Bitcoin English: Bitcoin, abbreviation: BTC
With the growing influence of Bitcoin in the world, many countries have introduced relevant policies and regulations on the compliance of cryptocurrencies represented by Bitcoin. Following the launch of Bitcoin and Ethereum ETH in Canada, on January 10, 2024, the U.S. Securities and Exchange Commission (SEC) announced the approval of 11 Bitcoin listings. This decision is also of great significance, symbolizing a major change in the U.S. government's attitude towards cryptocurrencies.
National Strategic Reserve
On November 6, 2024, due to the victory of Donald Trump, who is more friendly to the cryptocurrency field, in the U.S. presidential election, the price of Bitcoin has been rising all the way, reaching a maximum of US$99,588 per coin, just one step away from US$100,000. Trump repeatedly expressed his support for Bitcoin during the campaign and promised to list it as a national strategic reserve asset. This position is in sharp contrast to the strict supervision of the Biden administration, which has greatly boosted market confidence.
On December 5, 2024, the price of a single Bitcoin exceeded the $100,000 mark for the first time, and the market value of Bitcoin exceeded $2 trillion, rising to the seventh place in the global asset ranking. This milestone rise is closely related to the policy trends of the Trump administration. After taking office, Trump quickly nominated several cryptocurrency supporters to key positions, such as appointing Paul Atkins as Chairman of the U.S. Securities and Exchange Commission (SEC) and establishing the position of "White House AI and Cryptocurrency Affairs" head, led by David Sachs, to develop a clear cryptocurrency regulatory framework.
The Trump administration's cryptocurrency policy is not limited to Bitcoin, but also includes promoting diversified crypto asset reserves such as XRP, SOL and ADA, aiming to consolidate the United States' leadership in the global crypto economy. These measures have further stimulated market enthusiasm, but have also sparked some controversy, especially concerns about conflicts of interest and market manipulation. Nevertheless, the Trump administration's policy direction shows that the United States is trying to reshape its financial dominance through cryptocurrency and bring new development opportunities to the global digital asset market.
In Japan, an important policy to promote the development of virtual currency is the Payment Services Act, which officially came into effect on April 1 this year, and the legality of Bitcoin as a means of virtual currency payment is recognized.
Japan approved Bitcoin as a legal form of payment in 2017, creating conditions for the rapid development of the cryptocurrency industry.