The world of cryptocurrencies has once again become a hot topic, largely thanks to Michael Saylor, the co-founder of MicroStrategy. Recent events, including Donald Trump’s decision to sign a key executive order, are being described by Saylor as the beginning of a new era. Are we truly witnessing the start of what could be called a crypto-renaissance?
Major changes for banks in the US
One of the most significant aspects of the new regulations is the repeal of the controversial SAB121 rule. This document required banks to treat Bitcoin as a liability, which made storing cryptocurrencies not only expensive but also operationally challenging. Now, the situation is entirely different.
Under the new regulations, banks in the United States are allowed to hold Bitcoin and treat it like any other asset class. This means financial institutions can not only invest in cryptocurrencies but also offer storage services for their clients. It’s a groundbreaking change that could drive wider adoption of cryptocurrencies within the traditional financial system.
Similar developments are already taking place in Europe. Italian banks, for instance, have recently decided to invest in Bitcoin. Whether American institutions will follow suit remains an open question, one that we are likely to see answered in the coming months.
Why was CBDC banned?
Another headline-grabbing element of the executive order is the prohibition of implementing a Central Bank Digital Currency (CBDC) in the United States. For some, this is a positive move aimed at protecting citizens’ financial privacy. For others, it raises concerns that the US may lose its edge in the global race for dominance in the digital economy.
CBDCs were envisioned as a modern alternative to traditional money, allowing savings to be held directly with central banks. Theoretically, this could enhance deposit security. However, critics warn of the risks posed by excessive state control over citizens’ finances.
Although most US dollars already exist in electronic form, the ban on a digital dollar raises many questions about the future of the American financial system. Will this decision have any practical impact? Time will tell.
Bitcoin as a strategic reserve?
Speculation has long surrounded the idea of introducing Bitcoin as a strategic reserve in the United States. Michael Saylor argues that the new regulations pave the way for such measures. However, whether the US will actually take this bold step remains uncertain. For now, there are no official plans in this direction.
What may change more quickly is the increased interest in cryptocurrencies within the banking sector. If banks begin purchasing Bitcoin on a large scale, there is a chance that the United States could become a global leader in the adoption of digital assets. But will it really happen? That’s one of those questions for which there’s no clear answer just yet.
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