Trump promised to make the US a cryptocurrency superpower

Former US President and current Republican candidate Donald Trump has announced his intention to make the United States the cryptocurrency capital of the world if elected in November. He also pledged to create a “presidential advisory council on bitcoin and cryptocurrencies” and promised that “the rules will be written by people who love the industry, not hate it,” CNBC reports.

Image source: convertcrypto.ru

However, Trump’s speech at the Bitcoin Conference was accompanied by modest proposals. Specifically, he promised to simply maintain the US government’s current bitcoin holdings, while independent presidential candidate Robert Kennedy Jr. promised to launch a reserve of 4 million bitcoins. However, the initial stock of this reserve, which the government has already accumulated as a result of criminal confiscations, will not be included in the specified amount. Kennedy said he would instruct the government to buy 550 bitcoins per day until the reserve reaches 4 million.

Also, Senator Cynthia Lummis, a Republican from Wyoming, after Trump’s speech, presented a legislative proposal to create an official US federal reserve in the amount of 1 million bitcoins over five years. “The main cryptocurrency will be held for at least 20 years and can be used for the purpose of reducing our debt,” Lummis said.

That is, Trump’s main promise was the obligation not to sell bitcoins confiscated by the US government. At that time, other conference participants proposed more significant measures in the form of creating a state reserve of bitcoins. As a result, during Trump’s speech, the price of Bitcoin went down briefly, but then recovered and even grew during the day.

Trump’s speech contrasts with his previous stance, when he publicly criticized Bitcoin, calling it a “scam” and a “currency that competes with the dollar.” However, after losing the 2020 election, he began to actively demonstrate his support for the crypto industry, while the sharp change in his rhetoric caused mixed reactions.

Experts note that the growing influence of cryptocurrency advocates in Washington could lead to a relaxation of cryptocurrency regulation, regardless of who wins the 2024 presidential election. Interestingly, the team of Vice President Kamala Harris, which previously refused to participate in the Bitcoin 2024 conference, has also begun to show interest in cryptocurrencies. According to the Financial Times, Harris representatives have begun holding meetings with representatives of the crypto industry, which may indicate a possible revision of the extremely tough position of the Democratic Party towards cryptocurrencies.