11 Promises US President Donald Trump Made To Bitcoin and Crypto Industry

As a seasoned financial analyst with over two decades of experience under my belt, I have witnessed numerous transformative moments in the global financial landscape. Donald Trump’s promises for Bitcoin and the crypto industry, should he win the 2024 US Presidential election, could very well be one of those defining moments.

If Donald Trump wins the 2024 U.S. Presidential election, it’s caused quite a buzz among cryptocurrency advocates due to his pledges concerning Bitcoin and the crypto market. His commitments have fueled expectations that Bitcoin’s worth could surpass $75,000. With Trump’s re-election, there’s a significant change in U.S. policy direction, aiming to establish the country as a leading player in the worldwide cryptocurrency sphere.

11 Promises Donald Trump Regarding Bitcoin And Crypto

As per a current update from Spot On Chain, Donald Trump has proposed 11 significant pledges to bolster his backing among Bitcoin supporters. These guarantees involve adjusting regulations to establish a more inviting atmosphere for digital currencies.

1. Fire SEC Chairman Gary Gensler

Trump indicated his intention to reshape cryptocurrency regulations by dismissing Securities and Exchange Commission (SEC) Chair Gary Gensler on his initial day in office. As a pivotal figure in cryptocurrency oversight, Gensler’s removal suggests that Trump is committed to championing policies favorable to the crypto sector.

As a crypto investor, I’ve heard rumors that individuals such as SEC Commissioner Hester Pierce, who is known for her favorable views on cryptocurrencies, are being considered as possible replacements for Gary Gensler in his position at the SEC.

2. Establish a National Bitcoin Stockpile

Trump proposes establishing a US “Reserve of Bitcoin” viewing it as a valuable national resource, similar to gold. Such a move would represent a significant transformation in the way digital currencies are managed within U.S. monetary policy.

As an analyst, I propose that by adopting certain characteristics, our flagship cryptocurrency might transition from being perceived as a high-risk investment to a safe haven, much like how investors view gold. In other words, we could be witnessing its transformation into a go-to asset during times of market uncertainty.

3. Donald Trump Plans To Make the US the Global Hub for Crypto

As a forward-thinking crypto investor, I’m thrilled about the vision of Trump’s administration to establish the United States as the global “capital of cryptocurrency.” This ambition could significantly increase investments in digital currencies and fuel groundbreaking innovations within the blockchain sector.

Previously, numerous cryptocurrency companies had opted to establish their main offices overseas. However, this trend might shift under President Trump’s proposed plans.

4. Retain Bitcoin Holdings from Seizures

Trump pledged to keep all the 203,650 Bitcoins (worth approximately $14.95 billion) owned by the U.S. government at present. His aim is to establish a national Bitcoin reserve to shield the asset from potential legal confiscations and ensure its growth in the future.

If the U.S. government, under the leadership of President Trump, were to increase its holdings of Bitcoin, it would further establish the United States as a major player in the cryptocurrency world. This action could solidify the country’s prominent position within the global Bitcoin market.

5. Eliminate Capital Gains Tax on Bitcoin

Trump’s proposal involves exempting capital gains taxes from Bitcoin transactions. This could attract more American investors to purchase, hoard, and use Bitcoin as an investment or means of exchange.

This action could lead to an increase in institutional investments in the Bitcoin system, as more companies would feel secure enough to add Bitcoin to their financial records due to its enhanced reputation.

6. Donald Trump To Support Domestic Bitcoin Mining

Trump intends to prioritize U.S.-based Bitcoin mining as a means to promote energy self-reliance and dominate the digital economy. He advocates for constructing mining facilities on domestic land.

It’s noteworthy that many cryptocurrency miners are currently based in the U.S., and expanding this trend could strengthen America’s position as a leader in Bitcoin mining.

7. End the Anti-Crypto Crusade

Trump intends to put an end to the “cryptocurrency crackdown” and advocate for a fair handling of digital assets. His aim is to establish a favorable climate for cryptocurrencies with appropriate regulations.

This connection arises because the newly elected president may dismiss Gary Gensler, the current chair of the U.S. Securities and Exchange Commission (SEC), who has been a prominent figure in the ongoing campaign against cryptocurrencies.

8. Launch a Bitcoin and Crypto Advisory Council

Trump unveiled plans for a consultative body to establish a well-defined regulatory structure. This panel will comprise influential figures from industries as well as advocates, who will assist in shaping policies.

This advisory group will work towards creating innovative solutions, which, in turn, could positively impact both the crypto sector and its broader market.

9. Protect Self-Custody Rights

As a crypto investor, I’m reassured by Trump’s commitment to safeguard our ability to manage our own digital assets. This means we can maintain ownership and control over our cryptocurrencies without needing to rely on external financial institutions.

Making this shift could significantly boost cryptocurrency acceptance, particularly among those who predominantly invest in Spot Bitcoin ETFs and similar products due to a perceived absence of definitive regulatory guidance.

10. Oppose a Central Bank Digital Currency (CBDC)

Trump firmly disagrees with the concept of Central Bank Digital Currencies (CBDCs), arguing they infringe upon privacy and individual financial autonomy. His administration plans to impede any advancements related to CBDC initiatives.

This promise undoubtedly benefits stablecoin issuers like Tether and Circle, with USDT and USDC currently dominating the market.

11. Donald Trump Promised To Commute Ross Ulbricht’s Sentence

Trump announced his intention to reduce the dual life imprisonment of Ross Ulbricht, creator of Silk Road, thereby underscoring his efforts towards redefining how digital finance is handled within the legal system.

During Trump’s preparations for his presidency, the cryptocurrency community is eagerly observing to find out whether these pledged changes will reshape the country’s digital currency landscape.

2024-11-06 18:30