Donald Trump, who’s running for president again and was the 45th president of the United States, stated that he supports cryptocurrencies. He also said he’d stop Joe Biden from trying to hurt the crypto industry.“I will support the right to self-custody.” He will also “commute the sentence of Ross Ulbricht to a sentence of time served.” Moreover, Trump emphasized, “I will keep Elizabeth Warren and her goons away from your bitcoin, and I will never allow the creation of a central bank digital currency.”
Donald Trump’s Crypto Promises
Donald Trump, who used to be the President of the United States and is now running for president again, spoke at the Libertarian National Convention in Washington, D.C., on Saturday. He covered various topics, underlining the significance of collaboration between Libertarians and Republicans for achieving electoral success.
On the topic of cryptocurrency, Trump stated:
I will also stop Joe Biden’s crusade to crush crypto. We’re going to stop it. I will ensure that the future of crypto and the future of bitcoin will be made in the USA, not driven overseas.
“I’ll back up your right to keep custody of your own crypto,” he said. “To the 50 million people in the country who own crypto, I promise this: if you vote for me, I’ll make sure Elizabeth Warren and her team can’t touch your bitcoin, and I won’t let them make a digital currency controlled by a central bank.”
Trump also stated:
If you vote for me, on day one, I will commute the sentence of Ross Ulbricht to a sentence of time served. He’s already served 11 years. We’re going to get him home.
“I am proud that I have put forward a detailed plan to smash the censorship and industrial complex and restore free speech,” Trump continued. “On day one, I will sign an executive order banning federal agencies from colluding to censor the lawful speech of American citizens. We will remove the rogue bureaucrats who conspire to take away your First Amendment freedoms. We will do that quickly. I will once again slash a record number of liberty-destroying regulations. I will stop Joe Biden’s plan for the largest tax … increase in the history of our country.”
Moreover, after speaking at the Libertarian National Convention, Trump shared something on his new social media app, Truth Social: “I am very positive and open-minded to cryptocurrency companies, and all things related to this new and burgeoning industry.” He stressed that the U.S. “must be the leader in the field,” emphasizing, “There is no second place.” He also slammed Joe Biden, calling him “the worst president in the history of our country,” noting that he “wants it to die a slow and painful death.” Trump concluded: “That will never happen with me!”
Donald Trump’s Cryptocurrency Evolution: From Skeptic to Advocate
Trump has changed his opinion a lot about cryptocurrencies since he posted about them on Twitter back in 2019, saying: “I am not a fan of bitcoin and other cryptocurrencies, which are not money, and whose value is highly volatile and based on thin air.” After leaving office, Trump has released three non-fungible token (NFT) collections.
Former U.S. President Trump, the first major party nominee to accept campaign donations in cryptocurrency, is dubbed the ‘crypto president’ by Chris Giancarlo, former CFTC chairman, due to his approval of bitcoin futures ETFs during his administration. Recently, Trump criticized Joe Biden’s understanding of cryptocurrency, urging cryptocurrency supporters to vote for him. In March, the 45th U.S. president made these comments. the president referred to Bitcoin as “an additional form of currency,”. And in February, he acknowledged its growing popularity. He stated that Bitcoin has taken on a life of its own, and he can live with it.
FAQs
What is Bitcoin?
Bitcoin is a type of digital currency that utilizes blockchain technology to facilitate transactions among users on a decentralized network. New Bitcoins are created through the mining process, rewarding people whose computer systems validate transactions. Investing in Bitcoin exposes you to a volatile asset class.
What is cryptocurrency?
Cryptocurrency is like online money that you don’t need a bank for. You can use it to buy things or invest without involving banks. Every time someone buys or sells using cryptocurrency, it’s checked and recorded on a super-secure digital record called a blockchain.
How does Trump plan to support the cryptocurrency industry?
While Trump initially expressed skepticism towards cryptocurrencies in 2019, describing them as not being real money, his stance has since shifted, with him acknowledging Bitcoin as an additional form of currency and recognizing its increasing popularity.
Trump has affirmed his support for the right to self-custody of cryptocurrencies, promising to protect individuals’ ability to control and manage their crypto assets.
What is Trump’s opinion on the leadership role of the United States in the cryptocurrency industry?
Trump believes that the U.S. should lead the cryptocurrency field and has stressed the importance of American dominance in the industry, asserting that there is no second place in this regard.
Additionally, Trump has criticized Joe Biden’s understanding of cryptocurrency, accusing him of wanting to harm the industry and urging cryptocurrency supporters to vote for him instead.
What potential impact could Trump’s advocacy for cryptocurrencies have on broader economic policy?
Trump’s advocacy for cryptocurrencies intersects with broader debates surrounding monetary policy, financial innovation, and technological disruption. This raises questions about the future trajectory of economic governance and regulatory frameworks.