Trump's statement on cryptocurrency, the market is turbulent!
On Sunday, July 28, 2024, former US President Trump announced at the Bitcoin 2024 conference that if he could return to the White House, he would list Bitcoin as a US strategic reserve asset. This statement made the cryptocurrency market like a roller coaster, with great fluctuations, and also triggered a big discussion in the industry.
Let's talk about the price of Bitcoin first. As soon as Trump finished his speech, the price began to jump up and down. It fell for a while, then rebounded and rushed to $69,000. This shows that the market is still very enthusiastic about Bitcoin, and it seems to support the possible policies mentioned by Trump. This ups and downs also makes it clear to everyone that as an asset, the market's reaction to Bitcoin is quite sensitive, especially when it hears that there may be changes in regulation.
Let's look at Trump's promise. He said that if he could become president again, he would do a lot of things to support the cryptocurrency industry. For example, Bitcoin should be regarded as a strategic reserve asset of the United States; the current chairman of the U.S. Securities and Exchange Commission should be fired and replaced by someone who is more friendly to cryptocurrencies; a Bitcoin presidential committee should be established to make the United States the center of cryptocurrencies; and the central bank digital currency should not be used; stable currency legislation should be promoted to protect employment in the cryptocurrency field.
The industry's reactions to Trump's speech were also varied. Some cryptocurrency supporters were very happy and thought it was a good sign for the industry to develop greatly. Some industry observers and investors also expressed support and thought that these policies would give the cryptocurrency industry a long-term future. However, some people did not believe it and thought that Trump's promises were difficult to fulfill, or that his attitude might change with the political trend.
