The original post: /r/cryptocurrency by /u/MemenaSerena on 2024-12-09 06:53:30.
After Trump’s victory we saw dramatic price increase in crypto prices. Let’s revisit his key campaign promises to evaluate further potential impact on the crypto industry. In his election campaign, Trump pledged a series of important measures for the crypto community. Many of these were articulated at Bitcoin 2024 Conference
Creating a National BTC Reserve
One of Trump’s most ambitious crypto promises is the creation of a U.S. strategic Bitcoin reserve. He announced that his administration would keep all seized Bitcoin—approximately 210,000 BTC currently—and establish it as part of a national reserve. Trump emphasized, “If I am elected, it will be the policy of my administration to keep 100% of all the Bitcoin the U.S. government currently holds or acquires into the future.” This reserve could serve as a critical asset, positioning the U.S. as a leader in digital currency holdings.
Backing BTC Mining in America
Another significant promise from Trump’s campaign is his plan to boost Bitcoin mining within U.S. borders. He envisions a future where all mined BTC originates from the United States, reducing dependency on foreign mining—especially China. Though the specifics of this initiative remain vague, the promise signals Trump’s commitment to fostering a strong, domestic crypto industry. Industry leaders, like Samson Mow of Jan3, view this as a promising step toward crypto self-sufficiency.
Expanding a Pro-Crypto Political Presence
Trump’s plan for crypto reform goes beyond regulatory tweaks. His promise to dismiss Chairman Gary Gensler is only the beginning. Trump aims to establish a Bitcoin council that would work with Congress to push pro-crypto legislation, creating a favorable political environment for digital assets. This council could be instrumental in shaping future crypto policy, supporting innovation, and promoting adoption across the United States.
No Room for CBDCs
Trump has made his stance clear on central bank digital currencies (CBDCs): there will be no government-controlled digital dollar under his administration. Many in the crypto community view CBDCs with caution, fearing they could erode personal privacy and expand government oversight. Trump’s commitment to blocking any form of state-run blockchain payment system has been welcomed by those who prioritize privacy and decentralization, reinforcing his pro-crypto agenda.
