Trump praises cryptocurrency at an industry summit while holding his meme coin.
At an industry gathering Thursday morning, President Donald Trump expressed his continued support for cryptocurrencies by stating that he wants to see the US take the lead globally in digital asset technology. Trump, who introduced his meme coin in January and it currently has a market value of $2.3 billion, mentioned some of the actions his government has made to support cryptocurrency in a brief taped video presented at the Digital Assets Summit in New York on Thursday.
Although he presented himself as a prominent proponent of the technology, he was evasive regarding any future legislative recommendations. Talking with you about how the US will dominate cryptocurrency and the next generation of financial technologies is an honor,” he said. “And we’re far ahead, but it won’t be easy.”
Trump said he established a Strategic Bitcoin Reserve and Digital Asset Stockpile, hired a White House artificial intelligence and crypto czar, and hosted the first-ever White House meeting on digital assets this month.
He claimed that the reserves would enable the government to maintain the value of digital currencies, something that Joe Biden, his predecessor, had not been able to do.
Reversing policy
Trump declared that, in contrast to Biden’s approach, his administration would look to relax rules.
“The last administration’s regulatory war on bitcoin and cryptocurrency is coming to an end,” he declared. It was a disgrace, to be honest. But all of it ends on January 20, 2025.
“Simple, commonsense rules for stable coins and market structure” are what he stated he had requested Congress to create.
He described the decentralised banking system as “one of the most exciting technological revolutions in modern history” and said that the framework would result in “greater privacy, safety, security, and wealth for American consumers and businesses alike” despite laxer laws.
Trump’s ties to industry
A particularly volatile area of the cryptocurrency market consists of so-called meme coins, which are fronted by celebrities or linked to online fads. This is because the decentralized nature of cryptocurrencies allows anyone to start a currency.
Trump reportedly owns 80% of his coin, therefore he has a stake in the cryptocurrency market’s success.
The day before his inauguration, Trump’s coin was worth $14.5 billion, but it has already lost about 85% of its value. Last month, the financial news agency Reuters revealed that despite the Trump coin’s sharp decline in value, businesses made close to $100 million in trading fees.
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