Bitcoin Price Prediction as $15 Billion Trading Volume Shoots BTC Above $17,000 – New Rally Starting?
On December 11, the Bitcoin price prediction remains mixed as BTC consolidates in a narrow range of $17,000 to 17,350 despite trading volume shooting to $15 billion. New Jersey has set a goal of becoming the most crypto-friendly state in the United States.
This is why the state is proposing the "Digital Assets and Blockchain Regulation" Act, which will allow DAOs to incorporate within its boundaries, offer tax advantages for digital currency companies, and give stock certificates to its investors.
Senator Robert Singer, a Republican, introduced the bill in the hopes that it would make the state more accommodating to businesses operating in the emerging field of digital assets. He expressed a desire to see New Jersey serve as an antithesis to New York, which he claimed was "extremely restrictive" toward crypto innovation.
This is what he said in a recent interview:
We want to be more industry-friendly. I don’t want to be restrictive. I want to be open-minded, but I also want to do protection of the consumer.
This is good news for cryptocurrencies entering US markets, and it may increase the popularity of cryptocurrencies.
Bloomberg's chief commodity expert Mike McGlone predicts that Bitcoin (BTC) will soon surpass gold in value. According to a well-known analyst, the leading cryptocurrency is currently four times more volatile than the yellow metal.
Gold is a "top challenger" to Bitcoin, says McGlone, who also suggests that Bitcoin is evolving into a higher-beta version of gold and bonds.
Furthermore, he also expressed his concerns about the Fed's hawkish policy decisions, saying:
“The most aggressive Fed tightening in 40 years is a good reason for the macroeconomic ebbing tide, but 2023 may be about which assets come out ahead
Read more on cryptonews.com
