It is turkey time once again. As you enjoy mountains of food, some of your family members may ask about crypto. Fear not! You have a lot to tell them this time, given that the digital asset market has been booming in recent months.
Here are some facts about crypto to tell your family members at this year’s Thanksgiving.
Bitcoin Set a New All-Time High
The world’s largest crypto asset, Bitcoin, recorded a new all-time high of $99,543 in mid-November. However, its price has dropped to $95,271 as of this writing, CoinGecko’s data shows.
But what’s causing Bitcoin to rally? Your relatives may ask. The rising optimism that the incoming government, led by President Donald Trump, could formulate favorable regulatory policies is the primary reason behind the rally.
Moreover, the introduction of crypto spot exchange-traded funds (ETFs) has made digital assets appear as ‘legit’ investment products in the eyes of institutional and traditional investors, thus causing them to pump further.
ETFs Are Simplifying Crypto Investing
Your family members likely know asset managers like BlackRock and Fidelity. Tell them they are now interested in crypto. The two companies offer exposure to the digital asset space by issuing ETFs that track the prices of various cryptocurrencies, such as Bitcoin and Ethereum.
These ETFs were approved earlier this year by the US Securities and Exchange Commission after years of rejection.
Do your relatives want to know how to invest in ETFs? Well, they only need conventional brokerage accounts, which they can use to buy the shares of these funds.
Crypto Assets Could Boom Under Trump’s Administration
For the first time in history, the United States will have a pro-Bitcoin President, Donald Trump. The billionaire politician made a number of crypto promises during his campaign and is fulfilling some ahead of his inauguration in January. For example, Trump has picked Scott Bessent as the next Treasury Secretary.
Notably, Bessent has already shown his commitment to support the president-elect’s desire to have a Bitcoin federal reserve, which is expected to maintain at least one million BTC by the end of 2029.
That said, if any of your family member claims that Bitcoin doesn’t have real value, tell them that the American government backs it.
Along with the proposed Bitcoin reserve, Trump is set to end the war on crypto by replacing crypto-hating SEC Chair Gary Gensler with a crypto-friendly candidate. Additionally, more friendly policies could be established, considering Trump’s Republican Party controls Congress.
D.O.G.E Isn’t Just a Meme Coin
The term DOGE has been known to be the ticker of the largest coin by market cap, Dogecoin. However, it will mean something else under Trump’s administration. The President-elect has appointed Dogecoin fan Elon Musk to head a new agency called the Department of Governmental Efficiency (D.O.G.E), intended to minimize government spending.
Anyone Can Create a Token
If a family member isn’t interested in Bitcoin or any other leading crypto asset and wants to create their own digital currency, tell them they can do so at a small cost, thanks to multiple token launchpads in the market.
The most popular launchpad as of November 2024 is PumpFun. The Solana-based protocol has facilitated the creation of millions of cryptocurrencies since its inception a few months ago. It has attracted the attention of several US celebrities, such as singer Jason Derulo, who launched the JASON token, and rapper Iggy Azalea, who created the MOTHER crypto.
Handling Crypto is Now Easy
As crypto witnesses massive adoption, developers are launching mobile apps that simplify the buying and storage of digital assets. That means your naive relatives no longer have to deal with the complexities associated with blockchain technology.
Scams Still Exist
Like any other industry that promises massive returns, crypto has attracted scammers whose primary objective is to steal investors’ funds. So, advising your family members to research properly before investing in any crypto project is important.
