Citibank Report Suggests New SEC Chair Nomination Could Propel Bitcoin

According to Odaily, Citibank released a report on Thursday, led by analyst Alex Saunders, indicating that the nomination of Paul Atkins, a digital asset advocate, as the new SEC Chair could provide the necessary impetus for Bitcoin to surpass the $100,000 mark. The report highlights that as adoption rates increase, Bitcoin continues to be supported by ETF funds and other purchasing power. However, altcoins might benefit more from a more relaxed regulatory environment, as Bitcoin's dominance has recently declined. The analysts noted that there has not yet been a significant increase in on-chain activity. In the long term, the utility or value of the network is expected to be linked to its usage, macroeconomic correlations, and production costs. A more lenient crypto policy is anticipated to broaden the asset class, but Bitcoin, already classified as a commodity with both spot ETFs and futures contracts, may see smaller gains compared to other tokens.