Forces Shaping the Global Markets

On Our Radar

This year, Nasdaq TradeTalks has provided a comprehensive platform for discussing the most pressing issues and trends in the global capital markets and regulatory landscape. The themes covered reflected the dynamic nature of global markets and the continuous evolution of industries in response to technological advancements, economic challenges and policy developments. As we move forward to 2025, these discussions will undoubtedly continue to shape the strategies and decisions of investors, policymakers and business leaders alike.

Technological advancement remained a cornerstone of Nasdaq TradeTalks in 2024. The rise of artificial intelligence, blockchain and quantum computing were key focal points. Discussions highlighted how these technologies are transforming industries, from finance to healthcare, and their potential to disrupt traditional business models.

As we continue to embrace technological advancements, it is imperative to remain vigilant and proactive in addressing the evolving cyber threat landscape. We featured discussions on the latest cybersecurity trends, the role of artificial intelligence in threat detection, and best practices for data governance and protecting sensitive information. The regulatory landscape surrounding data privacy and the implications for businesses and consumers were also critical points of discussion.

Additionally, the transformation of the financial sector was a prominent theme, encompassing fintech innovations, the rise of decentralized finance (DeFi) and the evolving regulatory landscape. We highlighted the potential of digital assets and blockchain technology to revolutionize financial services. Regulatory challenges and the need for a balanced approach to innovation and consumer protection were also key points of discussion.

Furthermore, Nasdaq TradeTalks extensively covered the global shift towards renewable energy and the implications of climate policy. Our discussions focused on the transition from fossil fuels to renewable energy sources, the investment potential in clean energy technologies and the role of policy frameworks in driving sustainability. During these conversations, we also analyzed the challenges and opportunities in achieving net-zero emissions targets.

Looking ahead, we kick off 2025 coverage at the world-renowned Consumer Electronics Show (CES) in Las Vegas, bringing the latest insights from the heart of the tech industry. The global capital markets and policy continue to be shaped by emerging technologies, from blockchain and cryptocurrencies to artificial intelligence and machine learning. In 2025, Nasdaq TradeTalks will place a strong emphasis on these technologies and the impact to data privacy, cybersecurity and the evolution of regulatory frameworks.

On behalf of Jill and the team, we want to thank you for the continued support of Nasdaq TradeTalks.

All the best in health and happiness for 2025!

Since the U.S. election, Bitcoin’s price has surged as President-elect Donald Trump has signaled a more pro-crypto stance for his administration. Under Paul Atkins, Trump’s pick to lead the U.S. Securities and Exchange Commission, how do you expect the regulatory landscape to change?

The digital asset industry has welcomed the incoming administration's messaging around digital assets and has applauded the blockchain-savvy cabinet nominations and regulatory appointments. That said, bitcoin, in particular, has the least to gain from these changes. Bitcoin's regulatory picture is pretty complete: It is available in native form across the United States, as well as in futures, ETFs and ETF options. Bitcoin is enjoying adoption momentum, which is lending support to its price. Not only is the incoming administration mentioning bitcoin frequently and supportively, but also the Microstrategy success story is challenging traditional thinking — in a good way.

Do you have any unique predictions on the outlook of cryptocurrency in the new year?

My prediction is lower volatility. The increasing number of bitcoin investors and the expanding variety of financial products offering exposure to bitcoin’s price will reduce its volatility, aligning it more closely, on average, with stocks (or at least certain stocks). The introduction of options on bitcoin ETFs in the U.S. will enable more advanced and accessible risk management techniques. This leads to two outcomes. First, investors with institutional-level risk management needs — and more stable approaches — might find it feasible to hold Bitcoin due to the availability of options. Second, investors could leverage the protective features of options to maintain their positions during market downturns, which would otherwise intensify losses. Additionally, we anticipate that retail investors will engage in selling bitcoin call options against long ETF holdings, a yield-generating strategy allowed in retirement accounts, which will lower options prices and volatility.

Beyond the anticipated regulatory changes, what should investors expect in 2025 and beyond from a decidedly more pro-crypto White House?

In the month since the U.S. election, the broad-based CoinDesk 20 Index nearly doubled, outpacing bitcoin's performance. Ethereum and other blockchain assets sprang to life on the promise of more dedicated and usable digital asset regulation in the U.S. with the incoming administration in 2025. We expect this to continue, with CD20's exposure to top digital assets reflecting the growth-side of crypto.

Additionally, with a fixed ultimate supply of 21 million bitcoins, a known and hard-coded "monetary policy," as well as a better-understood narrative and context for investment allocation, we expect more integration of bitcoin into individual, advised, and institutional portfolios. Adoption momentum will be the long-term price driver, with macro factors affecting short- and medium-term fluctuations.

Acceptability and Accessibility of Digital Assets and Catalysts for Regulation in 2025

We discuss acceptability and accessibility of digital assets and catalysts for regulation in 2025 with:

• Andy Baehr, Head of Product at CoinDesk Indices
• Tonya Mitchem Grindon, Corporate Finance & Governance Attorney at Baker Donelson
• Joe Doll, General Counsel at Magic Eden
• Dylan Bane, Enterprise Research Analyst at Messari

The Future of Infrastructure – Planning, Funding, and Actionable Proposals and Policy

We discuss the future of infrastructure with:

• Sadek Wahba, Author of BUILD: Investing in America’s Infrastructure, Chair of WISC Steering Committee, Wilson Center Global Advisory Council Member, and Chairman & Managing Partner at I Squared Capital

The Clear Need and Demand for Climate Tech Solutions

We discuss the clear need and demand for climate tech solutions with:

• Brian Kane, Chief Projects Officer of Powin
• Tim Weiss, Co-Founder & CEO of Optera

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