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Crypto News > Blog > News > Bitcoin > 7 Topics About Bitcoin and Cryptocurrencies You Can Discuss on Thanksgiving | Keynote
Bitcoin

7 Topics About Bitcoin and Cryptocurrencies You Can Discuss on Thanksgiving | Keynote

Crypto
Last updated: 2024/11/28 at 2:44 PM
Crypto Published November 28, 2024
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7 Topics About Bitcoin and Cryptocurrencies You Can Discuss on Thanksgiving
 | Keynote
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Contents
In summaryBitcoin Just Hit an All-Time High Price—Why?ETFs have made it simpler and safer to invest in cryptocurrenciesCryptocurrencies Could Prosper Even More Under TrumpElon Musk’s DOGE is realAnyone can create a currency—and trade millionsIt’s getting easier to handle cryptocurrenciesMove carefully: Scams are still rifeDaily Debrief NewsletterCrypto Keynote USA

In summary

  • The price of Bitcoin reached an all-time high, driven by demand from institutional investors and a favorable regulatory environment.
  • Cryptocurrency ETFs were approved, making it easier to invest in Bitcoin and Ethereum through exchange-traded funds.
  • Trump’s influence over cryptocurrencies grew quite a bit, with plans to create a Bitcoin federal reserve and dismantle SEC regulation.

It’s turkey time, and you know what that means: mountains of food, lots of joy, and endless conversations with family members who describe what you do in passing as “computer” stuff.

Well, dear reader, fear not because this year will not be like the last ones. The cryptocurrency market is not in the depths of a bear market, and your cousin no longer thinks you are a scammer.

Now cryptocurrencies are rising again, and everyone wants financial advice, just like Thanksgiving three years ago.

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Below is a compiled list of useful points for your cryptocurrency-curious family members, covering the most significant recent developments in the industry. Stick to the facts, avoid promoting memecoins to the elderly, and you’ll be on your way to dessert in no time.

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Bitcoin Just Hit an All-Time High Price—Why?

Bitcoin nearly hit the coveted $100,000 milestone last week, and although the price has retreated recently, it climbed back above $97,000 last Wednesday.

What is driving the demand that has pushed Bitcoin’s price record high in recent weeks? Institutional and retail investors have expressed optimism that there will soon be a more favorable regulatory climate for digital assets in the US.

That’s thanks to the victory of Donald Trump, a self-proclaimed cryptocurrency enthusiast, along with the election of the most pro-crypto Congress to date.

Meanwhile, institutional investors’ forays into Bitcoin spot ETFs have also given traders reasons to be optimistic, boosting Bitcoin’s price throughout the year. In short, Bitcoin is more “legitimate” than ever in the eyes of Wall Street and politicians.

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ETFs have made it simpler and safer to invest in cryptocurrencies

Your parents will have heard that BlackRock and Fidelity – who may be managing their pensions – are now involved in Bitcoin. What are these two Wall Street giants doing with cryptocurrencies? Well, you can explain that they swallowed the orange pill.

Okay, you probably don’t need to use Crypto Twitter lingo. Still, you can tell them that the big guns in traditional finance are now offering exposure to the two largest digital assets, Bitcoin and Ethereum, through exchange-traded funds (ETFs).

Thanks to long-awaited SEC approvals, major fund managers that run different ETFs now allow ordinary investors to buy stocks that track the price of these two through brokerage accounts. Even your technophobic aunt can swallow the orange pill with a couple of taps on her phone.

Cryptocurrencies Could Prosper Even More Under Trump

During this year’s campaign, Trump made many promises about many things, including cryptocurrencies. And while it remains to be seen whether it will deliver on many of those commitments, signs are already indicating that it could be delivering on the cryptocurrency part, which could be a massive development for the industry.

First things first: Last week, the president-elect nominated Scott Bessent as his Treasury Secretary. Bessent, a billionaire hedge fund manager, has indicated that he would support Trump’s proposal to establish a Bitcoin federal reserve. The plan would see the US government buy billions of dollars worth of Bitcoin to diversify its reserves.

Think of it this way: if your uncle says Bitcoin has no real value, you could soon tell him that the US government backs the asset.

Combine that with Trump’s plans to completely dismantle the SEC’s aggressive crackdown on cryptocurrencies, plus his promise to get the Republican-controlled House and Senate to pass laws that would quickly legalize most crypto activities, and no No wonder cryptocurrencies have exploded in recent weeks. Experts say the market still has much, much more to climb in the coming months.

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Elon Musk’s DOGE is real

The world’s richest man, Elon Musk, now has a role in the Trump government: The Tesla CEO will lead the Department of Government Efficiency (DOGE) alongside billionaire Vivek Ramaswamy to supposedly clear up bureaucracy.

But what does that have to do with cryptocurrencies? Well, the acronym of the new department matches the ticker of Dogecoin, the original meme coin. It’s probably not a coincidence.

Elon Musk has talked—and tweeted—for years about how his favorite currency is. This earned him the title “Dogefather” on Twitter, now called X, after he acquired the platform. Although we can’t be 100% sure of the origins of the name, Trump is selling a DOGE-themed t-shirt that features himself, Musk, and a Shiba Inu—Dogecoin’s mascot.

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Anyone can create a currency—and trade millions

Don’t want to decide between Bitcoin or Ethereum? If you prefer to launch your own token, you can now do so much more efficiently than ever.

One of the most significant innovations of the most recent cryptocurrency cycle has been the creation of token launch platforms, or platforms that allow anyone to create a token almost instantly with a few clicks and for a few cents of cryptocurrency.

The most notable token launch platform, Pump.fun, a Solana-based platform, has given rise to some of the most memorable tokens of this cycle. Nearly four million tokens have been created on Pump.fun this year, from animal tokens that have provided significant wealth to early traders to those launched by crypto-curious celebrities like rapper Iggy Azalea.

It’s getting easier to handle cryptocurrencies

Cryptocurrency adoption barriers continue to fall. Consumers now have a wide range of mobile app options to buy, sell and interact with a variety of platforms.

Additionally, the rise of smart wallets, which dramatically simplify the onboarding process, is making it easier for those previously intimidated by the technical complexities of cryptocurrencies to participate on-chain.

With the launch of Ethereum and Bitcoin ETFs, those seeking cryptocurrency exposure have more traditional financial options. That option did not exist in the US last Thanksgiving.

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Move carefully: Scams are still rife

Are you looking to dive headfirst into cryptocurrencies? Not so fast—you’ll want to gain experience first.

The cryptocurrency industry is rife with scams, and a seemingly harmless link to an airdrop could land you in a wallet drain: Goodbye all your coins!

Even if you manage to keep your cryptocurrencies out of the clutches of scammers, there is no guarantee that you will be able to prevent your holdings from going to zero. Not many people make money trading cryptocurrencies, and even fewer are getting rich from it. Up to 80% of day traders lose money over time, according to a report published in The Journal of Finance.

It is still incredibly easy to lose everything in cryptocurrencies, whether by clicking on a malicious link or betting on highly volatile currencies. For beginners, it’s probably best to stick to the major currencies through apps like Coinbase, Robinhood, Cash App, or investing in ETFs.

Written by Sander Lutz, Elizabeth Napolitano, Mat Di Salvo and Logan Hitchcock

Edited by Sebastian Sinclair

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Disclaimer: Please note that the information provided on this page is for News purposes only and should not be considered investment or trading advice. ©Crypto.keynoteusa.com strongly recommends that you conduct independent research and/or consult with a qualified professional before making any investment decisions.
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