Zinger Key Points
- Trump's pro-business deregulation could boost Bitcoin's growth and drive broader institutional investment.
- Wall Street's acceptance of Bitcoin signals a shift, Moglia says, marking it as an essential, enduring asset class.
Joe Moglia, former CEO of TD Ameritrade, on Thursday asserted that Bitcoin BTC/USD is a permanent fixture in the financial landscape, with substantial growth prospects ahead.
What Happened: Speaking with CNBC, Moglia emphasized that while several years ago the concept of cryptocurrency was widely dismissed by traditional finance, the current sentiment reflects a remarkable shift.
"Bitcoin is legitimately here to stay," Moglia said. “I think it's going to have significant growth ahead of it.”
Moglia also highlighted the pro-business stance expected from the new administration, which he believes will foster a friendlier environment for the cryptocurrency industry.
He pointed out that the regulatory shift under Trump's administration, along with recent moves by prominent Wall Street institutions, signals that Bitcoin's role in finance is solidifying.
"Trump wasn't a big fan of Bitcoin before," Moglia noted, "but now he's Mr. Bitcoin," referring to Trump's stance on creating a U.S. strategic Bitcoin reserve and fostering cryptocurrency innovation.
The recent turn of events under the Trump administration, with plans to lower taxes and deregulate sectors such as finance and cryptocurrency, is seen as a “home run” for Bitcoin and other major digital assets like Ethereum ETH/USD.
The former TD Ameritrade CEO said that shifting views, even among critics such as JPMorgan's Jamie Dimon, underscore the growing acceptance of cryptocurrencies in mainstream finance.
Moglia's optimistic outlook aligns with the anticipated discussions at the upcoming Benzinga's Future of Digital Assets event on Nov. 19, where industry leaders will explore the latest trends, regulatory developments, and investment opportunities in the evolving crypto market.
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