Donald Trump’s election as the 47th president of the United States has sent shockwaves through the financial markets, particularly in the crypto sector. Following his victory announcement, Bitcoin surged to a new all-time high of $75,385, marking a significant rebound for the digital asset market.
This rise comes amid a series of promises Trump made during his reelection campaign to support and foster growth within the cryptocurrency industry.
Trump’s Vision For Crypto
With Trump now back in the White House for the 2025-2029 term, he made ten key promises during his campaign that could shape the future of digital assets in America.
One of Trump’s key promises is to make the US the “crypto capital of the world” while maintaining the federal government’s Bitcoin holdings. He has pledged that the US will keep 100% of all Bitcoin currently held 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 fire the US Securities and Exchange Commission (SEC) Chairman Gary Gensler on his first day in office.
Gensler has overseen numerous lawsuits against crypto firms, which many in the industry view as an overreach. While Trump cannot directly remove the SEC chair, his intention to appoint a new leader signals a desire for a more crypto-friendly regulatory environment.
The Republican also expressed strong skepticism about creating a central bank digital currency (CBDC) issued by the federal government, which he has vowed to block. He argues that it would create a dangerous situation in which money could suddenly disappear from people’s bank accounts.
End Hostilities Against Digital Assets
In a move aimed at giving the crypto industry a stronger voice in government, Trump proposed the creation of a “Bitcoin and Crypto Presidential Advisory Council.” He noted that the regulatory framework for digital assets would be designed by those who understand and support the industry rather than by those who are seen as antagonistic toward it.
Trump has frequently expressed the need for all Bitcoin to be mined in the United States. After a meeting with leading Bitcoin mining executives, he emphasized that US 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 policies to lower interest rates if elected. Lower rates typically stimulate borrowing and investment, which historically correlates with increases in cryptocurrency prices.
With Bitcoin at the center of his new economic policy, the 47th president has vowed to use the largest cryptocurrency on the market to halve the country’s national debt, significantly reducing the $35 trillion figure that is growing exponentially weekly.
Trump has also promised to propose a comprehensive digital asset policy while ceasing hostilities against the sector once in office. Finally, the Republican is expected to overturn the conviction of Silk Road online marketplace founder Ross Ulbricth.
The daily chart shows that BTC’s price is trending upward. Source: BTCUSDT on TradingView.com
At the time of writing, the largest cryptocurrency on the market has dropped from its new record high to a current trading price of $74,416 per coin.
Featured image from NBC, chart from TradingView.com
