The United States President-elect Donald Trump has restated his commitment to make the country a digital asset powerhouse. This adds to the plans and policies Trump has rolled out for the industry ahead of the inauguration. Initial reaction to the statements sent bullish spikes in hourly trading data as holders anticipated positive regulations.
With CNBC’s Jim Cramer, Trump responded to questions about rolling out a strategic crypto reserve similar to the oil sector. He affirmed that his administration will do something great with crypto because of the sector’s potential in modern finance.
Digital assets are tipped to revolutionize the sector, enhance cross-border payments and increase adoption. Trump and pro-crypto executives believe sectors’ use cases, especially in decentralized finance (DeFi), could give consumers control and help cushion the effects of negative macro trends.
United States To Become A Leader
A major campaign promise of Trump’s team is to make the country a leader in crypto and other emerging technologies like blockchain and Artificial Intelligence (AI). Trump pledged support for the crypto industry to boost innovation in the country.
The former President also tipped a strategic Bitcoin Reserve as his administration seeks to end asset sales. This led to an upswing in momentum because the US adopting Bitcoin could open up wider channels into major jurisdictions.
Senator Cynthia Lummis pushed for a Strategic Bitcoin Reserve Bill to allow the government to acquire 1 million BTC for five years and hold over the next 20 years. Notably, Trump wants the country to be ahead of China and Russia, amongst others, in crypto.
“… yeah I think so, we’re gonna do something great with crypto cause we don’t want China not just China, others are embracing it and we want to be ahead. We want to be ahead AI and we are going to produce tremendous amounts of electricity… we need more than twice what we already have.”
A Shift From The Biden Administration
President Biden has been criticized for his administration’s stance on crypto assets. The Securities and Exchange Commission (SEC) filed several lawsuits against industry leaders and firms, lowering overall sentiments.
This hostile regulation by enforcement approach on the sector led to an exodus to friendly jurisdictions. Crypto enthusiasts expect comprehensive regulations on several aspects of the market to usher in a new wave of adoption and innovation.
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