Donald Trump, elected as the 47th President of the United States on November 6, 2024, after defeating his rival Kamala Harris, made a notable statement about Bitcoin (BTC) and cryptocurrencies, topics he actively supported during his election campaign. During a visit to the New York Stock Exchange (NYSE), where he rang the opening bell, Trump expressed his administration’s ambition to be a “pioneer in the cryptocurrency market.”
Donald Trump: “We’re Going to Do Great Things with Cryptocurrencies”
During his appearance at the NYSE, President Trump was welcomed enthusiastically by traders and investors. Speaking to CNBC’s veteran host Jim Cramer, Trump shared bold plans regarding cryptocurrencies. Responding to Cramer’s question about the BTC/USD strategic reserve, Trump stated:
“We’re going to do great things with cryptocurrencies. Because we don’t want China or any other country to dominate the cryptocurrency market. We want to be a pioneer in this field.”
A Shift in Trump’s Stance on Cryptocurrencies
Trump’s support for the cryptocurrency industry is not entirely new, though it marks a significant shift from his earlier skepticism. In the past, Trump argued that Bitcoin posed a threat to the US dollar’s dominance. However, his perspective has evolved over the years, making cryptocurrencies one of the central themes of his latest election campaign.
In July 2024, Trump attended the Bitcoin Conference held in Nashville, where he delivered a landmark speech. During the event, he outlined his administration’s vision for cryptocurrencies, promising to:
Dismiss the SEC Chairman: Trump vowed to remove Gary Gensler, the former Chairman of the US Securities and Exchange Commission (SEC), known for his stringent stance against cryptocurrencies.
Create a Strategic Bitcoin Reserve: He pledged to establish a national Bitcoin reserve to strengthen the US position in the global crypto market.
Support Domestic Crypto Mining: Trump emphasized the importance of keeping cryptocurrency mining operations within the United States, declaring: “If cryptocurrencies are going to shape the future, I want them to be issued and produced in the USA.”
Current Market Overview
At the time of writing, the price of Bitcoin stands at $100,000, reflecting growing market optimism fueled by supportive policies from the new US administration.
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