Kristin Smith has revealed a possible catalyst that could trigger the next Bitcoin rally.
The executive director of the Blockchain Association, Smith, made statements about Bitcoin in the Squawk Box program he attended.
Kristin Smith Highlights Retail Investors
Smith believes retail investors will bounce back as the economy picks up pace:
“I think Bitcoin seems largely stable for a couple of reasons. You have the retail investor who has given up on investing in Bitcoin first. People are worried about paying for gas and groceries. They are not currently interested in saving money by investing in Bitcoin.
However, I think these investors are looking forward to a future date. When the economy returns, people will add more risky assets to their investment portfolios and we will see investments in Bitcoin increase.”
Kristin Smith has reviewed the US Congress’s crypto regulations and believes this will attract more institutional investors.
“Congress is actively working on legislation that will provide additional regulation for the digital commodity spot market, including the Bitcoin spot market. There is a real chance that these arrangements will be completed by the end of the year.”
Bitcoin is trading at $19,207 at the time of writing, according to CoinMarketCap data.
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