President Donald Trump recently made bold claims about his plans for Bitcoin and the cryptocurrency industry if he were to be re-elected. He emphasized the importance of the US becoming a “Bitcoin superpower” and maintaining its lead over competitors like China. Trump expressed his commitment to holding onto the roughly 200,000 Bitcoins that the US government currently possesses, which represents about 1% of the total supply. He criticized the previous administration for violating the cardinal rule of Bitcoin by selling off government-held Bitcoins.
Trump also announced his intentions to make significant changes in key regulatory positions. He vowed to fire SEC chair Gary Gensler on his first day in office and appoint a new head for the regulator who is supportive of innovation and progress in the crypto industry. He accused Vice President Kamala Harris of planning to appoint Gensler as the Treasury Secretary if she were to be elected. Trump criticized the Biden-Harris administration for its alleged “war on crypto” and promised to put an end to what he referred to as a “crusade” against the industry.
In addition to regulatory changes, Trump highlighted the importance of crypto in geopolitics and promised to position the US as a leader in adoption. He emphasized the need for the country to embrace crypto and Bitcoin to prevent other nations from taking the lead in this evolving industry. Trump expressed his desire to establish the US as a powerhouse in Bitcoin mining by ensuring access to cheap electricity and altering energy policies to support this goal.
Furthermore, Trump praised Bitcoin as an asset class and predicted that it could eventually surpass gold in terms of market capitalization. He commended the growth and influence of Bitcoin over the past two decades, stating that it has become the ninth-largest asset by market capitalization globally. Trump acknowledged the role of Bitcoin in fostering cooperation among people worldwide and emphasized its significance in driving financial innovation and progress.
President Trump’s vision for Bitcoin and the crypto industry under his administration promises significant changes in regulatory policies, appointments, and energy strategies. His commitment to establishing the US as a leader in crypto adoption and mining signifies a shift in the government’s approach to this rapidly evolving sector. With these proposed changes, the future of Bitcoin and crypto under President Trump’s administration appears poised for transformation and growth.
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