SuperEx丨Review of Cryptocurrency Supporters and Hinderers in 2024
#SuperEx #Cryptocurrency #Web3
As 2024 draws to a close, the cryptocurrency space has had a significant year for those who have either propelled or hindered its progress. On one side, there are those who embrace the technology and strive to drive it forward. On the other side, there are those who remain unreceptive to it or have given the cryptocurrency technology a bad reputation.
Below, we will review five proponents and five opponents in 2024. Their contributions or influences have outlined the key context of the cryptocurrency market this year.
Top 5 Advocates
- Donald Trump — From Skeptic to Supporter
While Donald Trump was once skeptical of cryptocurrencies during his presidency, 2024 saw him embrace digital assets publicly. His shift may stem from his ventures in the Web3 space and recognition of the potential of the digital economy.
Key Event: Trump’s NFT project, Trump Digital Trading Cards, generated millions of dollars in revenue, and he has expressed optimism about blockchain applications in real estate and election voting.
Impact: Trump’s endorsement has bridged the gap between conservative audiences and the cryptocurrency world, expanding its reach and paving the way for broader acceptance.
- Vitalik Buterin — The Visionary of Ethereum
Vitalik Buterin, co-founder of Ethereum, continued to spearhead innovations in the Ethereum ecosystem throughout 2024. His focus on scalability and decentralized governance brought about significant advancements.
Key Event: Ethereum implemented its “Danksharding” upgrade in 2024, significantly improving network efficiency and enabling new use cases. Buterin also emphasized the societal value and potential of Web3 during multiple high-profile speeches.
Impact: As a technological pioneer and thought leader, Vitalik inspires confidence and sets the vision for the crypto industry.
- Coinbase — Bridging Traditional Finance and Crypto
Coinbase remains a crucial player in connecting traditional finance with the cryptocurrency market. In 2024, the exchange focused on enhancing the Web3 infrastructure and supporting a multi-chain ecosystem.
Key Event: Coinbase launched Base, an Ethereum Layer 2 network, attracting developers and users and advancing blockchain technology’s mainstream adoption.
Impact: As a publicly traded company, Coinbase serves as a vital link between traditional investors and the crypto ecosystem, reinforcing its legitimacy.
- Michael Saylor — The Bitcoin Evangelist
Michael Saylor, founder of MicroStrategy, maintained his steadfast belief in Bitcoin throughout 2024. His consistent acquisitions of Bitcoin amid market volatility exemplify his long-term vision.
Key Event: MicroStrategy’s Bitcoin holdings reached an all-time high in 2024, reaffirming its position as the largest corporate Bitcoin holder.
Impact: Saylor’s unwavering commitment to Bitcoin inspires confidence among investors and encourages other companies to integrate Bitcoin into their treasury strategies.
- Elon Musk — The Crypto Superstar
Elon Musk continues to influence the cryptocurrency landscape in 2024. Through his social media platform, X (formerly Twitter), he actively promotes Web3 initiatives and increases awareness of Dogecoin and Bitcoin.
Key Event: X integrated cryptocurrency payments, allowing users to transact using Bitcoin, Ethereum, and Dogecoin. Musk’s tweets about Dogecoin sparked market excitement and short-term volatility.
Impact: Musk’s actions and statements demonstrate how mainstream tech giants can drive innovation and adoption in the crypto space, making him a prominent advocate for Web3 development.
Top 5 Adversaries
- Gary Gensler — The Enforcer of Strict Regulation
As Chair of the U.S. Securities and Exchange Commission (SEC), Gary Gensler has been a prominent figure in enforcing stringent regulations on the cryptocurrency market. His stance has led to legal actions against major exchanges and projects.
Key Event: The SEC filed lawsuits against Coinbase and Binance, causing market uncertainty and prompting projects to seek regulatory havens elsewhere.
Impact: While Gensler’s measures aim to protect investors, his aggressive approach has stifled innovation and slowed the growth of the U.S. crypto industry.
- World Bank — A Conservative Financial Institution
The World Bank has remained cautious about cryptocurrencies in 2024, particularly in developing countries where digital payments could disrupt traditional financial systems.
Key Event: The organization released reports warning about the risks of cryptocurrency adoption, advocating instead for central bank digital currencies (CBDCs).
Impact: As a key player in global economic policy, the World Bank’s stance discourages governments from exploring cryptocurrency use cases.
- European Central Bank (ECB) — Promoting Digital Euro Over Crypto
The European Central Bank has pushed the development of the digital euro while maintaining a critical view of decentralized assets like Bitcoin.
Key Event: ECB President Christine Lagarde highlighted the security and efficiency of the digital euro and called for stricter regulations on cryptocurrencies.
Impact: While the digital euro may advance digital payments, ECB’s criticisms of crypto assets have hindered innovation within the European crypto market.
- Sam Bankman-Fried (SBF) — A Reminder of Industry Pitfalls
Sam Bankman-Fried, the disgraced founder of FTX, remains a controversial figure in 2024. His trial and the fallout from FTX’s collapse have highlighted the need for transparency and accountability in the industry.
Key Event: New revelations during SBF’s trial revealed additional misconduct, leading to increased regulatory scrutiny of crypto exchanges.
Impact: The FTX debacle has eroded public trust in crypto, making it harder for legitimate projects to gain credibility.
- Warren Buffett — The Traditional Finance Icon
Warren Buffett has maintained his criticism of cryptocurrencies, dismissing them as speculative assets without intrinsic value. His views resonate deeply within traditional financial circles.
Key Event: Buffett reiterated his negative outlook on Bitcoin during several public appearances in 2024, calling it a “gambling tool.”
Impact: While his criticism has little effect on crypto adoption among enthusiasts, it reinforces skepticism among conservative investors.
The cryptocurrency market in 2024 has been a battleground of contrasting forces. Advocates have advanced the industry with innovation and vision, while adversaries have highlighted its challenges and limitations. As we look to 2025, the interplay between these groups will shape the future trajectory of the crypto space. Regardless of the hurdles, the momentum toward a decentralized financial system remains unstoppable.
