Financial Insights That Matter
California Democrat and political commentator From Jones characterized the act of some people buying Bitcoin BTC/USD as a form of “prayer,” reflecting a hope for a better financial outcome amid economic uncertainty and frustration with governmental financial policies.
“A lot of people are buying crypto as a prayer, as a prayer for a better tomorrow, as a hope that somehow something will go good for them,” he said on Sunday.
Jones argued that the regulatory approach by the Biden administration has inadvertently stifled innovation in the crypto space.
He criticized the government’s crackdown on more useful cryptocurrencies, saying, “the more useful the coin is, the more they got attacked.
The more useless the coin is, the less they got attacked.”
This, according to Jones, led to the current market being dominated by meme coins, due to the lack of development and innovation stifled by regulation.
Also Read: Bitcoin Is No ‘Threat’ To The US Dollar, Goldman Sachs CEO Says
He noted that instead of protecting individuals, this overregulation has led to a negative market dynamic.
Adding to the commentary, Ashley Etienneformer Communications Director for former Vice President Kamala Harrisweighed in, labeling President Donald Trump a “grifter.”
She referenced reports alleging Trump’s family made millions from foreign governments during his presidency, and warned against Trump’s potential to profit from the crypto industry and how that’s an “issue of conflicts”.
Etienne emphasized that, “there was a reason why he was called the grifter in chief in his first term.”
She went on to add “the consensus was that Donald Trump can be bought, that he can be bought in influence simply by dangling some money over his head.”
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