President Donald J. Trump recently made bold claims about his plans for Bitcoin in the United States, expressing his determination to establish the country as a “Bitcoin superpower” and maintain its competitive edge against countries like China. He emphasized his commitment to holding onto the approximately 200,000 Bitcoin currently owned by the US government, which accounts for about 1% of the total supply. Trump criticized past practices of selling off Bitcoin, stating that it goes against the fundamental rule of never selling the digital currency.
In a move to shake up the regulatory landscape, Trump proposed firing SEC chair Gary Gensler on his first day in office, citing the need for a new leader who prioritizes innovation and progress. He went as far as to suggest that Vice President Kamala Harris has plans to appoint Gensler as Treasury Secretary in the future. Trump condemned the current administration for its perceived hostility towards cryptocurrencies, labeling it as an “un-American” approach. He made a firm pledge to halt what he referred to as “Operation Chokepoint 2.0” to ease restrictions on the crypto industry.
With the aim of fostering growth within the crypto sector, Trump unveiled his proposal to establish a “Presidential crypto advisor” tasked with developing a framework that encourages advancement and innovation in the industry. He stressed the strategic importance of cryptocurrencies in geopolitics and envisioned the US as a frontrunner in their adoption. Trump warned of the consequences of falling behind in the crypto race, asserting that failing to embrace this digital revolution would result in other nations taking the lead.
Furthermore, Trump outlined his strategy to position the US as a powerhouse in Bitcoin mining by securing access to affordable electricity. He highlighted his intention to reverse the electric car mandate in favor of utilizing fossil fuels and nuclear power to meet the country’s energy needs. In a surprising revelation, Trump committed to commuting the sentence of Silk Road founder Ross Ulbricht, a move signaling his support for the crypto community. Recognizing Bitcoin’s rapid ascent as a significant asset class, Trump predicted its potential to surpass gold in value, showcasing its prowess as the ninth-largest asset by market capitalization worldwide in a relatively short span of time.
Acknowledging Bitcoin’s transcendent reach and its capacity to facilitate collaboration among individuals worldwide, Trump underscored the pivotal role of the flagship cryptocurrency in promoting international cooperation. By championing Bitcoin as a cornerstone of America’s economic and technological advancement, Trump’s ambitious vision for the future of cryptocurrency stands poised to reshape the landscape of digital finance on a global scale.
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