The rise of Bitcoin to $75,385 levels upon the announcement of Trump’s election victory shocked many across finance, especially in the crypto space. The crypto space in general and the markets in particular have been in a memo with Bitcoin hitting new all-time highs
The rise comes despite Trump’s defeat during his re-election campaign where he had made a series of promises to support and develop the crypto industry which Trump has vowed to fulfill during the campaign for the reelection in 2024.
Trumps Ten Campaign Promises For Crypto Development In The US
Now that Trump is back in the white house, to serve during the term of 2025-2029 he had made ten important campaign promises that would go a long way in determining the future of digital assets in America.
As for Trump, it is clear that it is very important for him to be the one to assert and make US the “world capital of cryptos” with retaining federal government’s bitcoin assets, something that he is adamant about. This is commendable as Trump has stated that the United States will keep 100% of all bitcoin that is owned or is ever taken from financial criminals.
In a keynote address he delivered in Nashville during the 2024 Bitcoin Conference, he continued prompting the audience with the very idea of a fundamental: “do not sell your Bitcoin” as being part of the philosophy within the sphere.
He has also made some headlines with this mention of his intention to remove Gary Gensler from the position of the Securities and Exchange Commission (SEC) Chair, on his first day after the inauguration, making it rare for Trump to show such ambition.
While Trump does not have the power to remove the chair himself, he has made clear his stance towards a new appointed leader which would transform into a more crypto-friendly environment.
He has promised not to allow the digital currency to be even considered by the federal authorities. The Republican voiced concerns around the concept of a central bank digital currency (CBDC) being created and controlled by the federal government saying it would create undue risks such as the ability for money to disappear from people’s accounts without their notice.
Enable All Battles Against Digital Assets’ Whales
Trump said that all major Bitcoin and other cryptocurrency interests should be represented in government by forming a “Bitcoin and Crypto Presidential Advisory Council.” Trump emphasized that the digital assets’ operational framework will be those who understand and champion the industry not those who are considered anti-industry.
It has been said before by Trump that America must be the home of all Bitcoin mining. He indicated that the United States energy self sufficiency should also apply to cryptocurrency in that after talking to prominent American bitcoin mining companies. He also stated that Biden’s policies favor foreign companies over American manufacturers.
In the context of the economy, Trump has suggested that if he is elected, he shall implement rate reducing measures. It is worth noting that lower interest rates enhance both borrowing and investment, which in the past have resulted in higher price trends for cryptocurrencies.
With Bitcoin as the foundation of his new approach towards the economy, the 47th president is determined to use the largest cryptocurrency, Bitcoin, to cut the country’s national debt in half. This will lower the current national debt of approximately $35 trillion, which has shown an alarming weekly growth rate of 0.5 trillion.
Trump has also stated that he will develop an effective digital asset framework which he shall implement upon assuming office. In conclusion, the Republican is set to pardon Ross Ulbricht, founder of the Silk Road online marketplace.
