Donald Trump promises to make Bitcoin a national reserve asset, end the crackdown on cryptocurrency, and revitalize the cryptocurrency mining industry.
"I am committed to the Bitcoin investor community, the day I take office, anti-cryptocurrency moves will end. This industry will thrive," one of Trump’s shocking statements before the 47th presidential election in the U.S. After a resounding victory, his policies became a top topic of interest, including commitments to make America a "cryptocurrency superpower."
Bring all unmined Bitcoin back to America
From the beginning, Trump was not a supporter of Bitcoin and cryptocurrency. However, his views on the industry have changed. Trump's campaign accepted donations in cryptocurrency and received support from David Bailey, CEO of Bitcoin Magazine.
Previously in June, at Palm Beach, Florida, more than ten executives and experts in the Bitcoin mining industry met with the former president. The conversation lasted an hour and a half, marking the first time Trump met with representatives of the $1.5 trillion industry. This meeting also brought together a coalition of the largest cryptocurrency mining companies in America such as Riot Platforms, Marathon Digital Holdings, Terawulf, CleanSpark, and Core Scientific.
Less than four hours after the meeting concluded, Trump took to social media and declared: "I want all remaining Bitcoin to be mined in America." He likened cryptocurrency to being in its infancy and described it as the "steel industry of 100 years ago." Since then, Trump has repeatedly reiterated this viewpoint throughout his campaign to become the 47th president of the United States.
By July, the former president was the keynote speaker at the Bitcoin Conference 2024 held in Nashville. Here, he made a series of clear commitments to support cryptocurrency such as establishing a "cryptocurrency advisory council"; putting cryptocurrency into the federal reserve; pledging to retain all Bitcoin in the government's hands rather than selling...
"I will present my plan to ensure that America will be the hub of cryptocurrency and the Bitcoin superpower of the world. We will make it happen," Trump said at the Bitcoin Conference in July.
End the "crusade against cryptocurrency"
In his speeches, Trump emphasized that the current administration's unfriendly stance towards Bitcoin is wrong and has produced "terrible results" for America. He referred to "Choke Point 2.0" as a "crusade against cryptocurrency" that needs to end immediately.
"On my first day in office, I will fire Gary Gensler," Trump referred to the Chairman of the U.S. Securities and Exchange Commission (SEC). Gensler is well-known for his negative views on cryptocurrency. During his tenure, the SEC chairman has filed over 100 lawsuits against cryptocurrency companies. However, industry companies argue that the legal battles initiated by the SEC do not bring clear benefits or regulations.
Not stopping there, Trump also committed to commuting the sentence of Ross Ulbricht, who is serving a life sentence for founding and operating the online black market Silk Road. This website is one of the biggest scandals in cryptocurrency history as Bitcoin became a tool for criminals to buy and sell weapons, drugs, and conduct illegal transactions.
Open a strategic national reserve fund
At the Bitcoin Conference in July, former President Trump stated that when he returns to the White House, he will ensure that the federal government never sells the Bitcoin it holds. "For far too long, our government has violated the fundamental principle that every Bitcoin player knows by heart: Never sell your Bitcoin," Trump said.
The former U.S. president also proposed establishing an official federal reserve fund for cryptocurrency. U.S. Senator Marsha Blackburn from Tennessee called this announcement a "historic moment."
Trump also pledged to maintain all of the Bitcoin that America has from seizing assets from financial criminals. He even wants to buy back the Bitcoin the government previously sold.
Currently, the U.S. Federal Police Agency regularly auctions Bitcoin as well as other cryptocurrencies. Such pushes of Bitcoin into the market can cause the cryptocurrency's price to drop due to supply-demand imbalances.
Establish a Bitcoin advisory council
In his campaign, Trump announced he would establish a "Bitcoin and cryptocurrency advisory council." He stated: "The rules will be written by those who love the industry, not by those who hate it."
Trump's promise has basis as during the victory celebration at Mar-a-Lago, he was present with a list of close supporters like Elon Musk, Robert F. Kennedy, CEO of Cantor Fitzgerald, Howard Lutnick. These three individuals share one thing in common: cryptocurrency. Even vice presidential candidate JD Vance is a proponent of cryptocurrency and is believed to hold a large amount of Bitcoin.
More importantly, data from Coinbase's "Stand With Crypto" (SWC) website shows that 262 cryptocurrency-supporting candidates won seats in Congress, including 247 seats in the House and 15 seats in the Senate. This number far exceeds 123 candidates who opposed or held neutral views on cryptocurrency, indicating the growing influence of the cryptocurrency community in American politics.
Not all of Trump's promises before the election have come to fruition; however, signals indicate that his victory is opening the door to a government friendly to Bitcoin and raising expectations for cryptocurrency supporters.