As 2024 draws to a close, the cryptocurrency landscape has witnessed a pivotal year defined by influential figures who either championed or hindered the industry’s growth. On one side are visionaries and advocates pushing for innovation, adoption, and regulatory clarity. On the other, regulators, scammers, and cybercriminals have introduced challenges that threaten trust and progress.
This article highlights seven key supporters and seven major obstacles who have significantly shaped the trajectory of digital assets in 2024—offering insight into the forces driving both momentum and resistance in the crypto space.
Champions of Cryptocurrency Adoption
Donald Trump: From Skeptic to Crypto Advocate
Donald Trump, the U.S. president-elect, emerged as one of the most unexpected but impactful supporters of cryptocurrency in 2024. Once calling Bitcoin a “scam” in 2021, Trump reversed his stance dramatically, positioning himself as a pro-crypto leader during his campaign.
At the Bitcoin 2024 conference in Nashville, he delivered a landmark speech advocating for a national Bitcoin reserve and declaring his intention to make America the “crypto capital of the world.” This shift not only reshaped political narratives around digital assets but also signaled growing bipartisan interest in blockchain technology.
His proposal to establish a strategic Bitcoin reserve reflects a broader trend of integrating crypto into national economic policy—a move that could inspire other governments to follow suit.
👉 Discover how political shifts are shaping the future of digital finance.
Nayib Bukele: Leading by Example
El Salvador’s President Nayib Bukele continued to stand firm as a global pioneer in cryptocurrency adoption. Despite pressure from the International Monetary Fund (IMF) over a $1.4 billion loan agreement—which required scaling back certain Bitcoin-related initiatives—Bukele’s administration maintained its daily purchase of one Bitcoin.
By upholding BTC as legal tender, El Salvador remains a real-world test case for decentralized money. The country’s ongoing commitment demonstrates how blockchain can be woven into national infrastructure, even amid financial and diplomatic challenges.
Hester Peirce: Championing Regulatory Clarity
Known as “Crypto Mom,” SEC Commissioner Hester Peirce has been a consistent voice for innovation within a traditionally cautious regulatory body. In 2024, she intensified her push for clearer digital asset policies, criticizing the SEC’s enforcement-heavy approach under Chair Gary Gensler.
Peirce advocates for safe harbor rules that would allow blockchain projects time to decentralize without immediate fear of regulatory action. Her efforts are crucial in bridging the gap between compliance and technological progress.
Brian Armstrong: Building Institutional Support
As CEO of Coinbase, Brian Armstrong positioned himself at the forefront of global crypto advocacy. Through the Stand With Crypto initiative, he engaged policymakers in the U.S., UK, and Australia, promoting balanced regulation and greater industry inclusion.
Armstrong also led legal battles against the SEC, challenging its classification of major cryptocurrencies as securities. His leadership underscores the importance of private-sector involvement in shaping fair regulatory frameworks.
👉 See how leading platforms are fighting for crypto rights worldwide.
Vitalik Buterin: Advancing Decentralized Innovation
Ethereum co-founder Vitalik Buterin remained a driving force behind next-generation blockchain development. In 2024, he proposed critical upgrades to Web3 wallets aimed at enhancing privacy and security—key concerns for mainstream adoption.
He also addressed emerging threats like quantum computing, outlining strategies to future-proof cryptographic protocols. Buterin’s technical foresight continues to guide the evolution of decentralized systems beyond speculation toward real utility.
Senator Cynthia Lummis: Pushing for National Reserves
U.S. Senator Cynthia Lummis has been a steadfast advocate for Bitcoin on Capitol Hill. In late 2023—and continuing into 2024—she proposed converting part of America’s 8,000-ton gold reserve into Bitcoin to create a strategic digital asset fund.
She argued this shift would have a neutral fiscal impact while diversifying national holdings. Lummis’s vision aligns with growing institutional interest in Bitcoin as a long-term store of value.
Michael Saylor: Redefining Corporate Treasury Strategy
Michael Saylor, founder of MicroStrategy, solidified his status as Bitcoin’s most prominent corporate evangelist. Under his leadership, MicroStrategy amassed over 439,000 BTC, transforming its balance sheet and market valuation.
This aggressive treasury strategy outperformed traditional investments and influenced discussions about digital asset allocation among public companies—even though attempts to bring Microsoft on board were unsuccessful.
Major Obstacles to Crypto Progress
The SEC: Regulatory Overreach or Necessary Oversight?
Under Chair Gary Gensler, the U.S. Securities and Exchange Commission escalated enforcement actions against major crypto firms throughout 2024. Critics argue these moves created uncertainty and stifled innovation.
