Trump stated that the US should become the crypto capital of the world, promising to fire Gary Gensler and appoint a new SEC chair on his first day in office if elected.
According to him, “Bitcoin and cryptocurrency will soar to the skies like never before” if he becomes president. Trump also predicted that Bitcoin would surpass gold in market capitalization.
He emphasized that the US must take action regarding BTC as soon as possible; otherwise, China will. Upon taking office, Trump plans to establish a presidential advisory council on Bitcoin and cryptocurrencies.
“Bitcoin is a miracle of human achievement,” he said. Trump added that Bitcoin does not threaten the dollar and that the US will issue numerous USD-backed stablecoins that will become accessible to billions of people.
The market reacted negatively to these statements. Shares of companies related to traditional financial services began to fall, and volatility in the cryptocurrency market increased. Experts note that Trump’s promises could lead to uncertainty and increased risk for investors.
Some analysts believe that such statements could cause tension in relations between the US and other countries, especially China, which is already actively developing its cryptocurrency infrastructure. Furthermore, drastic policy changes could negatively impact the stability of financial markets.
At the same time, cryptocurrency supporters received Trump’s speech with enthusiasm, hoping for a significant boost in the role of Bitcoin and other cryptocurrencies in the global economy. They believe that such steps could accelerate the mass adoption of cryptocurrency and attract more investments into the sector.
