Trump’s presidency promises a new crypto era as Bitcoin surges amid policy optimism.
Bitcoin Reaches New Highs Ahead of Trump Inauguration
Bitcoin’s price soared past $109,000 on Monday morning, hours before Donald Trump’s return to the White House. Trump’s commitment to making the U.S. the “crypto capital of the world” has sparked renewed enthusiasm across the industry.
From Skeptic to Crypto Advocate
Trump, once a vocal critic of Bitcoin, now fully supports the digital currency. He previously referred to Bitcoin as a “scam,” but his stance shifted dramatically in recent years. The cryptocurrency market has seen Bitcoin climb from $20,000 two years ago to over $100,000 last month. Wealthy crypto backers, who felt alienated under the Biden administration, heavily supported Trump’s presidential campaign.
Building a Crypto-Friendly Administration
Trump’s pick for the Treasury Department, Commerce Department, and Securities and Exchange Commission (SEC) includes individuals with pro-crypto stances. Paul Atkins, slated to lead the SEC, is known for his advocacy for cryptocurrencies. Trump has also appointed venture capitalist David Sacks as the crypto “czar” and Bo Hines to oversee the Presidential Council of Advisers for Digital Assets.
Plans for Crypto Regulation
Trump’s campaign promises include forming a special advisory council to draft “clear” and “straightforward” cryptocurrency regulations. The new rules would be designed by individuals who support the industry, contrasting them with the stricter policies under outgoing SEC Chairman Gary Gensler.
Crypto Enthusiasm Reaches New Heights
The optimism surrounding Trump’s crypto-friendly administration culminated in the first-ever “Crypto Ball,” held on Friday to celebrate the so-called “crypto president.” The event sold out, with attendees paying thousands for tickets.
Crypto Ball Showcases Trump’s (@realDonaldTrump) $70 Billion Memecoin Launch Read More 👉 13desk.news/crypto-ball-sh… #13Desk #DonaldTrump #Blockchain
As Trump takes office, industry experts predict a shift in tone at the SEC and other regulatory bodies. This change could pave the way for increased adoption and development of blockchain technology in the U.S.
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