H E Prof Sir Manuel Freire-Garabal y Núñez, of the Pontificia Universidad Católica del Perú, is Professor and Counsellor at a number of Ivy League institutions, and is deeply engaged in diplomacy, advising senior United Nations officials and working with the diplomacy of a number of governments, receiving high honours from countries such as the Russian Federation, the United States and Peru. He is an expert in law and journalism.
The rumours are flying high in the crypto markets. Donald Trump’s re-election in the 2024 US Presidential election. Will the crypto markets’ predictions about the president’s administration’s strategy for deregulation come true? His first term revealed a cautious approach towards cryptocurrencies, despite his rhetoric favouring ‘economic liberty’. But it appears that his re-election could lead to greater innovation through deregulation, less restrictions for blockchain companies, greater scepticism toward Central Bank Digital Currencies (CBDC) and, finally, greater Wall Street involvement in cryptocurrencies. These predictions will encourage investment and development in the blockchain realm, giving the US an edge in technology and innovation.
Moreover, the Trump administration’s leanings towards traditional energy sources could lower energy costs and encourage mining in the US, while perhaps increasing the decentralisation and security of the Bitcoin network. On the other hand, citizens are concerned about the environmental impact of such mining activities. So far, it is difficult to tell what would happen in the Bitcoin markets, as traders grew so used to volatility, but we are definitely going through a moment of substantial change. Trump’s policies give a clue as to what we might expect from his next term: more volatility in the market, and a demand to hold more cryptocurrencies.
Source: The Times of India
