Earlier this year, more than 35,000 bitcoin enthusiasts descended on Las Vegas for Bitcoin 2025 – the largest-ever gathering of its kind, attracting an eclectic mix of high rollers … and true believers.
“Your goal should be to own at least one bitcoin, because by the time you retire, that can be worth 20, 30 million,” said Michael Terpin.
Guy Malone said, “You can’t change the Bible; it changes you. The same is true of bitcoin.”
But everyone here seems to agree on one thing: President Donald Trump’s re-election has been like hitting the jackpot. As Vice President JD Vance told the crowd, “I’m here today to say loud and clear, with President Trump, crypto finally has a champion and an ally in the White House.”
Once dismissed by investors, and still baffling to many Americans, cryptocurrencies like bitcoin have won over supporters from Wall Street to Washington. In July, the president signed the Genius Act, which opens the door for companies like Wal-Mart and Amazon to issue their own digital currencies.
And Congress is debating another bill that, for the first time, aims to regulate cryptocurrency trading – this after the industry spent more than $167 million on behalf of crypto-friendly candidates ahead of last year’s election.
Asked how people should think of cryptocurrencies, Amanda Fischer, who served as a top official in the Securities and Exchange Commission during the Biden administration, replied, “You could think of it as gambling, you could think of it as a collectible, you could think of it as a type of investment. But I think what’s important to understand is that crypto is highly volatile. It’s highly speculative.
“Crypto is often marketed to individuals as an investment opportunity that will yield them the possibility of great returns,” she said. “But unlike, say, a stock, which represents a part-ownership of a company, [crypto] is not backed by any sort of business that is producing goods and services.”
Unlike hard currencies like the dollar or the euro, cryptocurrencies only exist online, and are issued by individuals and companies, not central banks. And yet, billions of dollars’ worth of crypto are traded every day. “The number of scams, the types of scams, the sophistication of scams are so rife and plentiful that the capacity to lose your money in a crypto investment is substantially higher than if you’re just investing in stocks and bonds,” Fischer said.
During the Biden administration, the SEC cracked down on the cryptocurrency industry. The Trump administration has changed course, dismissing the largest outstanding cases, which Fischer says leaves consumers more vulnerable.
I asked, “We are seeing leaders in crypto say we want to be regulated. And there is legislation currently here…
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