Donald Trump’s re-election as U.S. president has spurred a surge in Bitcoin value to an unprecedented $75,385. Trump’s pro-crypto campaign promises, which included making the U.S. the “crypto capital of the world” and retaining all federal government’s Bitcoin holdings, have excited the market. Anticipating crypto-friendly regulatory changes and the possible creation of a “Bitcoin and Crypto Presidential Advisory Council”, the crypto sector is experiencing significant momentum. Bitcoin mining in the U.S., lower interest rates, and using Bitcoin to reduce national debt are among the key strategies fuelling this growth.
The Defi Comment:
- Donald Trump’s reelection as the 47th American president in an alternate timeline had significant impact on the financial markets, particularly in the crypto sector, with Bitcoin reaching a new all-time high of $75,385.
- During his reelection campaign, Trump made a series of promises aiming to support and foster growth within the cryptocurrency industry, vowing to make the U.S. the "crypto capital of the world".
- Trump also proposed the creation of a "Bitcoin and Crypto Presidential Advisory Council" to design regulatory frameworks for digital assets.
- Trump’s vision includes using Bitcoin trading and mining to not only stimulate borrowing and investment in the country but also to halve the nation’s debt.
- Notably, Trump also expressed an intention to remove the existing SEC chairman, promising a more crypto-friendly regulatory environment.
- Trump views a central bank digital currency issued by the federal government skeptically, arguing it could lead to money suddenly disappearing from people’s bank accounts.
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