In light of the 2024 US election victory, Donald Trump is back in the limelight, not just as the 47th President of the US but also as a supporter of BTC and a stern believer in cryptocurrencies. This year, after Trump emerged as the winner, interest in digital assets soared, and a new high for Bitcoin soared past $75,000.
Donald Trump (@realDonaldTrump) has won the 2024 #USelection, backing the #Bitcoin price to soar above $75,000—a new all-time high!
Here are the 11 promises President Donald Trump has made regarding Bitcoin and cryptocurrency:
1/ Fire SEC Chairman Gary Gensler on Day 1
2/…
pic.twitter.com/uksgtLPF0W
— Spot On Chain (@spotonchain) November 6, 2024
In a series of highly audacious statements, the President has set out a detailed policy agenda to transform the bitcoin market in the United States of America, which presents a pro-BTC disposition.
Trump’s 11-Point Crypto Vision
President Trump’s administration is expected to turn pro-crypto and favor BTC. Trump’s 11-point economic policy, published in his campaign, seeks to turn the United States into the global capital for cryptocurrency.
One of the substantial promises is to create a “National Bitcoin Stockpile,” which shows the awareness of the value of Bitcoin, which is similar to gold. Such a mindset creates an image of a future in which a digital currency will be essential to the nation’s reserves.
The agenda also includes firing SEC Chairman Gary Gensler, positioning the U.S. as the “Bitcoin and cryptocurrency capital of the world”, retaining the government’s Bitcoins holdings, abolishing the capital gains tax on Bitcoin, halting regulatory suppression, and forming a Bitcoin and crypto advisory council. This agenda has set a goal towards achieving a favorable environment within the United States regarding cryptocurrencies for the growth and development of this sector.
Bitcoin Price Surges Amid Policy Shift Speculations
As the word spread that Trump is inclined toward the crypto-friendly approach, Bitcoin rose to $75,000. This increase can be linked to the optimistic reactions of investors to Trump’s campaign, suggesting a more benign regulatory approach in the US. For example, investors who believe it would spur more Americans to embrace it.
So far, the United States has an estimated $15 billion invested in crypto consisting of more than 203,650 bitcoins, which Trump vowed to maintain. This holding could be helpful and might become a sort of reserve asset for the US government, making the USA interested in BTC’s further development alongside other nations interested in incorporating Bitcoin into their national reserves.
The Path Forward
Although the bullish sentiment has boosted the market, the Trump administration has some challenges. For instance, the Internal Revenue Service cannot repeal the capital gains tax on BTC independently as it has to go through Congress, and it may not be well received due to concerns about prospective revenue losses. Besides, forming a “National Bitcoin Stockpile” may contribute to discussions regarding the fluctuations of cryptocurrencies and the possible negative consequences of including them in a country’s reserves.
Another decision that attracted controversy was the pardon of Ross Ulbricht, who created the prolific Silk Road. In the view of many, particularly those who came across Bitcoin early enough, Ulbricht is a beacon of early adoption of BTC. In contrast, others saw him as a criminal who tapped into the anonymity of digital coins.
Implications for the Global Cryptocurrency Market
Given Trump’s goals, the United States could pave the way for other nations to adopt cryptocurrency technology, as outlined by the president. This may also pressure regulatory authorities, such as the SEC, to relax laws on digital assets. If these promises come through, they could foster an environment that would benefit the advancement of digital currencies in the United States, with similar policies implemented in the European and Asian markets.