thecryptobasic.com
Tron founder Justin Sun encourages investors to accumulate Ethereum amid positive shifts in macroeconomic crypto policies.
The crypto market is maintaining a bullish trend, with Bitcoin setting higher highs while top altcoins like Ethereum (ETH) and Tron (TRX) are capitalizing on it. Ethereum is now making a fresh attempt at the long-lost $3,000 level after registering over 5% gains today to trade at $2,950.
Notably, the market-wide uptrend has been ongoing for four consecutive days, with the market sentiment now at “greed.” However, Justin Sun, founder of the Tron blockchain network, believes there is more room for further upsurge.
Not Time to Sell, Keep Buying and Building
In a recent tweet, Sun expressed optimism about the current state of the crypto market, especially regarding Ethereum.
Citing improvements in macroeconomic policies, Sun expressed confidence that the market outlook is brightening, suggesting that now is an ideal time for investors to focus on “accumulating and building” rather than selling off holdings.
With the improvement in macro crypto policies, we are very optimistic about the market outlook(including ETH). Instead of selling, we believe it's an excellent time to continue accumulating and building.
— H.E. Justin Sun🌞(hiring) (@justinsuntron) November 7, 2024
For context, the crypto industry is awaiting the emergence of transparent and favorable crypto policies now that crypto-friendly Donald Trump has been elected president of the United States. The Crypto Basic recently called attention to seven of Trump’s top campaign promises.
Trump pledged to remove SEC Chair Gary Gensler, whose tough stance on crypto has drawn criticism. He also proposed creating a National Bitcoin Reserve, suggesting that Bitcoin could be used to reduce the U.S. national debt. To further boost the crypto sector, Trump promised to make the U.S. the crypto capital of the world with pro-business regulations.
In addition, Trump plans to ensure that all remaining Bitcoin is mined in the U.S., securing the country’s leadership in the sector.
He also committed to introducing clear, fair crypto regulations and establishing a crypto advisory council to guide policy. Another key promise is to defend the right to self-custody, allowing Americans to control their crypto assets without third-party platforms.
Finally, Trump expressed his opposition to Central Bank Digital Currencies (CBDCs), promising to block their development to protect financial privacy.
These promises signal potential major changes for the U.S. crypto industry once Trump takes office on January 20, 2025.
Tron Founder Taps China for Similar Pro-Crypto Moves
In line with these developments, Justin Sun has also called for similar pro-crypto moves from other major economies like China. Back in July, Sun urged China to reconsider its stance on Bitcoin, suggesting that competition between the U.S. and China over Bitcoin policy could benefit the entire global crypto industry.
Amid this promising future, industry pundits like Sun are emphasizing the positive outlook for the crypto market, suggesting that investors should consider accumulating and building upon their holdings rather than selling assets.
Essentially, the crypto community is looking ahead to significant transformations that could drive further growth in the sector.