BTN News: Donald Trump has caused a big stir in the cryptocurrency world. Speaking to a lively crowd at the Bitcoin 2024 conference in Nashville, he shared his dream of making the United States the “crypto capital of the planet” and the top country for bitcoin. This exciting promise has caused bitcoin’s value to jump 7% in the last five days, reaching close to $70,000 for the first time in six weeks.
Trump’s idea is smart. He wants to get support from the growing number of people who love cryptocurrency. He also wants to use the big money from this new group. His plan includes creating a national bitcoin reserve and firing Gary Gensler, the head of the U.S. Securities and Exchange Commission (SEC). Gensler is known for being tough on cryptocurrencies, which many bitcoin supporters do not like.
The market’s reaction to Trump’s support for bitcoin shows how much power political leaders have over cryptocurrency prices. The idea that the United States, the world’s biggest economy, might support bitcoin is very exciting. Trump is ahead in the polls, and people are hopeful that he will create friendly rules for bitcoin. This is making investors very happy.
Álvaro D. María, a well-known Spanish author of “La filosofía de bitcoin,” was at the conference. He said Trump’s announcement is a big deal. He thinks the old worry that governments will stop bitcoin is fading. More people now understand and support bitcoin. María compares this to the discovery of gunpowder. Those who use it first win, and those who wait will lose.
Trump talked about how the Biden administration has not been friendly to the crypto industry. He accused President Biden and Vice President Kamala Harris, the Democratic candidate, of being against bitcoin. According to the Financial Times, Democrats are now trying to fix their relationship with the crypto community, which is getting stronger and more important. Harris has met with leaders from big crypto companies like Coinbase, Circle, and Ripple Labs. This shows that Democrats might change their stance.
Fixing the damage from the past few years won’t be easy. Trump used to say bad things about bitcoin, calling it a “fraud against the dollar.” But now, he is fully supporting it. In Nashville, he was very positive about bitcoin. He compared its rise to the steel industry 100 years ago and said it is now worth more than ExxonMobil. Trump even predicted that bitcoin would become the most valuable asset in the world in 15 years. His words excited the crowd and showed his commitment to bitcoin.
Trump also said that developing the crypto sector is important for the country. He warned that if the United States does not lead in crypto, other countries like China will. Trump’s statement, “If bitcoin is going to the moon, as we say… I want the United States to be the nation leading the way,” shows his vision for America’s future in cryptocurrency.
The recent rise in bitcoin prices, nearing the highs of March, shows that people are hopeful about Trump’s plans. In March, bitcoin prices went above $73,000 when the SEC approved bitcoin exchange-traded funds (ETFs). If Trump comes back to power, investors expect a similar rise, driven by clear and supportive rules.
In short, Donald Trump’s plan to make the United States the center of the bitcoin world is a big change. It’s not only good news for bitcoin investors but could also change the global financial system. As the 2024 elections get closer, the crypto community will watch closely to see if Trump’s promises become real actions. This could start a new era of cryptocurrency dominance for the United States.
