NEW YORK, August 2 – Former President Donald Trump’s recent pledge to transform the United States into a global cryptocurrency hub has sent ripples through the digital asset market, causing notable fluctuations in Bitcoin’s value.
Speaking at a cryptocurrency conference in Nashville over the weekend, the Republican presidential candidate vowed to make the U.S. “the crypto capital of the planet, and the bitcoin superpower of the world” if elected in November. This declaration marks a significant shift from Trump’s previous stance on digital currencies.
In response to Trump’s remarks, Bitcoin experienced a surge of nearly 3% on Monday morning, reaching a peak of $69,998.26 – its highest point since mid-June. However, the cryptocurrency’s gains were short-lived, with prices retreating by approximately 1% as of 4:10 p.m. Eastern time.
The former president outlined several pro-crypto initiatives, including plans to replace current SEC Chair Gary Gensler and establish a “strategic national bitcoin stockpile” using tokens confiscated in criminal cases. These proposals come amid Bitcoin’s strong performance in 2024, with the cryptocurrency up about 60% year-to-date, bolstered by the SEC’s recent approvals of spot-bitcoin ETFs.
Trump’s newfound crypto enthusiasm contrasts sharply with his previous criticisms of digital currencies during his presidency. This inconsistency was highlighted by independent presidential candidate Robert F. Kennedy Jr., a long-time crypto advocate, who reminded conference attendees of Trump’s past description of Bitcoin as “a scam against the dollar.”
Kennedy also criticized Trump for not pardoning Ross Ulbricht, the founder of Silk Road, an online marketplace known for facilitating Bitcoin transactions for illegal drugs. In response, Trump promised to commute Ulbricht’s life sentence if elected.
The former president’s campaign has reportedly raised $25 million in cryptocurrency donations over the past two months. Additionally, Trump has garnered support from prominent figures in the crypto industry, including Gemini co-founders Cameron and Tyler Winklevoss, who recently contributed $250,000 to a pro-Trump super PAC.
Trump’s pro-crypto stance aligns with the Republican Party’s growing support for digital assets. The GOP’s official 2024 platform, released earlier this month, emphasizes protecting Bitcoin mining rights and ensuring Americans’ freedom to manage their digital assets without government interference.
As the 2024 presidential race heats up, the candidates’ positions on cryptocurrency regulation and adoption are likely to remain a topic of keen interest for both investors and industry observers.
