On August 29, 2024, Trump used X (formerly known as Twitter) to announce his ambitious plan to position the U.S. as the “Crypto Capital of the Planet.” The announcement, which was featured as a pinned post on his profile with 90 million followers, also brought attention to World Liberty Financial, a DeFi project recently supported by his sons, and used the hashtag “BeDefiant.”
.@worldlibertyfi pic.twitter.com/mwhVIzPJyq
— Donald J. Trump (@realDonaldTrump) August 29, 2024
At the Bitcoin 2024 Conference in July, Trump expressed his ambition to position the U.S. as a dominant force in the Bitcoin sector. During his speech, he criticized the Biden administration for what he perceived as a failure to advance the crypto and Bitcoin industries. Trump asserted that America’s potential in these areas has been squandered under Biden’s leadership.
If Trump is re-elected, he has promised to take several key actions to support the crypto industry in the U.S including:
- Reducing Energy Costs: Implementing measures to make energy more affordable for cryptocurrency miners, aiming to attract and retain mining operations in the country.
- Establishing a National Bitcoin Reserve: Preventing the sale of the U.S. government’s Bitcoin holdings and creating a national reserve using the over 213,000 BTC currently held by the Department of Justice from criminal forfeitures.
- Ending “Operation Chokepoint 2.0”: Reversing what the crypto community views as an overly restrictive policy on cryptocurrencies instituted during the Biden administration.
- Removing Gary Gensler: Committing to dismiss the SEC Chairman, who is often criticized by the crypto community for his regulatory actions, particularly regarding NFT trading platforms like OpenSea.
Trump’s interaction with the crypto community has been remarkable. His fourth NFT collection was recently launched, raising over $2 million in just one day. Previous NFT collections were released in 2022, 2023, and 2024 on different blockchain networks: Ethereum in December 2022, Polygon in April 2023, and Ordinal Bitcoin in January 2024.
The ventures are estimated to have earned Trump around $10 million in ETH. His Ethereum wallet ranks among the top celebrity crypto holdings. His campaign has secured $4 million in donations from the crypto industry before the Bitcoin 2024 Conference. Following a well-received speech at the conference, Trump raised an additional $21 million, largely from crypto organizations and major investors.
At the moment, Trump is slightly ahead of his Democratic rival, Kamala Harris, in the Polymarket prediction markets, with a projected winning rate of 50% to 49%. This lead is due to his specific crypto policies and recent endorsements, including support from former candidate Robert F. Kennedy Jr.
Trump aims to reshape the U.S. economy and solidify its position as the leading hub for cryptocurrency innovation by focusing on these strategies and capitalizing on the growing influence of the crypto sector.
Related news: A Brand-New Horizon Unfolds with Trump Organization’s Upcoming Crypto Project
