Former US President and current Republican presidential nominee Donald Trump has pledged to position the United States as a leading force in the cryptocurrency world should he return to the White House. Speaking at the Bitcoin 2024 convention on Saturday, Trump outlined his vision for America as a “Bitcoin superpower” and promised to establish a strategic national Bitcoin reserve. However, he did not suggest creating a federal reserve for digital currencies.
ALSO READ: Cryptocurrency Price Today: Donald Trump’s Pro-Crypto Promises Drives Bitcoin Past $69,000
From ‘Not Money’ To BTC Advisory Council
During his speech, Trump announced his intention to appoint an advisory council to develop transparent regulatory guidance for the cryptocurrency industry. This marks a significant shift from his previous stance, where he had labelled Bitcoin as “not money” and criticised it for its volatility and lack of tangible backing.
Trump’s commitments include the dismissal of Securities and Exchange Commission (SEC) Chair Gary Gensler and the immediate formation of a “Bitcoin and crypto presidential advisory council.”
He emphasised the importance of the US leading in the cryptocurrency space, stating, “I’m laying out my plan to ensure that the United States will be the crypto capital of the planet and the Bitcoin superpower of the world.”
Bitcoin, known for enabling secure peer-to-peer transactions online, has gained significant traction globally. Trump warned the audience of Bitcoin investors that they would face challenges if Vice President Kamala Harris were to become president.
He is the first major party candidate to address the annual cryptocurrency conference, expressing pride in being the first American president to engage with a Bitcoin event.
In addition to regulatory clarity, Trump promised to halt any efforts towards establishing a central bank digital currency (CBDC), asserting, “There will never be a CBDC while I’m President of the United States.” He also voiced support for self-custody rights within the crypto industry.
Bitcoin Can Eclipse Gold
Reflecting on his previous criticism of Bitcoin, Trump now sees potential in its growth and influence. He aims to create a framework for the safe and responsible expansion of stablecoins, enhancing the global dominance of the US dollar. This shift in perspective has drawn attention, with US Senator Cynthia Lummis introducing a bill to direct the US Treasury to purchase one million bitcoins, valued at nearly $70 billion.
Trump predicted that Bitcoin could surpass gold’s $16 trillion market capitalisation, stating, “Soon [Bitcoin] will be surpassing the entire market cap of silver. One day it probably will overtake gold, but based on the way it’s going now, it could very well be a possibility.”
As the race for the White House heats up, Trump’s cryptocurrency policies and promises are poised to significantly influence the future of digital currencies in the United States.
Disclaimer: Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Cryptocurrency is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Cryptocurrency market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.