Bitcoin and altcoins like Solana (SOL), Cardano (ADA), Shiba Inu (SHIB), and Dogwifhat (WIF) have received a nearly $9 trillion boost from the Donald Trump administration.
US Retirement Savers Can buy BTC and Altcoins like Cardano, Solana, and Shiba Inu
In a statement on Wednesday, the Department of Labor said that it had opened doors for Americans to buy crypto tokens for their retirement accounts. It did that by rescinding guidance from the Joe Biden administration that included the words “extreme care” when approaching digital tokens.
The department removed the term “extreme care” from the guidance, while maintaining a neutral stance on Bitcoin and other assets. It also noted that the previous guidance was a way of overreach by the Biden administration.
The statement is a big boost for Bitcoin and altcoins like Dogwifhat, Shiba Inu, Cardano, and Solana because of the amount of money in retirement accounts in the United States. Estimates are that 401(k) accounts hold almost $9 trillion in assets, while all retirement assets are valued at over $44 trillion.
Therefore, the change of statement by the Labor Department means that these funds can now be invested in cryptocurrencies. If this happens, Bitcoin will likely be the biggest beneficiary, as it is widely regarded as the safest cryptocurrency.
A strong Bitcoin surge, on the other hand, would drag other digital coins higher as we saw last week. Most coins, such as Solana, Cardano, and Shiba Inu, all jumped when Bitcoin soared, as BTC rose.
The Trump Administration is Highly Supportive of Crypto
The new development occurred during an exciting period for the cryptocurrency market. First, the Securities and Exchange Commission (SEC) has ended most crypto lawsuits that were filed under Gary Gensler’s tenure.
The agency is also considering a range of altcoin ETFs, including Solana, XRP, Dogecoin, and Polkadot. These ETFs are likely to lead to increased demand and inflows from Wall Street investors.
Further, more companies are now getting interested in cryptocurrencies. GameStop has already started its accumulation, while Trump Media is raising cash to accumulate coins. Some companies, such as Janover and Upexi, have begun buying Solana coins.
Therefore, it is likely that the Bitcoin price will surge, pushing other altcoins higher in the long term. Michael Saylor believes that its market cap will surge to $100 trillion in the long term, while Ark Invest expects it to hit $2.4 million by 2030.
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