Kristen Smith, the Executive Director of the Blockchain Association, recently predicted a positive shift in the political climate surrounding cryptocurrency in a Bloomberg interview.
According to Smith, the perception of crypto technology is increasingly favorable among lawmakers, even as opinions in Congress remain divided. “It’s natural to have folks on both sides of the issue,” she stated.
Smith expressed optimism for the crypto industry in 2024, foreseeing it as a pivotal year. “I think that 2024 is gonna be sort of a turnaround year for the crypto industry, and we are very excited about that,” she said.
2023 predictions and post-FTX recovery
In her previous year’s predictions, Smith had anticipated significant challenges for the crypto industry, but also resilience.
Indeed, 2023 saw the crypto market stabilize following the FTX collapse, an event she describes as a failure of a centralized institution rather than a flaw in cryptocurrency networks themselves.
Smith stressed the importance of distinguishing between the management of these institutions and the underlying value of the crypto networks.
She also correctly forecasted that the market’s focus would return to the inherent value of crypto networks.
A huge year?
Looking ahead to 2024, significant developments loom on the horizon for Bitcoin. Notably, the potential approval of a Bitcoin ETF could be a game-changer, providing a more accessible investment avenue for a broader investor base and adding a layer of legitimacy to the cryptocurrency.
Moreover, the Bitcoin community is eagerly anticipating the next halving event, a mechanism designed to reduce the number of new bitcoins generated.
These events, combined with a maturing regulatory environment, could mark 2024 as a transformative year for Bitcoin and the broader crypto industry.