What Does the Crypto Community Want for Christmas?

What’s on our Christmas wishlist? Do we even deserve it?

Crypto community having a Christmas party.
Created by Kornelija Poderskytė from DailyCoin

Now that the gaggle of geese has laid their golden eggs, it’s time we got into the business end of the 12 Days of Cryptomas.

On the seventh day of Christmas, DailyCoin’s true love outdid themself, drumming up seven swimming swans. Swans represent the heralds of our deepest desires, symbolizing everything good in the world, like wisdom, grace, and good fortune. 

What does the crypto community desire for Christmas? Aside from the obvious things like Bitcoin (BTC) spiking to one million dollars or Ethereum (ETH) gas fees dropping reasonably, what could realistically happen to improve the blockchain industry this Christmas?

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Of course, before greedily diving into our list of wants and desires this Christmas, we need to ask ourselves an honest question: 

Do we deserve it? 

Has Crypto Been Naughty or Nice This Year?

While some would say it’s the most wonderful time of the year, Christmas also lets us take stock of our behavior over the year. 

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Looking back at that year, one could argue that the crypto space has matured a great deal. We’ve seen fewer catastrophic failures than we endured in 2022, and plenty of bad actors have been purged from the industry.

The crypto space is witnessing the birth of more innovative and progressive startups than ever before, with a focus on fostering social equality and sustainability. This seems to be a distinct improvement on the endless swathe of cash grabs we suffered at the peak of 2021’s euphoric bull run.

Apart from a few bad apples (looking at you, SBF and Do Kwon), the crypto space has shrugged off its naughty reputation. We probably deserve to see a few of our Christmas wishes come true.

7 Swimming Swans Make Their Cryptomas Wishes

We’re keeping our requests simple and attainable. With an honest effort from everyone, there’s no reason why these Christmas wishes can’t come true and make the crypto space better for everyone.

1. SEC Introduces Regulatory Clarity

It’s no secret that the SEC’s handling of crypto regulation has left much to be desired. Crypto businesses like Coinbase have been vocal about how poorly the SEC has handled cryptocurrency regulation in the United States.

Led by Gary Gensler, the SEC has waged a brutal crusade against the crypto industry, issuing lawsuits and fines at any company trying to make a name for themselves in the US.

The non-existent legislature has forced many blockchain-based businesses to pack their bags and head offshore. Nations like Malta and the UAE have proven to have far more accepting regulations around cryptocurrency and have quickly become central hubs for the industry.

The community wishes for a regulatory environment that doesn’t look at crypto tokens with a one-size-fits-all lens but rather appreciates the nuances and unique qualities of different assets. 

The hope is that with a dash of clarity and a sprinkle of foresight, the SEC will deliver a Christmas miracle and provide some distinct and clear rulings for the future.

2. BTC Hits 50k

Uptober held true to its name this year, heralding the nativity of a jolly Q4. Bitcoin surged past $30k, inspiring confidence in the crypto space and boosting altcoin prices.

But the bulls weren’t finished. Bitcoin wasted no time reclaiming the coveted $40k mark in the first days of December, prompting wreaths of festive cheer and excitement. This should hopefully provide plenty of ammunition for the devout crypto enthusiasts ahead of the scathing comments you might receive from skeptical family members at Christmas Dinner.

Bitcoin price chart.
Source: CoinMarketCap

Will BTC continue its charge and break through the $50k barrier? It would be a great place to start 2024 and establish foundations for a positive year ahead. However, the crypto market is known for its volatility. A swift dump below $40,000 could send the industry waves of fear and panic. Market-wide sell-offs would undo all the Bitcoin bull’s hard work in days and confirm that this bitter crypto winter is far from finished.

This Christmas, we’re hoping that BTC recaptures $50,000, solidifying its position as a dependable and stable pillar for the good of the industry. 

3. More Women in Web 3

The crypto sphere is a male-dominated affair. If you don’t think that’s the case, look around your favorite crypto telegram group or discord server and ask how many women are present.

While crypto ownership amongst women is increasing, women are dramatically underrepresented professionally within the crypto space. Data shows that less than 5% of crypto company founders are women, despite women holding roughly 26.5% of crypto jobs.

Having more women in leadership positions would help the crypto space evolve immensely. It would bring a more diverse range of perspectives to the sphere, encouraging what is already a cutting-edge industry to become more adaptable and creative.

If you’re interested in reading more about Crypto’s leading ladies, our True Love mentioned something about 9 ladies leading the way on the 9th day of Cryptomas. 

4. Spot BTC ETFs Get Approved

Spot Bitcoin ETFs have been on everyone’s tongue this quarter. Some of the world’s largest financial institutions, like Blackrock and Valkyrie, have been itching to deliver Bitcoin ETFs to their clients.

