Recently, US President-elect Donald Trump’s stance on cryptocurrencies has undergone a significant shift. After his election victory on November 5, 2024, Bitcoin’s value rose by 45%, approaching the $100,000 mark, amid expectations of a favorable regulatory environment for cryptocurrencies under the Trump administration.
On October 16, 2024, Trump and his sons launched a new cryptocurrency exchange called World Liberty Financial, aiming to promote the adoption of stablecoins and decentralized finance. However, the platform had a rocky start, with only a handful of investors buying into its digital currency.
On November 21, 2024, sources familiar with the matter reported that Trump’s team was in talks about potentially creating a new position in the White House to oversee cryptocurrency policies, indicating his commitment to developing the sector.
Additionally, on November 19, 2024, Trump announced that he had selected Howard, CEO of Cantor Fitzgerald, as Secretary of Commerce. Howard will be responsible for overseeing the department, which is a key front for enforcing restrictions on China’s tech sector, as part of Trump’s efforts to bring manufacturing jobs back to the United States and boost cryptocurrencies.
These developments suggest that Trump intends to boost the role of cryptocurrencies in the American economy,