The diehards cheered it as an inflation hedge in an era of unprecedented central bank largesse. Wall Street veterans from Paul Tudor Jones to Stanley Druckenmiller blessed it as an alternative asset, adding to the rally. And companies like MicroStrategy Inc. and Square Inc. moved cash reserves into crypto in search of better returns than near-zero interest rates deliver. Going forward, many strategists and investors say, the industry could see more scrutiny and tighter regulation with Biden in the White House. Meanwhile, Bloomberg News reported that Gary Gensler could be nominated to replace Jay Clayton at the US Securities and Exchange Commission.

Source: Hindustan Times December 27, 2020 18:48 UTC