Former President Donald Trump is now working to win over the cryptocurrency community with grand promises centered on support for crypto.
Trump is determined to gain support with a bold and ambitious pro-crypto agenda, aiming to attract digital asset advocates in his upcoming election bid.
He announced his commitment to protecting Bitcoin mining rights, opposing the development of Central Bank Digital Currencies (CBDCs), and enhancing America’s position in the global crypto industry.
However, as with most political promises, there are significant doubts about whether he can fully deliver on these plans.
Republican party releases draft political platform
In July, the Republican Party introduced a draft political platform placing cryptocurrency in its innovation agenda, alongside artificial intelligence and space exploration.
The platform promises to “end the unlawful and unpatriotic crypto suppression led by Democrats,” affirming that a Trump administration would support Americans’ rights to mine, store, and trade digital assets without government intervention.
At the 2024 Bitcoin Conference in Nashville, Trump reiterated his support for crypto, pledging to end the “anti-crypto war” waged by the current administration. However, significant challenges lie ahead in realizing this ambitious vision.
Trump has an ambitious outlook on the domestic Bitcoin mining industry. In a post on his social media platform, Truth Social, he suggested that all remaining Bitcoin should be mined exclusively within the United States.
While this idea may appeal to some, it conflicts with Bitcoin’s decentralized principles.
Industry figures, like Bitfarms CEO Ben Gagnon, acknowledge that while the U.S. could become a leader in mining, efforts to centralize production within the country contradict Bitcoin’s core decentralized ethos.
National Bitcoin reserve as an alternative?
Trump has also floated the idea of establishing a national Bitcoin reserve. He sees this strategic move as a way to help reduce the national debt, which has now surpassed $35 trillion. While the concept is intriguing, the plan faces numerous challenges.
Legal hurdles exist around the U.S. government’s ownership of Bitcoin, which currently stems mainly from assets seized in criminal cases. A portion of these assets is expected to be returned to their rightful owners.
Senator Cynthia Lummis advocates for a Bitcoin reserve
Senator Cynthia Lummis has also proposed creating a national Bitcoin reserve, but significant political backing would be essential to bring this fund to life. Regulation remains one of the biggest hurdles for the crypto sector, and Trump has taken a firm stance on this.
Trump has pledged to remove SEC Chair Gary Gensler on “day one” to pave the way for more crypto-friendly regulations.
JUST IN: Crowd goes absolutely nuts after Donald Trump vows to fire SEC Chairman Gary Gensler during the Bitcoin Conference in Nashville, Tennessee.
Trump was clearly taken aback at the crowd's reaction when he made the announcement.
"On day one, I will fire Gary Gensler and… pic.twitter.com/0CyOMaY6FY
— Collin Rugg (@CollinRugg) July 27, 2024
However, the move to remove Gensler, as a high-ranking official, would likely face a lengthy legal process, requiring substantial justification and potentially sparking political backlash.
Trump has also vowed to block any efforts toward implementing a Central Bank Digital Currency (CBDC), arguing that a centralized digital currency would threaten people’s financial privacy.
In addition, Trump is determined to pardon Ross Ulbricht, the founder of Silk Road, the infamous dark web marketplace that facilitated the trade of illegal goods using Bitcoin.
At the Libertarian National Convention, Trump stated that if elected, he would “free Ulbricht” on “day one.” Another significant promise is his support for “self-custody rights,” which he aims to enshrine into law.
While these promises may capture the interest of some, Trump’s track record of making bold claims and later shifting his stance leaves some crypto supporters cautious and skeptical.
