Crypto insider Kristin Smith is unveiling a possible catalyst that could ignite the next Bitcoin (BTC) bull run.
In a new interview on CNBC’s Squawk Box, Smith, the executive director of the crypto lobbying group Blockchain Association, says that Bitcoin’s current price is being stabilized by long-term investors while adding that retail traders have largely fled the digital asset markets due to bearish conditions.
Smith, however, says that retail investors will likely return once the economy gathers steam.
“I think Bitcoin has been largely stable for a couple of reasons. One, you have the retail investor that has largely exited investing in Bitcoin… People are worried about paying for gas. They’re worried about paying for groceries. They don’t have the ability to put extra money away by investing in Bitcoin at the moment.
But I do think that the investors that are in there right now are holding out for a future date. They’re in it for the long run. And I think as we start to see the economy turn around and people putting more risk into their investment portfolios, we’re going to see the investment in Bitcoin rise and subsequently the price.”
Smith also weighs in on the possibility of the US Congress adopting crypto regulations by the end of the year, which some believe will attract more institutional investments in Bitcoin.
“Congress is actually actively working on legislation that would provide additional regulation for the underlying digital commodity spot market, so including the Bitcoin spot market, and this actually has a real chance of getting done before the end of the year.
The chair and ranking member of the Senate Agriculture Committee has introduced the Digital Commodities Consumer Protection Act, the DCCPA, and this is a pretty good framework for regulating centralized exchanges in the spot markets. There is one outstanding issue around decentralized finance. These are software protocols that operate completely differently than custodial centralized exchanges. But that’s an issue that’s being worked out. I’m optimistic we’ll come to a good resolution there. I think there’s a decent chance we could see legislation signed into law before the end of the year.”
At time of writing, Bitcoin is changing hands at $19,167.
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