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The Crypto Craze Sweeping Washington and Wall Street
Bitcoin enthusiasts flocked to Las Vegas in unprecedented numbers earlier this year, with over 35,000 attendees descending upon the city for the largest-ever Bitcoin conference. The event, dubbed Bitcoin 2025, saw an eclectic mix of high-rollers and true believers come together to celebrate the meteoric rise of cryptocurrencies like bitcoin.
In a surprising turn of events, the crypto craze has won over supporters from Wall Street to Washington D.C., with even President Donald Trump embracing the industry. In July, the president signed the Genius Act, which paves the way for companies like Walmart and Amazon to issue their own digital currencies. Furthermore, Congress is now debating legislation aimed at regulating cryptocurrency trading, a move that follows an unprecedented $167 million spent by crypto-friendly candidates in last year’s election.
In an exclusive interview with CBS News, Amanda Fischer, former top official in the Securities and Exchange Commission during the Biden administration, warned of the risks associated with investing in cryptocurrencies. “You could think of it as gambling, you could think of it as a collectible, or even as a type of investment,” she said. However, Fischer cautioned that crypto is highly volatile and speculative, with experts estimating that billions of dollars’ worth are traded daily.
The unprecedented rise to prominence has not been without controversy. Experts in government ethics have raised concerns about the president’s sudden change of heart regarding bitcoin and cryptocurrencies. While Trump initially dismissed bitcoin as a scam, his family has since reaped significant profits from crypto ventures, with estimates suggesting up to $765 million generated by crypto sales.
Despite these concerns, Vice President JD Vance hailed the growing acceptance of digital assets in a speech at Bitcoin 2025, stating that they are “part of the mainstream economy and are here to stay.” However, not everyone is convinced. Fischer warned about the potential risks associated with cryptocurrencies, drawing parallels between the current situation and the 2008 financial crisis.
Source: www.cbsnews.com
