Donald Trump’s victory in the 2024 U.S. presidential elections sparked excitement not only in the political sphere but also in the cryptocurrency world. Once distant from cryptocurrencies, Trump has recently shifted his stance, making bold promises to support the sector. Throughout November 2024, following his election victory, Trump took swift actions that resonated significantly within the crypto community.
Trump’s Promises to the Crypto World
During his 2024 campaign, Trump made several bold commitments to the cryptocurrency sector. These promises highlight his vision for the U.S. to assume a leading role in the global crypto ecosystem:
Support for Bitcoin Mining Trump pledged to ensure that all undistributed Bitcoin would be mined within the U.S., promising support to Bitcoin mining companies. The goal is for the U.S. to surpass major mining hubs like China and Kazakhstan, establishing itself as a leader in this area.
Establishing a National Bitcoin Reserve One of Trump’s most notable promises was the creation of a national Bitcoin reserve. This reserve would not only enhance the U.S.’s financial strength but also serve as a strategic tool to promote Bitcoin’s global adoption.
Preventing the Sale of BTC by the Department of Justice Trump stated that the Department of Justice’s 200,000+ Bitcoins would not be sold but rather incorporated into the national strategic reserve. This measure aims to prevent sudden price drops in Bitcoin markets.
Replacing SEC Chair Gary Gensler Trump pledged to replace SEC Chair Gary Gensler, known for his strict regulations on cryptocurrencies, with someone adopting a more innovative approach. This change could reduce regulatory uncertainty in the sector.
Opposing CBDCs Trump expressed firm opposition to central bank digital currencies (CBDCs), emphasizing his commitment to blocking such projects within the U.S.
Releasing Ross Ulbricht Trump’s promise to release Ross Ulbricht, the founder of Silk Road, was viewed as a symbolic gesture toward the crypto community.
Trump’s Initial Actions in November
Immediately after his election victory, Trump began implementing steps to fulfill his crypto-related promises. In November 2024, several significant initiatives were undertaken:
- Establishing the DOGE Unit
Trump, in collaboration with Elon Musk, launched the DOGE unit (Department of Government Efficiency). While the unit is not directly focused on cryptocurrencies, its name caused a stir in the crypto community. The DOGE unit’s primary mission is to enhance government efficiency by cutting federal spending by $2 trillion and reducing waste in government operations.
- Gary Gensler’s Resignation
Trump increased pressure on SEC Chair Gary Gensler, leading to his resignation. This development was seen as a sign of a more crypto-friendly regulatory approach. The new SEC leadership is expected to adopt clearer and more innovative frameworks for cryptocurrency regulation.
- Pro-Crypto Appointments
Trump appointed pro-crypto individuals to key positions, such as the Department of the Treasury and the Department of Commerce. These appointments boosted confidence in the sector and strengthened the vision of the U.S. becoming a Bitcoin hub.
- Preservation of DOJ Bitcoin Reserves
The Department of Justice was directed not to sell its Bitcoin holdings but to use them as part of a national strategic reserve. This move created significant confidence in the market and supported Bitcoin price stability.
- Continued Opposition to CBDCs
Throughout November, Trump reiterated his opposition to CBDCs, firmly stating that such projects would not be implemented in the U.S. This policy was praised within the crypto community as a step toward protecting individual freedoms.
Synthesis of Promises and Initial Actions: The U.S. Crypto Future
Trump’s promises and the actions taken in November 2024 position the U.S. as a potential leader in the crypto ecosystem. However, achieving this leadership depends on several critical factors:
Regulatory Clarity The growth of cryptocurrency markets requires eliminating regulatory uncertainties. By implementing the promised reforms, Trump can foster a more transparent regulatory environment.
Increased Institutional Participation Trump’s policies are expected to attract more institutional investors to cryptocurrencies, further strengthening the U.S.’s leadership in the crypto space.
Global Competition The U.S.’s ambition to become the Bitcoin capital will face challenges from other regions, such as Asia and Europe. To secure its leadership, the U.S. must outperform these competitors.
Conclusion: Can the U.S. Become the Bitcoin Capital?
Donald Trump’s promises to the crypto world and the steps he took in November 2024 significantly enhance the U.S.’s potential to play a central role in the global crypto ecosystem. However, this vision’s realization depends on implementing regulatory reforms, excelling in global competition, and Trump’s consistent commitment to his promises.
The Trump administration holds the potential to shape not only the future of the U.S. but also the global cryptocurrency market. Decisions made in this period will define the trajectory of crypto economics for the U.S. and the world.
