Will the U.S. Crypto Market End up Embracing Only Bitcoin?

Sahana Kiran
Source – Unsplash

Bitcoin [BTC] became a point of discussion after its rally of over $23K. While BTC struggles to form prominent support, the community did not stop embracing the cryptocurrency. Coinbase’s CEO Brian Armstrong in particular was seen tweeting about Bitcoin.

Earlier this week, news about Argentina and Brazil joining forces to roll out a common currency surfaced. Commenting about the same, Armstrong noted how the countries should consider Bitcoin instead.

This wasn’t all. The Coinbase CEO also retweeted Anthony Pompliano’s tweet about the U.S. national debt soaring to $31.41 trillion. Armstrong suggested that this was a “bull case for Bitcoin.”

The Coinbase chief’s latest Bitcoin tweet spree was noticed by the cryptocurrency community. In addition to this, several highlighted the changes that Armstrong had implemented to his profile as well. One Twitter user noted how he had removed “.eth” from his username.

These revelations had the community speculating if Coinbase was slowly trying to get on the good side of the Securities and Exchange Commission [SEC].

Does Coinbase know something that the rest of the market doesn’t?

Coinbase was recently accused by the SEC of listing nine digital assets that were securities. While the exchange refuted these allegations, it seems to be doing the work to prevail in the United States.

Earlier this month, Fox Business’ Charles Gasparino revealed that Coinbase was working on a plan that would help the firm survive the SEC.

Time and again, the SEC has scared the industry with regard to securities laws. Gary Gensler went on to categorize most cryptocurrencies as traditional securities. However, a wide majority believe that Bitcoin could be spared from this list.

Coinbase certainly has a strong hold over the U.S. market as it is one of the largest exchanges in the region. However, the negligence of other assets might be detrimental.