We’re one day out from one another volatile U.S. election campaign, and it looks like it will be a nail-biter that could go either way. The crypto industry, however, is hoping for a Trump victory, for mercurial reasons, of course.
That’s because, in a striking pivot from his earlier skepticism, former President Donald Trump has emerged as a vocal advocate for cryptocurrency during his 2024 presidential campaign. This transformation is underscored by a series of ambitious promises aimed at positioning the United States as a global leader in the digital asset arena. Whether or not he keeps any of these promises is debatable, even doubtful, but it seems clear that the market will like a Trump win more than a Harris win.
🔶Trump’s Key Crypto Promises
🔸Establishing a Strategic Bitcoin Reserve
Trump has proposed the creation of a “strategic Bitcoin stockpile,” wherein the U.S. government would retain all Bitcoin it currently holds or acquires in the future. This initiative aims to bolster national security and economic stability by integrating digital assets into the country’s financial reserves. “Bitcoin is not just a marvel of technology; it’s a miracle of cooperation and human achievement,” Trump declared in July, suggesting that Bitcoin might one day surpass gold in value. “Bitcoin can possibly overtake the market cap of gold. what do you think will happen when people figure that out?” he said. If Trump is smart, he could put Cynthia Lummis in charge of this thing.
🔸Firing SEC Chair Gary Gensler
Criticizing the Securities and Exchange Commission’s (SEC) regulatory approach under Chair Gary Gensler, Trump has pledged to dismiss Gensler “on day 1” if elected. He argues that the current administration’s policies have stifled innovation within the crypto industry and vows to implement more favorable regulations. “I pledge to the Bitcoin community that the day I take the oath of office, Joe Biden and Kamala Harris’ anti-crypto crusade will be over,” Trump vowed in Nashville at Bitcoin 2024 in July. “It will end. It will be done.”
🔸Promoting Domestic Bitcoin Mining
Emphasizing the importance of domestic production, Trump has expressed a desire for most remaining Bitcoin to be mined within the United States. This initiative aims to enhance national control over Bitcoin production and capitalize on the economic opportunities presented by the mining industry. “If crypto is going to define the future, I want to be mined, minted, and made in the U.S.A,” Trump said in Nashville. “It’s not going to be made anywhere else.”
Last week, on the 16th Anniversary of Satoshi’s White Paper, Trump tweeted “I would like to wish our great Bitcoiners a Happy 16th Anniversary of Satoshi’s White Paper,” Trump wrote. “We will end Kamala’s war on crypto, & Bitcoin will be MADE IN THE USA!”
#USElections2024Countdown #ElectionNightBTCGuess #NovemberMarketAnalysis
