December 22, 2024
US President-elect Donald Trump has high ambitions for the cryptocurrency market, with media reports suggesting he wants to see Bitcoin hit $150,000 during his second term. While that goal appears achievable based on the cryptocurrency’s current performance, Trump’s pro-crypto stance has raised concerns about conflicts of interest.To get an advertising service for crypto projects
Donald Trump: Bitcoin Vision at $150,000, Pro-Policies on the Horizon
According to a report published by Axios, Trump has expressed his great enthusiasm for cryptocurrencies, assuring his inner circle that he would like Bitcoin to reach unprecedented levels during his presidency. The report indicated that Trump sees cryptocurrencies as another financial market that requires government support, just as he previously viewed the stock market as a barometer of his administration’s performance.
Since his election, Bitcoin has seen a massive surge, rising from $68,000 to $103,000. Trump, in turn, did not hesitate to take credit for this achievement, posting on his Truth Social platform congratulating the Bitcoin community on this performance, pledging to continue supporting the market.
Trump has long emphasized the importance of creating a favorable environment for cryptocurrencies. As part of his election platform, he pledged to appoint cryptocurrency advocate Paul Atkins as chairman of the US Securities and Exchange Commission (SEC). He also announced his intention to end what he called the “illegal war on cryptocurrencies” led by the previous administration, emphasizing “the right of every American to own their digital assets.”
Despite Trump’s enthusiasm for cryptocurrencies, some have suggested there could be a conflict of interest. Trump has digital ventures, including his own NFT collections and the decentralized finance platform World Liberty Financial, which he launched with his sons. He is also reportedly planning to launch his own cryptocurrency for his media platform, Truth Social.
Despite Trump’s ambitious goals, political and economic challenges may hinder their achievement. Trump is likely to face pressure to make quick progress to ensure Republican control of Congress in the upcoming elections. However, creating a favorable regulatory framework for cryptocurrencies may take longer than expected.
Trump’s stance on cryptocurrencies represents a paradigm shift in US policies towards this booming sector. However, political challenges and concerns about vested interests raise questions about the future of this industry under his leadership. For now, the market seems poised for more volatility, with hopes for a clearer and more regulated future.
