To mark the 16th anniversary of Bitcoin’s inception, former U.S. President Donald Trump has strengthened his stance in defending the government’s restrictive policies regarding cryptocurrencies. Trump declared himself a Bitcoin supporter in a social media post, declaring that he would end what he called “Kamala’s war on crypto.” His statement, which was an allusion to his opponent Kamala Harris, also highlighted the pro-Bitcoin policy agenda he would push if he were elected.
Trump took the opportunity to talk about his commitment to the cryptocurrency community and emphasize his intention to promote Bitcoin innovation in the United States. The event comes days before the November 5 election, where Trump hopes to win the support of cryptocurrency advocates.
Support Bitcoin and Crypto-Friendly Policies
Trump’s message to the Bitcoin community also included a reiteration of his plan to pardon Ross Ulbricht, the founder of Silk Road, who is serving a life sentence. His recent posts suggest that he sees his pro-Bitcoin approach and its technology as an opportunity to strengthen the United States’ economic independence and technological leadership. In addition, he has proposed a comprehensive overhaul of cryptocurrency regulations, a move that may be aimed at distancing the United States from current policies that many cryptocurrency advocates have criticized.
Trump has been aggressively pursuing crypto voters, promising to end federal Bitcoin sales and fire SEC Chairman Gary Gensler, who is known for his tough stance on cryptocurrency enforcement. Trump’s strategy is gaining traction, especially as BlackRock’s Bitcoin ETF attracts record investments.
Bitcoin's Momentum and What the Election Means
Bitcoin has maintained steady growth, with notable corporate holders like MicroStrategy adding to their portfolios. Trump’s pro-Bitcoin rhetoric could add to this momentum, especially if his proposed policies loosen regulatory constraints. Many crypto enthusiasts believe that a Republican victory could accelerate pro-crypto reforms, potentially sending Bitcoin to new highs. Notably, a Trump victory, combined with Republican control of Congress, could create favorable conditions for the digital asset, potentially pushing Bitcoin to $125,000 by year’s end.