Balaji Srinivasan: US Dominance In Crypto Market Not Same Anymore
Crypto Market News: Former Coinbase chief technology officer and crypto investor Balaji Srinivasan once again made a claim about the state of the crypto market. Earlier, in March 2023, he made a sensational claim about Bitcoin price reaching $1 million shaking not just the crypto market but also the wider financial markets. Meanwhile, the investor believes that the United States’ global veto over technology is no longer the same, just as the global distribution of power is not dominated by the US. Hence, going by Srinivasan’s argument, the crypto ecosystem is bound to grow faster if market participants look beyond the US as much earlier as possible.
Also Read: US Congressman Files Bill To Fire SEC Chair Gary Gensler
In the recent times, top US based crypto exchange Coinbase announced plans to expand its presence beyond the United States. This came after its repeated attempts to obtain clear path to regulatory framework from the U.S. Securities and Exchange Commission (SEC). Meanwhile, he feels that US administration’s plans to have a CBDC-led surveillance environment would not have the same effect globally as it had earlier.
“CBDC Surveillance State In The US”
The crypto investor responded to a tweet by Josh Swihart about the US lawmakers’ plans to “diligently working to shut off all crypto from the mainstream, including Bitcoin.” Srinivasan, however, explained that it would not have a widespread effect on the crypto market as Washington DC does not have a global veto over tech anymore. Interestingly, the back to back lawsuits against top crypto exchanges Coinbase and Binance draw parallel to the US government’s string resistance to the digital assets ecosystem.
Yet, despite the many obstacles and legal attacks, Bitcoin price is still 54% higher when compared to the closing price in 2022. This makes the case even more stronger to migrate to new crypto hubs like Dubai and Singapore.
Also Read: SEC’s Strongest Argument In XRP Case At Risk Amid Hinman Docs Disclosure
- Expert Flags Pi Network Team as Source of Selling Pressure After Reported 1.2M PI Dump
- Ripple’s Chris Larsen Expands XRP Realized Profit to $764M Amid Evernorth Deal
- Just In: Hyperliquid Strategies Eyes $1B Capital Raise, Plans HYPE Token Accumulation
- Senators Reaffirm Commitment to Market Structure Bill After Meeting with Coinbase, Ripple
- How the Crypto Market Could React to the Next Fed Meeting on October 29?
- XRP Price Classical Pattern Points to a Rebound as XRPR ETF Hits $100M Milestone
- Chainlink Price Eyes $27 Rebound as Whales Accumulate 54M LINK
- Pi Network Price Wedge Signals a Rebound as Key Upgrades Raise Utility Hopes
- Solana Price Eyes $240 Recovery as Gemini Launches SOL-Reward Credit Card
- XRP Price Prediction Amid Evernorth’s $1B XRP Treasury Plan – Can XRP Hit $5?
- Ethereum Price Targets $8K Amid John Bollinger’s ‘W’ Bottom Signal and VanEck Staked ETF Filing
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
