There are strange developments in crypto and I see that crypto influencers do not address these issues enough. They are rather drowned in daily price movements. A big change is taking place and I can probably show the big crypto conference in America, which was held with the participation of President Trump on March 7, as the starting point of this change. Both what Donald Trump said at that meeting and the statements of the US Treasury Secretary show us that a brand new universe awaits cryptocurrencies. We are on the verge of a big change not only for cryptocurrencies but also for the US dollar and the world economy. Let's take a look at what was announced now and let me tell you how the world will change by putting it in a historical perspective.

President Trump made many promises to cryptocurrencies during the elections and managed to attract them. He shook the trust a lot with the Trump and Melania coins he released just before becoming president. Later, there were concerns that Trump would forget his promises in the elections? Would he not be aggressive enough, and cryptocurrencies have continued to shake since then. Ethereum has even fallen below $2000. So what's actually happening, really great things are happening. Let's leave aside the Trump and Melania coin business, I'm a little angry at Trump too. Very important things are happening in the background and we learned what was happening at the conference on March 7. At that meeting, American Treasury Secretary Bessent said that we are focused on the US dollar remaining the world's reserve currency and strengthening it, and for this we will use stablecoins.

Isn't it weird, what are the biggest stablecoins? Currently, tether and circle. Both of these are issued by private companies and they are investing the amount of money they claim to have put into the market, in American treasury bonds or directly into dollars. There are roughly around 200 billion dollars of stablecoins in the market. 95% of this is either directly tied to the US dollar or to American treasury bonds. In other words, that's the collateral behind it. In this context, every time you buy a stablecoin, you are actually buying American dollars. America also says that in order for me to spread my own money to the world, it would be very beneficial for me to support this in the digital age, in an age where cryptos are important. In this way, I will ensure that more people use dollars directly. But I cannot leave this in the hands of a few private sector companies, it is not clear what these companies will do. So I have to make them more secure, but on the other hand, I have to support American banks to issue their own stablecoins.

In this context, there are currently two separate laws being discussed in the US Congress, one is the stable act and the other is the genius act. What they are trying to do in the stable act is to put these private companies that I mentioned earlier into legal frameworks to ensure that they actually hold American treasury notes or dollars as much as the coins they sell. The genius act is a little different, there they are trying to support American banks to issue their own cryptocurrencies and these banks to hold digital currencies as reserves. The law being discussed says that American banks can issue their own digital currencies, that is, their own digital stablecoins. The Trump administration believes that this will make American banks more innovative and embrace digital currencies more. Of course, any bank in the US will be able to issue its own currency in accordance with the rules set by the state. Different currencies of different banks, namely stablecoins, will be traded in the market. While one of us trusts JP Morgan's coin more, the other will be able to trust Morgan Stanley's, and interestingly, since these are completely digital, we will be able to access these currencies from anywhere in the world.

In fact, similar processes have occurred before, the free banking period. Between 1837 and 1863, banking in America was almost completely freed. The states were given the authority to issue permits for banks, plus the banks were given the authority to print their own currencies. Thus, different currencies of different banks started to circulate in the market at the same time, and this actually benefited the economy a lot. Because credit became abundant, banks made more financial innovations due to this competition. Since people's access to money became easier, it was reflected extremely positively in economic growth. Although it is difficult to access and trust the records of that time, we know that the American economy grew from 1.1 billion dollars to 4.3 billion dollars between 1830 and 1860, of course these are nominal data. At that time, while America was expanding especially towards the western lands and while industrialization, the creation of railroads, and the creation of great canals were taking place, access to easy money accelerated these processes super fast.

Of course, it was very difficult to check whether banks actually went and bought gold with that money. That's why fraudulent banks called wildcats emerged. They said that we keep the gold in the middle of the desert in front of the money we print. Of course, it is not possible to control them. There were frauds and the market started to crash from time to time, and therefore one day they came and took a step towards a centralized money and stricter bank regulation. But today we are in a different world. Today, if banks issue these stablecoins, they can constantly prove the US dollars or treasury paper they hold in return via blockchain. There is no manual order, it is now possible to see these constantly.

