Kristin Smith, CEO of the Blockchain Association, recently spoke about the rising demand for Bitcoin, underscoring its increasingly significant role in the global economy.

People are Holding More Bitcoin, Smith Says

In an appearance on CNBC’s Squawk Box on December 26, Smith emphasized that people are looking to hold more Bitcoin as they approach 2025, citing a shift in attitudes towards the cryptocurrency. “People are looking to hold more Bitcoin, not less,” she explained. “The change in leadership, particularly with President-elect Donald Trump, has given many in the crypto community a renewed sense of optimism.”

Source: X

Smith’s comments come in the wake of Bitcoin’s recent price surge, which reached a historic high of $108,000 earlier in December. She suggested that such market trends, paired with the potential for Bitcoin reserves, could signal a bright future for the cryptocurrency.

A Pro-Bitcoin Shift in U.S. Politics

Smith also noted the potential impact of Trump’s presidency on the cryptocurrency space. As he prepares to take office, Trump has made it clear that he intends to create a more crypto-friendly regulatory environment. “Having a president who says, ‘Hey, we want the U.S. to be the capital of this industry; we want to fight for you,’ makes a tremendous amount of difference,” Smith said. This shift could encourage more investors to hold Bitcoin, she suggested, particularly with an administration that is seen as more favorable to the needs of the industry.

Kristin Smith discusses crypto’s future under President-elect Trump on Squawk Box. Source: YouTube

Trump has already made moves in the crypto space, including the launch of his family’s crypto platform, World Liberty Financial. He has consistently advocated for clearer, more supportive regulations for digital assets, a stance that has resonated with industry leaders like Smith.

A Strong Desire for Oversight

While the crypto community is largely in favor of less restrictive regulations, Smith emphasized the importance of oversight to ensure a fair and efficient market. “They want to have a government with some oversight to ensure there aren’t conflicts of interest, that things are running smoothly,” she said. “There isn’t any funny business at that level.”

The industry’s plea for balanced regulation, combined with Trump’s pledge to foster an atmosphere that fosters innovation, signals a potential watershed moment for Bitcoin and other cryptocurrencies.

Bitcoin’s Record High and Post-Election Momentum

The rise in Bitcoin’s price following the United States presidential election demonstrates increased optimism about the future of digital currencies. As Bitcoin reached a new all-time high of $108,000, many commentators predicted that the planned construction of a US Bitcoin reserve, paired with Trump’s regulatory promises, would accelerate its rise.

Bitcoin (BTC) price chart. Source: Bitcoin Liquid Index (BLX) via Brave New Coin

At the Bitcoin 2024 Conference, Trump publicly pledged to enact crypto-friendly regulations, stating, “We will have regulations, but from now on, the rules will be written by the people who love your industry, not hate your industry.” His remarks, alongside the approval of spot Bitcoin ETFs, have bolstered investor confidence, further boosting Bitcoin’s value.

A New Era for Crypto Investments

Smith also pointed to the increasing involvement of traditional financial advisors in the cryptocurrency market as a sign of Bitcoin’s growing legitimacy. “You have a lot of people who are learning about Bitcoin for the first time,” she said. “As more and more retail financial advisors are advising their clients to get involved, we’re going to see even more people coming into Bitcoin.”

Despite the positive momentum, Smith admitted that it is uncertain how Trump’s administration will eventually change the regulatory landscape for Bitcoin and other digital assets. While his pro-crypto attitude has piqued investors’ interest, the practical implications of his initiatives need to be seen.

As Bitcoin evolves, its increasing popularity in both mainstream and retail circles, along with a potentially more favorable regulatory framework, suggests that 2025 could be a historical year for the cryptocurrency market.