Imagine how excited you would be if your Bitcoin was no longer subjected to unreasonable suppression, but instead was fully protected by a heavyweight figure. That's right; this figure is former President Trump! He is making a series of significant promises to the cryptocurrency community, vowing to win the hearts of crypto supporters through a pro-crypto agenda. But the question is, can these promises really be fulfilled?
Trump's promises are not unfounded. He has made it clear that he wants to protect Bitcoin mining rights, stop the development of Central Bank Digital Currencies (CBDCs), and enhance the United States' position in the global crypto industry. These statements immediately made headlines in major media, energizing those in the crypto circle.
However, like many political promises, there are inevitably some doubts in people's minds. Can Trump really deliver on his promises?
In the Republican draft political agenda for July, cryptocurrencies were placed in an important position on the innovation agenda, alongside artificial intelligence and space exploration. The agenda promises to end the Democratic Party's 'illegal and un-American suppression' of cryptocurrencies, supporting Americans to mine, hold, and trade digital assets without government intervention. Trump further inspired crypto enthusiasts at the Nashville Bitcoin conference, pledging that during his term, any 'anti-crypto movement' would come to an end.
But reality is always harsher than ideals. Trump wants to make a big splash in the domestic Bitcoin mining industry, but he faces challenges due to its decentralized nature. His idea of mining all remaining Bitcoins, while eye-catching, goes against the original intent of Bitcoin. Additionally, he wants to establish a national Bitcoin reserve to address national debt, but this proposal also faces legal obstacles and insufficient political support.
In terms of regulation, Trump’s attitude is quite resolute. He has promised to fire Securities and Exchange Commission (SEC) Chairman Gary Gensler and introduce more crypto-friendly regulatory policies. However, firing senior officials is not an easy task; it requires justification and legal procedures, and may trigger political backlash.
Interestingly, Trump also vowed to stop the development of Central Bank Digital Currencies (CBDCs), claiming that centralized digital currencies would erode financial privacy. He also promised to reduce the sentence of Ross Ulbricht, the founder of the infamous dark web market 'Silk Road', even 'releasing' him. While these promises are eye-catching, they also raise doubts: Is Trump really looking out for the crypto community, or is he just creating hype?
However, Trump's support for 'self-custody rights' has resonated with some people. He vowed to legislate protections for it, giving crypto enthusiasts a glimmer of hope. But considering Trump's history of reversing bold statements, some crypto enthusiasts remain cautious.
So, can Trump really become the 'savior' of the crypto world? This question may only be answered by time. Regardless, his promises have already sparked discussions and expectations among those in the crypto community.
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