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Wall Street News

Will Trump Save Bitcoin From Regulation

January 17, 2018

Perhaps the only thing in America more volatile than Donald Trump is Bitcoin. This cryptocurrency, along with its rivals like Ripple and Ethereum, surged to record highs in December 2017, as traders anticipated the launch of futures contract on the CBOE and CME markets.


From its high trading price of $19,783 (12/17/17), Bitcoin has plunged in recent days - closing on Wednesday at $10,821 - 45% lower than its record high. Bitcoin - and it traded as low $9,200 (more than 53% below its record high).


WHAT'S DRIVING THIS PRECIPITOUS DECLINE?    One factor is the looming fear of regulation. Countries like South Korea and China are seen as tightening control over cryptocurrency trading, while closer to home the CFTC and the SEC are doing their best to monitor markets and work closely with the exchanges - CME CBOE, Cantor Exchange. CFTC Chair Christopher Giancarlo pledges "to avoid systemic risk and to protect market users and their funds, consumers and the public from fraud, manipulation and abusive practices." 


Recent statements from the SEC and the CFTC:

Statement on Cryptocurrencies and Initial Coin Offerings, by SEC Chair Jay Clayton

CFTC Statement on Self-Certification of Bitcoin Products by CME, CFE and Cantor Exchange


TRUMP TO THE RESCUE?    Given Donald Trump's penchant for deregulation, it wouldn't be a surprise to see Donald Trump ride in on his proverbial Golden Steed and stymie the SEC and the CFTC from their attempts to enact stringent regulations on Bitcoin and its cryptocurrency rivals. While such presidential strong-arming might enhance market volatility, it also would open the window to higher prices for Bitcoin and others.


It also would enhance the possibility that the price of Bitcoin could skyrocket to $100,000 by the end of 2018 - and in advance of Trump's impeachment or nuclear war with North Korea.