The rejection of the obligation for companies and banks to report their cryptocurrencies could lead to an incredible price increase on the new president’s first day in office, experts believe.
The value of Bitcoin could reach an incredible $5 million, or a total of $100 trillion for all Bitcoins in existence in the world, if the newly elected US president makes several decisions to so-called debanking on his first day in the White House, writes Forbes.
The magazine quotes Michael Saylor of MicroStrategy, one of the companies campaigning against the outgoing Joe Biden administration’s SAB121 decision of 2022, which requires companies dealing in cryptocurrencies to declare the funds they hold.
Although SAB121 is not an explicit restrictive measure, but rather a guideline for accountants, it has influenced the economic climate in recent years.
US businesses fear the decision could be extended to banks, who would have to report cryptocurrencies on their balance sheets in a mysterious operation called ChokePoint 2.0, similar to a similar operation in 2013 that targeted industries deemed high-risk for fraud and money laundering. Venture capitalist Marc Andreessen said on Joe Rogan’s podcast that several entrepreneurs said the Biden administration had tried to pressure banks not to work with companies that deal in cryptocurrencies.
Andreessen, who is an associate of the famous David Sachs, called the crypto czar, has backed many technology and crypto companies at the VC firm known as a16z.
Andreessen is believed to be working on the debanking and rejection of SAB121 in the Trump administration, along with billionaire Elon Musk, who owns the cryptocurrency Doge.
Trump, who has called himself the “crypto president,” confirmed last month that he plans to “drop a bomb” on the price of bitcoin. The US Federal Reserve is preparing for a possible crisis.
“The Trump team has made it very clear that this is a priority,” an anonymous source told the Washington Post.
Bitcoin and cryptocurrency prices have recently returned from the sudden path that caused fears. Bitcoin is now heading towards a price of $ 100,000.
It remains to be seen what will happen in the coming period.
