OHIO — As President-elect Donald Trump prepares to take office, investors are paying attention to Bitcoin's record highs.
Jared Pincin, an associate professor of economics at Cedarville University, said there is hope that regulations surrounding cryptocurrencies will be eased.
For years, questions have arisen about what to regulate and how to regulate it, such as, “Will the IRS regulate Bitcoin price increases as an investment rather than simply capital growth?”
In any case, Pincin believes that all questions will be answered once President Trump takes office. The Trump administration's new Cabinet members are expected to support that process.
“One of the things the incoming Trump administration has said is that they are going to appoint someone to the Securities and Exchange Commission who is more crypto-friendly at this point,” Pincin said.
During that time, Bitcoin has hit significant lows and made some recent highs. As for its value, Pinshin believes it is simply in the eye of the beholder.
“In the long run, either the U.S. dollar will eventually be accepted as a medium of exchange or it won't,” he said.
Ultimately, he said, there is hope that cryptocurrencies will become part of consumers' daily lives.
