Donald Trump and Crypto – How Bitcoin Became The Pivot in The US Elections

“If We Don’t Do It, China Will” with these words, ex-president Donald Trump is attempting to increase his US election odds in the ongoing race to the White House.

The situation between Donald Trump and crypto started a couple of years ago by calling them “scams” and unreliable assets that would bring troubles to the US economy. However, these statements were quickly retracted with the current presidential elections.

Why did Trump change his position? And what is the current stance on digital assets? Let’s find out.

US Politics and Cryptocurrency

Digital assets and blockchain have become controversial topics worldwide. US crypto adoption is highly cautious. Since Joe Biden appointed the Securities and Exchange Commission’s chairman, Gary Gensler, in 2021, crypto exchanges and brokerage firms have faced hard times. 

The SEC has current lawsuits against leading crypto platforms, such as Binance, Coinbase, and Ripple. Moreover, the approval of Bitcoin spot ETFs took nine months, which outlines the current administration’s stance on cryptocurrencies.

However, this argument was exacerbated as the former president joined the race for the US presidential election. Donald Trump announced that he is accepting Bitcoin donations for his presidential campaign and cutting corporate taxes.

The Bitcoin Future in The USA

The previous statements of Trump about crypto seem to align with the practices of the current administration, which does not run with how politics works nowadays.

The ex-president is reinstating his support for digital assets, primarily Bitcoin, considering it the pivotal technology that will set the United States ahead of its competitors, especially China.

If elected, Donald Trump and crypto exchanges will set plans to develop the DeFi infrastructure, BTC mining and blockchain practices to take the lead in Web 3.0 and decentralization.

However, the solidified position of Biden about crypto and the crackdown on exchanges and crypto brokers have started to take another route. The Biden administration met with leading DEX managers and representatives to discuss US crypto adoption and the future of digital assets.

Why is it Important?

Having cryptocurrencies at the central point of attention by US presidents and lawmakers will eventually boost Bitcoin’s value and development. 

These conversations can trigger a new market bull run and raise speculation on the potential coin price, benefiting crypto communities and investors.

Moreover, if Bitcoin mining and DeFi infrastructure develop in the US, investors will be more confident about increasing their spending on crypto ETFs, owning virtual coins, and using blockchain-based technologies.

Conclusion 

The Donald Trump and crypto relationship has taken over the White House race, with the ex-president taking a pro-crypto stance against the current con-crypto position by the Biden administration.

Trump’s plea is that if the United States does not take serious steps to lead the development of cryptocurrency and mining, China will take over, which does not sit well with the historical US-China economic war.

This fierce competition can largely benefit Bitcoin, raising expectations, boosting investors’ confidence, and increasing crypto prices.