The election of Donald Trump as the 47th President of the United States has sent shock waves through the financial markets, especially in the crypto sector. Following his victory announcement, Bitcoin rose to a new all-time high of $75,385, marking a significant recovery for the digital asset market.
This increase comes amid a series of promises Trump has made during his presidency re-election campaign to support and promote growth within the cryptocurrency industry.
Trump’s view on crypto
Now that Trump is back in the White House for the 2025-2029 term, he made ten most important promises during his campaign that could shape the future of digital assets in America.
One of Trump’s main promises is to make the US the ‘crypto capital of the world’ maintained the federal government’s Bitcoin holdings. He has promised that the US will retain 100% of all Bitcoin currently owned or acquired in the future from assets seized from financial criminals.
During a keynote speech at the 2024 Bitcoin Conference in Nashville, Tennessee, Trump emphasized the importance of not selling Bitcoin, which aligns with the principle that “never sell your Bitcoin” is fundamental to the community.
Trump has also made headlines with his promise to shoot US Securities and Exchange Commission (SEC) Chairman Gary Gensler on his first day on the job.
Gensler has overseen countless lawsuits against crypto companies, which many in the industry consider an overreach. While Trump cannot directly fire the SEC chairman, his intention to appoint a new leader signals a desire for a more crypto-friendly regulation.
The Republican also expressed strong skepticism about creating one central bank digital currency (CBDC), issued by the federal government, which he has promised to block. He argues that this would create a dangerous situation where money could suddenly disappear from people’s bank accounts.
End hostilities against digital assets
In an effort to give the crypto industry a stronger voice in government, Trump proposed the creation of a “Presidential Advisory Council on Bitcoin and Crypto.” He noted that the regulatory framework Because digital assets would be designed by those who understand and support the industry, not by those who are hostile to it.
Trump has repeatedly expressed the need for all Bitcoin to be mined in the United States. After meeting with leading Bitcoin mining executiveshe emphasized that American energy independence should extend to cryptocurrency mining, arguing that Biden’s policies favor foreign interests over American innovation.
In a broader economic context, Trump has indicated that he would pursue a policy of lowering interest rates if elected. Lower interest rates tend to stimulate borrowing and investing, which historically correlates with increases in cryptocurrency prices.
With Bitcoin at the center of his new economic policy, the 47th president has pledged to use the largest cryptocurrency on the market to halve profits. the country’s national debtsignificantly reducing the $35 trillion figure that is growing exponentially every week.
Trump has also pledged to propose a comprehensive digital asset policy while ceasing hostilities against the sector once in power. Finally, Republicans are expected to overturn the election conviction from Silk Road online marketplace founder Ross Ulbricth.
At the time of writing, the largest cryptocurrency on the market has fallen from its new all-time high to a current trading price of $74,416 per coin.
Featured image from NBC, chart from TradingView.com