365Crypto
Bitcoin jumped to a new ATH after the win of former president Donald Trump in this election. Trump made a lot of promises to the crypto community, and if fulfilled they would take the crypto market cap much higher.
Crypto-Friendly Promises Trump Made on the Trail
Throughout his campaign, Trump made several promises to the crypto community:
- Firing SEC Chair Gary Gensler: Trump pledged to remove Gensler, who has led a regulatory crackdown on the crypto sector, and appoint someone more favorable to the industry.
- Backing U.S. Bitcoin Mining: Trump aims to boost Bitcoin mining within the U.S., saying he wants all remaining Bitcoin “Made in the USA.”
- Creating a Strategic Bitcoin Reserve: He’s talked about creating a Bitcoin reserve using BTC seized from criminal enterprises, potentially helping to fund national debt.
- Preventing a CBDC: Trump has committed to stopping a central bank digital currency, citing concerns over privacy.
- Freeing Ross Ulbricht: Trump said he plans to commute the sentence of Ross Ulbricht, the founder of Silk Road, whose imprisonment has been controversial.
Why Is Gensler on Trump’s Hit List?
Gary Gensler has led the SEC in its crackdown on multiple crypto firms, suing large names like Coinbase and Uniswap. Trump’s pledge to fire Gensler aligns with crypto advocates who argue the current SEC leadership has hurt the industry.
Trump’s Support for Bitcoin Mining
Trump’s plan to support U.S.-based Bitcoin mining aligns with a broader pro-mining stance. Some, like Jan3 CEO Samson Mow, see this as a significant positive move for the industry, while others warn of environmental criticisms.
A Bitcoin Reserve?
Trump has proposed creating a national Bitcoin reserve, in which Bitcoin seized by law enforcement would be held rather than sold. Some in the crypto community believe this could be an innovative way to hedge against economic challenges, though the idea has also faced scrutiny.
Stopping a U.S. CBDC
Trump has pledged to stop a central bank digital currency, which some crypto users worry would centralize financial data and harm privacy. Trump’s position has sparked optimism among those wary of government-run digital currencies.
Mixed Reactions from the Crypto Community
Despite Trump’s pro-crypto stance, some in the industry remain skeptical. Notable figures like ShapeShift’s Erik Voorhees and Casa Wallet’s Jameson Lopp have questioned some of Trump’s promises, especially his push for a Bitcoin reserve and U.S.-based mining. Time will tell if Trump can deliver on his promises.
