Former President Donald Trump made some bold statements regarding his plans for Bitcoin and cryptocurrency 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. One of his key promises was to ensure that the US government holds onto the roughly 200,000 Bitcoin it possesses, representing around 1% of the total supply.
Trump also stated his intention to fire SEC chair Gary Gensler on his first day back in office, appointing a new head who is more aligned with his views on innovation and progress within the cryptocurrency space. He criticized Vice President Kamala Harris, suggesting that she would appoint Gensler as Treasury Secretary if the Biden-Harris administration were to continue, claiming that they have been waging a war on crypto.
The former President promised to put an end to what he referred to as “Operation Chokepoint 2.0” and to appoint a “Presidential crypto advisor” to develop a framework that supports growth and innovation within the industry. Trump stressed the importance of the US being a leader in the adoption of cryptocurrencies, highlighting their significance in geopolitics.
In addition to his regulatory plans, Trump outlined his vision for the US becoming a powerhouse in Bitcoin mining by ensuring access to cost-effective electricity. He expressed his intention to revoke the electric car mandate in favor of energy production through fossil fuels and nuclear power. Furthermore, Trump pledged to commute the sentence of Silk Road founder Ross Ulbricht.
Acknowledging Bitcoin’s rise as the ninth-largest asset by market capitalization globally in a relatively short period, Trump praised its potential to eventually surpass gold as a valuable asset. He highlighted the cross-border influence of Bitcoin and its ability to foster collaboration among people worldwide.
Overall, Donald Trump’s ambitious plans for Bitcoin and cryptocurrency in the US signal a potential shift in policy and regulation if he were to return to office. His emphasis on innovation, progress, and maintaining America’s dominance in the crypto space sets the stage for a new chapter in the relationship between the government and digital currencies.