High-profile lawsuits targeted exchanges like Coinbase and Binance, while Gensler maintained that most tokens are unregistered securities. Although Gensler is set to step down in January 2025, his legacy leaves lasting implications for how digital assets are regulated in the U.S.
Gemini co-founder Tyler Winklevoss condemned the agency’s approach, stating no apology could undo the damage done to entrepreneurs and investors.
UK’s FCA: Strangling Innovation?
Across the Atlantic, the UK Financial Conduct Authority (FCA) mirrored the SEC’s strict posture. It issued warnings against unauthorized platforms such as Solana-based memecoin projects Retardio and Pump.fun—both accused of operating without proper licensing.
While consumer protection is vital, many in the industry fear such measures push innovation offshore to more crypto-friendly jurisdictions like Singapore and Switzerland.
Sahil Arora: The Meme Coin Controversy
Sahil Arora, dubbed the “meme coin orchestrator,” gained notoriety in 2024 for launching celebrity-backed tokens with questionable integrity. Allegedly collaborating with public figures like Caitlyn Jenner and Iggy Azalea, Arora promoted these coins via social media before selling off his holdings ahead of price collapses.
These schemes highlight risks in influencer-driven crypto promotions—raising ethical questions about accountability and transparency.
Operation Chokepoint 2.0: Banking Access Under Fire
Allegations of “Operation Chokepoint 2.0” intensified in 2024, with tech leaders like Marc Andreessen claiming the Biden administration orchestrated efforts to cut off banking services for crypto startups.
Over 30 founders reportedly faced account closures without explanation. Coinbase’s Armstrong joined the criticism, calling it “one of the most un-American things I’ve ever seen.” While no official confirmation exists, the perception alone damages investor confidence.
Dark Angels Ransomware Group: Cybercrime on the Rise
The Dark Angels ransomware group became one of the most active cybercriminal organizations targeting the crypto sector. Chainalysis reported they received a record $75 million in Bitcoin ransom in July alone—a 96% increase from 2023 levels.
By attacking centralized exchanges and leveraging rising transaction volumes, they exploited vulnerabilities in digital finance infrastructure.
Pig-Butchering Scams: Trust Turned Fraud
“Pig-butchering” scams—where fraudsters build emotional relationships online before luring victims into fake crypto investments—caused over $75 billion in global losses in 2024.
A December raid in Lagos, Nigeria, led to nearly 800 arrests, exposing the scale of organized crime networks using social engineering tactics across dating apps and messaging platforms.
State-Sponsored Cybercrime: A Growing Threat
Nation-state hacking surged this year, with North Korea’s Lazarus Group reemerging after a quiet period. In January, they stole over $1 million in Bitcoin; since 2017, they’ve been linked to over $3 billion in thefts—including the infamous $600 million Ronin Bridge hack.
Elliptic’s 2024 report warns AI-powered tools now enhance these operations through deepfakes and automated phishing—making detection harder than ever.
Frequently Asked Questions (FAQ)
Q: Who had the biggest impact on crypto policy in 2024?
A: Donald Trump’s pro-Bitcoin campaign rhetoric significantly shifted public and political discourse, making him one of the most influential figures despite not being a technologist.
Q: Is government regulation always bad for crypto?
A: Not necessarily. Clear, innovation-friendly regulation can boost trust and adoption. However, overly aggressive enforcement—like that seen from the SEC—can discourage investment and development.
Q: Can meme coins be trusted?
A: Most meme coins lack fundamentals and are highly speculative. Projects tied to influencers without transparency should be approached with extreme caution due to pump-and-dump risks.
Q: How do ransomware groups use cryptocurrency?
A: They demand ransoms in Bitcoin or stablecoins because transactions are fast and pseudonymous. However, blockchain analysis firms increasingly trace these flows to aid law enforcement.
Q: What can individuals do to avoid pig-butchering scams?
A: Avoid financial discussions with strangers online. Never invest based on social media tips or pressure from someone you met digitally—especially if they direct you to unknown platforms.
Q: Will state-sponsored hacking decline?
A: Unlikely. As long as cryptocurrencies remain valuable and traceable only with advanced tools, nation-states will continue exploiting them for funding and espionage.
The year 2024 was marked by a complex tug-of-war between progress and resistance in the crypto world. With growing institutional adoption and political support on one side—and persistent fraud, regulation, and cyber threats on the other—the path forward remains challenging yet promising.
As we look toward 2025, optimism endures—fueled by technological resilience and an expanding ecosystem determined to redefine finance.