Also, this authority, which was given to the states at that time, will probably now be the authority of the federal government again to allow which bank can print which stablecoin. But on the back, thanks to blockchain tools, we will be able to see whether the bank really holds the necessary treasury paper or US dollars when it prints this money. This is a historic change; the American economic system is completely embracing cryptocurrencies instead of fighting them. There are already some important changes in this regard. Bessent said after the meeting on March 7 that America's now seeing Bitcoin as a reserve currency and the project to strengthen the dollar through stablecoins imposes new responsibilities on us. For example, the US Tax Office is retroactively canceling or easing laws on taxation of earnings from cryptocurrencies.

The US Treasury is working on a new bill that will eliminate the compelling provisions on cryptocurrencies issued by the Capital Markets Board or other American institutions in the past. The US Capital Markets Board has withdrawn from the lawsuits it filed against institutions such as Coinbase. In other words, they are doing a retroactive cleaning and after this cleaning, they are moving towards a brand new order in which both American banks and some other financial institutions in America can issue their own stablecoins and accept cryptocurrency deposits, i.e. deposits, in a completely clean framework. They didn't tell you this, right? These are very big issues. Because if there are more stablecoins in the market, there may be more demand for Bitcoin and cryptocurrencies, of course.

If America can succeed in what they say, it is not difficult to predict that the stablecoin market will grow. The 200 billion dollars currently can quickly climb to several trillion dollars, and thus it may become possible for them to compete with China or the BRICS countries that want to destroy the American dollar. Because no matter what, people still want the American dollar. Individuals, companies and states have not given up on their relations with the American dollar. What can this bring to citizens? Life can change a lot. For example, at least banking transactions can become easier. Right now, we have to act within the existing banking systems to send money abroad, the legislation requires it. But I think we are doing this with extremely primitive systems there. There are too many costs, the periods are getting too long. These can become easier.

More importantly, since everyone can access these different coins issued by different banks, banks will have to compete more and innovate more. When innovation accelerates in financial markets, it also grows the economy. In fact, they have already taken action. JP Morgan already has a token called JPM Coin. Circle, one of the largest stablecoins, has been integrated into Visa. Wells Fargo made a statement on this issue. They will start accepting their own tokenized deposits.

We can say that free banking is entering a new era. The experiment that took place in the 1800s may have had some problems. Because there was no blockchain at that time. Data was not digital, it was possible to control and track records. This paved the way for many frauds. But it is possible to manage them in a much more controlled manner during this period. If all this happens, on the one hand, it means that we are entering a brand new financial innovation period that will grow the American economy very quickly. On the other hand, it means that we are moving towards a system where regulations against crypto assets are loosened all over the world, they are more adopted, and they are integrated more into daily life, trade, and the banking system, and these are not just words. The legal studies on these are currently ongoing. David Sacks, the cryptocurrency and artificial intelligence czar currently in the White House of America, is leading this issue. Bessent Treasury Minister supports this work and American President Trump says we will make America the most important crypto country in the world.

So where does Bitcoin fit into this? America is very hot on Bitcoin, they say they see it as a reserve currency. They actually see it as a protection tool against inflation. They embrace it and love it too. I'm not so sure about altcoins. There's a bit more confusion there. In this context, the price of Bitcoin will fall by $5,000 - $10,000, go down to $70,000, go up to $90,000, I don't know about all of this. It's very hard to predict the short term, but it's certain that the United States has completely changed the crypto world, legalized it, and taken important steps to integrate it into the current banking system. In fact, this started with the BlackRock ETF. When the BlackRock ETF started, I always said that crypto is no longer that libertarian money, it's not that anarchist money. It's now coming under the control of the American system. They're tightening that control step by step and saying, since there's such a thing, let's own it and protect the dollar's power in the world.