In this post. Trump has raised $25 million in crypto donations after calling bitcoin a fraud.
His plans for a National #Bitcoin Reserve and Advisory Board are fraught with risk, especially given his personal business interests.
Trump's new venture, World Liberty Financial, is considered questionable, and people fear his involvement could hurt the entire industry.
Donald Trump is trying to be the #cryptocurrency community's best friend; in 2019, he called bitcoin a scam and said that #cryptocurrencies will lead to more crime.
It's an election year, and he's already singing a different tune, calling himself the crypto president.
Why the change? It's simple. He needs votes and money. His campaign has already raised about $25 million in donations from the industry.
But the big question is whether he can remain a supporter of cryptocurrencies if he returns to the presidency. Spoiler alert. At the Bitcoin Conference in Nashville, he promised to make the U. S. the cryptocurrency capital of the world.
He talked about creating a strategic national bitcoin reserve. This means all bitcoins held by the U. S. government, which is worth more than $12 billion as of this article's publication.
he also wants to create a cryptocurrency advisory board made up of industry players to help develop new regulations.
And he is completely against central bank digital currencies (CBDCs), calling them a dangerous threat to freedom.
he intends to do everything in his power to stop the Federal Reserve from creating such a currency. All of this is aimed at attracting the cryptocurrency community to his side and fighting those whom Biden calls anti-cryptocurrency crusaders.
Trump's promises sound great on paper, but they are not realistic. In particular, the idea of creating a strategic national bitcoin reserve is crazy.
Bitcoin is unstable. Putting it at the center of U. S. monetary policy is like playing with fire.
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