The long-awaited U.S. presidential election is finally over! Republican candidate Donald Trump has clinched the presidency for a second term after a 4 year break. And guess what? On November 5, Bitcoin hit a new all-time high🚀, with nearly all public Bitcoin mining companies soaring. Coincidence? Maybe not.
Earlier this year, Trump made waves at the Bitcoin Conference 2024, becoming the first U.S. president to address a Bitcoin event. His welcoming stance on Bitcoin and crypto left an impression—and with the market's performance, it looks like the crypto bros were happy to see Trump voted in.
Media Credit: @BecauseBitcoin.com
Could this be the beginning of a new golden era for crypto? Let's break down Trump's promises for Bitcoin and crypto over the next four years. Will he deliver? Here's what he laid out in his keynote at the Bitcoin 2024 conference:
Support for Bitcoin and Industry Growth
Trump is all-in on Bitcoin's potential, and he didn't hold back on the praise:
"Bitcoin is not just a marvel of technology... it's a miracle of cooperation and human achievement."
"If crypto is going to define the future, I want it to be mined, minted, and made in the USA."
Positioning the U.S. as a Global Crypto Hub
He wants the U.S. at the forefront of crypto:
"This afternoon, 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."
Commitment to Energy Policies that Boost Crypto Mining
Trump's doubling down on affordable energy to fuel crypto mining:
"We will be creating so much electricity that you'll be saying, 'Please, please, Mr. President, we don't want any more electricity.'"
"With low energy costs, America will become the world's undisputed Bitcoin mining powerhouse."
Establishing a Crypto-Friendly Regulatory Environment
Big changes are coming to the SEC and beyond:
"On day one, I will fire Gary Gensler and appoint a new SEC chairman who believes America should build the future, not block the future."
"As president, I will immediately shut down Operation Choke Point 2.0... we're not going to let that happen."
No Central Bank Digital Currency (CBDC)
Trump made it clear he's no fan of a government-controlled digital currency:
"There will never be a CBDC while I'm president of the United States."
"I will always defend the right to self-custody... we're going to have a great industry, and we're going to be fuel for your industry, not demolish your industry."
Maintaining the U.S. Government's Bitcoin Stockpile
In a bold move, he pledged to hold onto the government's Bitcoin stash:
"If I am elected, it will be the policy of my administration... to keep 100% of all the Bitcoin the U.S. government currently holds or acquires into the future."
"This will serve in effect as the core of the Strategic National Bitcoin stockpile."
Formation of a Crypto Advisory Council
Trump's forming a council to shape clear crypto regulations with industry insiders:
"I will immediately appoint a Bitcoin and crypto presidential advisory council... Their task will be to design transparent regulatory guidance for the entire industry, and they will get it done in 100 days."
Pledge to Ross Ulbricht
He even threw in a pledge of clemency for Ross Ulbricht, founder of the darknet market Silk Roadm who has been incarcerated for over 12 years:
"I repeat my pledge to commute the sentence of Ross Ulbricht to a sentence of time served. It's enough."
Economic Promise for Bitcoin's Future
And finally, Trump predicts a major economic boom for Bitcoin:
"Bitcoin and crypto will skyrocket like never before... as we stop the war on crypto, we will begin to build our economy."
Final Thoughts
Trump's bold statements have certainly stirred excitement in the crypto community. But actions speak louder than words. As we await the transformation of these promises into concrete policies, the crypto world is buzzing with possibilities.
From pledging to fire SEC Chairman Gary Gensler to promising no CBDC under his watch, Trump's stance should mark a significant shift in U.S. crypto policy. His commitment to making the U.S. a global crypto hub could reshape the industry's landscape.
But let's not forget, the crypto market is as volatile as ever. While optimism is high, only time will tell how these promises will impact the market in the long run.
So, what do you think? Are we really about to see "Bitcoin and crypto skyrocket like never before"? One thing's for sure: the next four years are set to be an exciting ride for crypto bros.
Disclaimer: The views expressed in this article are my own and are based on publicly available information. This content is intended for informational purposes only and should not be construed as investment advice. Readers are encouraged to conduct their own research before making any investment decisions. Past performance is not indicative of future results. No recommendation or advice is being provided as to the suitability of any investment for any particular investor.
