What will happen to Bitcoin if Trump becomes president?

Author: Lincoln Murr; Source: bitpush; = "font-variant-ligatures: inherit;">Compiled by: BitpushNews Scott Liu

The politicization of cryptocurrency has intensified as the presidential election approaches. Former US President Trump Trump has led many pro-cryptocurrency statements, forcing Democrats to rush to please the tens of millions of cryptocurrency holders in the United States. Despite Trump's promise to become the "crypto president," there is still much debate about his views on the future of blockchain and cryptocurrency. Many questions remain unanswered about the actual impact of

< p>In the current election cycle, Trump is trying to win over a large number of single-issue voters, such as cryptocurrency voters, Silicon Valley tech workers, and ordinary Americans who believe in Bitcoin's mission and values. In his official platform, he promised to never allow the creation of a central bank digital currency, reserve the right to self-custody assets, and defend the right to Bitcoin mining.

Trump also recently announced his vice presidential candidate as Ohio Senator JD Vance, who holds between $100,000 and $250,000 worth of Bitcoin, also marks the birth of the first presidential candidate group composed of Bitcoin holders in history. Trump also recently said he believes JPMorgan Chase CEO Jamie Dimon, a staunch critic of bitcoin, has “changed his tune a bit.” This is a huge shift in opinion, as Dimon has been calling Bitcoin a scam and a Ponzi scheme for years, but only time will tell if he has truly changed his stance or is simply trying to curry favor with the Trump administration, which may appoint He is the U.S. Treasury Secretary.

Trump's pro-cryptocurrency stance will culminate on July 27, when he takes the stage at the Bitcoin 2024 conference in Nashville in front of tens of thousands of people. There are rumors that he will announce the creation of the U.S. Strategic Bitcoin Reserve in Nashville, although this has not been confirmed.

Four years ago, the president mentioned that Bitcoin or cryptocurrency would become Front page news. This now happens on an almost weekly basis and is slowly becoming a serious political issue. This in itself has a huge impact on the cryptocurrency market and is beginning to show that the public and lawmakers are becoming more and more concerned about the legitimization of cryptocurrencies. and growing acceptance.

While Trump’s promises and beliefs appear to be very favorable to the cryptocurrency industry, the reality is much more complicated. Trump has a history of making promises but not delivering on them. In the worst case scenario, all his words may come to naught. Billionaire investor Mark Cuban believes that the benefits of Trump’s presidency for Bitcoin are not his bullish stance on the asset, but rather the overall geopolitical instability, lower taxes, and And tariffs will lead to an increase in Bitcoin demand and price.

Another issue to consider is the consequences of Trump's promises. While self-custody, mining rights and no central bank digital currency are undoubtedly positive development, but these are rights that people already have. Trump did not promise anything about cryptocurrency innovation, but simply preserved the rights that all American cryptocurrency holders already enjoy. Even if there are some hints that Trump Trump’s administration will take fewer legal actions against cryptocurrency companies and allow them to innovate in peace, but the final word is not out yet. Especially since cryptocurrency’s public enemy number one, SEC Chairman Gary Genssler, has Le's term ends in 2026. While Trump could replace him at any time, pleasing the cryptocurrency industry is a far lower priority than dozens of other priorities.

What the industry really needs is a fair discussion on proper cryptocurrency. Regulatory commitment. In addition to preserving the rights of Bitcoin miners and custodians, we need clear rules, such as what is a security, how tokens and protocols share governance and revenue with token holders, and how traditional institutions and financial entities can begin to use and interact Blockchain applications. These promises are far more complex, but nonetheless crucial to the long-term success of cryptocurrencies in the U.S. and around the world.

While a potential Trump presidency would be quite bullish for Bitcoin, Some speculate that after his victory we could see $100,000 Bitcoin by the end of 2024, but the long-term outlook for the cryptocurrency industry remains relatively unchanged. Trump must first deliver on his promises and promote blockchain Only when there is greater innovation in the field can he be truly regarded as the "President of Cryptocurrency".