, Bessent said he would back the president’s proposal to create a Bitcoin federal reserve, which would see the United States buy one million BTC within five years.
So, if you have an uncle who thinks Bitcoin lacks real value, then tell him that the incoming US government supports the digital asset.
Along with that, Trump’s administration plans to end the SEC’s war against crypto. To achieve this, the President-elect said he would fire the commission leader, Gary Gensler. But he doesn’t have to do so since Gensler will resign on January 20th.
Further, the Republican Party controls both the House and Senate. Therefore, more crypto-friendly regulations could be introduced in the coming months, thus boosting crypto assets’ growth.
Elon Musk’s D.O.G.E is Real
The richest man in the world, Elon Musk, will have a role to play in the incoming administration. According to Trump’s recent statement, the X owner will co-lead D.O.G.E (Department of Governmental Efficiency) with billionaire businessman Vivek Ramaswamy.
But what does this department have to do with crypto? Well, its acronym matches the ticker of Musk’s favorite crypto asset, Dogecoin. That isn’t a coincidence, considering Trump has released DOGE-themed t-shirts with a picture of himself, Elon Musk, and a Shiba Inu, which is featured in Dogecoin’s profile picture.
Anyone Can Launch a Coin
If your relatives can’t decide between Ethereum or Bitcoin, tell them they can create their own tokens without even providing initial liquidity. One way to do so is through the PumpFun launchpad based on Solana. Millions of tokens have already been launched via the platform, making some creators and traders millions of dollars. Notably, several crypto-curious celebrities, including musicians Jason Derulo and Iggy Azalea, have used PumpFun to launch their cryptocurrencies.
Scammers Are Still in the Crypto Space
While the crypto industry has thousands of genuine developers, it also accommodates scammers whose main aim is to steal money from you. So, tell your relatives that it is their duty to do due diligence before buying any token.
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