6 September 2024
As the November elections draw near, former President Donald Trump is ramping up his support for Bitcoin and the broader cryptocurrency industry, positioning digital assets as a central theme in his campaign for the White House.
America As The Bitcoin Capital
During a recent address at the Economic Club of New York, Trump articulated his vision for embracing industries of the future, notably positioning the United States as the global hub for crypto and Bitcoin.
“Instead of attacking industries of the future, we will embrace them, including making America the world capital for crypto and Bitcoin,” Trump declared, showcasing his commitment to fostering innovation and growth in the digital asset sphere.
Addressing concerns around regulation, an area of contention within the industry, Trump pledged to spearhead a campaign aimed at liberating the economy from burdensome regulatory constraints. He emphasized a bold agenda to eliminate outdated regulations, promising a tenfold reduction for every new regulation introduced under his administration.
Trump’s remarks come alongside hints at his upcoming project, “World Liberty Financial,” aimed at positioning the US as the leading player in the global crypto arena.
In his latest comments, the former president expressed commitment to combat what he perceives as efforts to stifle the industry, asserting, “They want to choke you, and we are not going to let that happen.”
While Trump did not specify who he believes is trying to “strangle” the crypto sector, his promises resonate with many in the industry who are frustrated with the SEC’s current enforcement strategy under Chairman Gary Gensler.
Trump has previously indicated that he would seek to replace crypto-skeptic Gary Gensler upon his return to office, a move that many in the crypto community view as crucial for fostering a more supportive regulatory environment.
Trump Positions Himself As ‘Crypto President’
With the election just 2 months away, Trump’s advocacy for cryptocurrencies and the broader industry could lead to significant shifts in US policy. He has also branded himself as the first “crypto president,” vowing to create a BTC reserve to offset the national debt, currently estimated at $35 trillion.
Analysts believe that such commitments could enhance market confidence and potentially lead to price appreciation not only for Bitcoin, but for the entire digital asset ecosystem during the last part of the year.
As NewsBTC reported, market experts predict that Trump’s unwavering support for digital assets and his proposed policy reforms could instill confidence in the market, potentially leading to further price appreciation and a more favorable regulatory landscape for the burgeoning crypto industry.
As the countdown to the election narrows, all eyes remain fixed on the narrative surrounding cryptocurrencies and the transformative impact a Trump presidency could bring to the sector.
At the time of writing, the largest cryptocurrency on the market was down 3% from Wednesday’s price, resulting in a trading value of $56,000 per coin.
Featured image from DALL-E, chart from TradingView.com