Could Donald Trump Become Crypto’s Most Influential Advocate? | Science, Climate & Tech News
Cryptocurrency may have secured one of its strongest advocates with the election of the new president.
On Donald Trump’s inauguration day, Bitcoin soared to an unprecedented price of over $109,000, as investors anxiously anticipated how he would enhance the industry—though they were left disheartened when he failed to address it.
Trump and First Lady Melania have also introduced their own cryptocurrencies, naming them $TRUMP and $MELANIA, which demonstrates their enthusiasm.
At one point on Monday, the value of the $TRUMP currency constituted a staggering 90% of the president’s net worth, as reported by Axios, although the coin’s value has since decreased significantly.
While his first day in office may have left the crypto community longing for more, Mr. Trump’s passion for the digital currency will likely contribute to its long-term value, according to Jon Ostler, CEO of the financial market platform Finder, speaking to Sky News.
“[Crypto] is like Santa Claus; the more believers it has, the stronger it becomes,” Mr. Ostler remarked.
A Trump fan wearing a ‘Bitcoin made in America’ cap
In addition to his enthusiasm, the new president could provide essential clarity.
Many governments, including the US, lack clear regulations regarding cryptocurrency, even down to the basic definition of what it is.
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Many are optimistic that President Trump will implement legislation that clarifies the landscape and provides the industry with universal guidelines on permissible actions.
“I’m navigating 50 states, each with vague disagreements on regulations,” stated Austin Campbell, a professor at NYU’s business school in an interview on Bloomberg’s Odd Lots podcast on Monday.
“I am hopeful for federal legislation by 2025.”
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One of President Trump’s other campaign pledges was to establish a “US stockpile” of Bitcoin, though there were no indications of that in Monday’s executive actions.
“If elected, my administration will ensure that 100% of all Bitcoin held or acquired by the US government will be maintained,” he stated in August.
This fund would serve as the “foundation of a strategic national Bitcoin reserve,” potentially providing market stability.
However, Mr. Ostler commented, “I see this as merely hype.”
“It sounds intriguing [but] when we examine the intricate workings of global finance, it may face serious challenges in legislative processes.”
Despite the ambiguity, many maintain hope that they have gained a formidable ally in the White House.