If Spot Bitcoin ETFs get approved in the US, it will be a turning point for BTC acceptance and adoption. Traditional finance and investors will have far greater exposure to Bitcoin, meaning we might see an unprecedented capital inflow into the crypto market.

This will make Bitcoin a far more liquid asset and change how Wall St and the retail investor crowd perceive it. Rumors say that the SEC has dozens of Spot BTC ETFs sitting filed on their desks, just waiting to be approved. 

It sounds like a Christmas wish that’s likely to come true.

5. SBF Gets His Just Deserts

Sam Bankman-Fried went from crypto’s knight in shining armor to public enemy number one in a day when it was revealed that he’s stolen over $8B worth of customer deposits.

Sam Bankman-Fried getting arrested.
Source: CNBC

After being found guilty on seven different charges of wire fraud, securities fraud, and money laundering, Sam Bankman-Fried faces a maximum of up to 115 years in prison.

While he awaits sentencing, it is unlikely that Sam Bankman-Fried will spend over 100 years in prison. Fraud sentences often overlap, meaning that SBF might only face around 20 years behind bars for his heinous crimes.

In any case, the crypto community is eagerly awaiting a severe sentence. Even if SBF doesn’t go down for 100 years, crypto enthusiasts worldwide hope the former FTX CEO gets his just deserts.

6. Stablecoins Stay Stable

In the crypto world, there’s almost nothing worse than de-pegged stablecoin. These digital currencies are designed to mirror the value of fiat currency, generally aligned with the US Dollar.

Every time a stablecoin loses its peg, disaster ensues. Perhaps the most devastating depeg in crypto history was the Terra Luna UST collapse of 2022. Do Kwon’s algorithmic stablecoin sent the market into freefall when it was exploited in May 2022, wiping out billions of value in a few short days.

Unfortunately, the DeFi stablecoin game is still inherently dangerous. According to Moodys Analytics, the industry suffered over 600 accounts of stablecoins depegging from their fiat value in 2023.

Let’s hope this Christmas season passes without any dramatic stablecoin dramas that might sow chaos and despair throughout the crypto space this year. Christmas is chaotic enough without worrying about the Tether’s cash reserves.

7. Hack-Free December/Forever

Despite the best efforts of blockchain security specialists, 2023 has been a devastating year for crypto hacks and scams. According to Certik, over $1B was lost to smart contract hacks and exploits in the first three quarters of the year, and that’s not even counting basic scams.

At this stage, cryptocurrency hacks are an unavoidable fact of nature. No matter what happens in the industry, there will always be a handful of malicious actors who will stop at nothing to steal funds from others.

We wish that this Christmas season brings a change in sentiment and behavior to the crypto industry. It would be nice to believe that the hackers and scammers of the world would take a break in the spirit of the holidays. Better yet, they’d hang up their burglar gloves forever.

Dare I say it, this is wishful thinking. Every Christmas has its Grinch, and it’s unlikely that the blockchain bandits will take their own holiday this year. Stay vigilant, and make sure to update your crypto security over the Christmas period.

On the Flipside

  • We shouldn’t wait for Christmas to vocalize the changes we’d like to see in the blockchain industry. Demanding clearer regulations and celebrating women in crypto should be things we discuss monthly, not just in December.

Why This Matters

While thinking of your crypto wishlist and what crypto can do for you, take a second to think about what you can do for the friends and family around you. If SHIB did hit $1 on Christmas day, think about how you could use your newfound wealth to benefit the people around you.

FAQs

Is crypto open on Christmas?

The crypto markets trade 24 hours a day, every day of the year. Even on Christmas Day, the crypto markets are open and active.

Will Christmas affect crypto?

Some market participants believe that crypto prices drop in December due to people selling their assets to pay for gifts. Others believe in the Santa Rally, a phenomenon where crypto prices rise in the lead-up to Christmas Day.

How do you gift crypto for Christmas?

To gift crypto for Christmas, you only need to help the gift receiver set up a crypto wallet. Once that’s done, simply send the amount you’d like to offer to their public wallet address.

Check out Day 6 of our 12 Days of Cryptomas series where we highlighted some of the golden eggs from 2023:
Crypto Hidden Gems: The 6 Golden Eggs of 2023
It’s the season of giving and Day 8 in the series will give you some great gift ideas for your next event:
Crypto Christmas Gifts: 8 Gift Ideas for the Festive Season

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Author
Finn Miller

Finn Miller is a New Zealand-based blockchain writer for DailyCoin who specializes in simplifying complex blockchain topics. He is experienced in crafting whitepapers, researching on-chain data, and advising emerging crypto projects, and uses his unconventional approach to learning and passion for knowledge to provide cornerstone educational content for readers of all levels. When not exploring the depths of DeFi, Finn can be found exploring his other passion, the great outdoors.