Forbes: Cryptocurrency will be redefined in 2025

Here is the English translation of the text, with the terms in <> retained as is: The Crypto Winter? It's over. The fall of the crypto empire and the courtroom drama? They are now a thing of the past. The survivors? Battle-tested, with a clear vision, as if this were a new gold rush. After years of conflict with the U.S. Securities and Exchange Commission (SEC), and exchange-traded funds (ETFs) have finally arrived. According to crypto research firm K33 Research, as of December 16, U.S. ETFs had $129 billion in assets under management, surpassing the $125 billion of gold ETFs. The market euphoria after the U.S. election, coupled with Donald Trump's promise to make America the "global crypto capital" and establish a strategic reserve, has pushed prices to over $100,000 at one point. is seeing a window of opportunity, thanks to the rise of coins and new narratives like - networks that use blockchain technology to decentralize control and ownership of physical infrastructure. Platforms like (where users can bet on the outcome of the U.S. presidential election) and the battle royale game have found mainstream success. A new wave of "degens" is betting on tokens like and , both of which now have market caps exceeding $1 billion. "This year, crypto has entered the mainstream consciousness in a way we've never seen before, and it's now a sustainable long-term asset class that will have a voice and play a significant role," said Rob Hadick, general partner at San Francisco-based crypto venture capital firm . "If you just look at the impact of crypto on elections, whether it's crypto political donations or its promotion among legislators and presidential candidates, this is unprecedented, and it's a major step towards the legitimization of crypto." attending the 2024 conference in Nashville, Tennessee. Photo credit: The Washington Post As Trump and a cadre of crypto-friendly officials prepare to take office, the "golden age of crypto" that industry insiders speak of appears to be dawning. Here are the emerging trends: Historic Highs and a U.S. Bitcoin Reserve The art of bold price predictions is back in vogue. , a crypto asset management firm, forecasts that if the U.S. establishes a strategic reserve similar to oil or gold, prices could reach $200,000 or even $500,000. The logic is that an official U.S. reserve would trigger global FOMO. Trump proposed at the July Nashville conference to use 200,000 (worth $21 billion) seized from criminals to seed the reserve. But the legal path is unclear - does it require Congressional approval, or can the executive branch act unilaterally? Pro-crypto Senator Cynthia Lummis put forward a Treasury-operated reserve plan in July. Skeptics argue that 's volatility could disrupt financial stability. Trump has remained silent on whether the U.S. will buy more on the open market, adding another layer of mystery. Crypto Regulation Reset: A Friendly Washington The new administration is poised to be the most crypto-friendly government to date. Key crypto-related government appointments include: - SEC: Former SEC Commissioner and crypto advocate Paul Atkins is set to replace crypto nemesis Gary Gensler, who was known for his litigious and enforcement-heavy approach during his tenure. - CFTC: policy chief and former CFTC Commissioner Brian Quintenz is a frontrunner to lead the agency. - Treasury: Hedge fund billionaire and advocate Scott Bessent is Trump's pick for Treasury Secretary. - Commerce: (a major custodian of 's USDT reserves) CEO Howard Lutnik will head the department. - AI and Crypto Czar: Long-time venture capitalist David Sacks, who previously worked with Elon Musk at , will oversee policy in two key areas of Trump's strategy to enhance national competitiveness. - House Financial Services Committee: Arkansas Republican Congressman French Hill, along with outgoing committee chair Patrick McHenry, are advocating crypto-friendly legislation, planning to prioritize a crypto market structure bill in the first 100 days and investigate the so-called "Choke Point 2.0" that many believe unfairly targeted the crypto industry through de-banking practices. "This is a real opportunity to craft good policy for the industry," said Kristin Smith, CEO of the Blockchain Association in Washington, D.C., which represents over 100 crypto companies. "The White House has signaled this is a priority. I think we'll see a concerted effort across government agencies, legislative pushes on market structure and stablecoins, and a major shift of innovation returning to the U.S.," she added. New Crypto IPOs and VC Capital Inflows The crypto IPO pipeline is heating up. lists five companies that could go public next year: -