As a seasoned investor with a penchant for crypto and a knack for predicting market trends, I must admit, I find myself pleasantly intrigued by Donald Trump’s crypto-friendly platform for his 2024 Presidential bid.
Following his victory in the 2024 U.S. Presidential Election, it appears that Donald Trump’s government intends to instigate substantial changes in cryptocurrency regulation, rekindling some pledges from previous conversations.
At the very beginning of his term, one of his priorities will be dismissing SEC Chair Gary Gensler, a move intended to halt what he calls excessive regulations against cryptocurrencies.
Trump’s proposal to cultivate an accepting atmosphere for Bitcoin within the United States represents a significant change in direction from the SEC’s recent measures, indicating a move towards fostering progress and creativity in this field.
Trump also intends to set up a “National Bitcoin Reserve,” reflecting his belief that Bitcoin is a significant national resource. Moreover, he has vowed to retain the approximately 203,650 Bitcoins owned by the U.S. government, which are currently valued at around $14.95 billion, rather than selling them off.
Translating Trump’s suggestion into simpler terms: If Trump’s plan goes ahead and exempts Bitcoin from capital gains tax, it could motivate more individuals and organizations to invest, potentially leading to increased excitement within the crypto market.
Furthermore, Trump intends to create an “Advisory Council on Bitcoin and Cryptocurrency” during the early stages of his presidency, aiming to provide clear, growth-oriented regulatory advice with a focus on transparency.
One significant aspect of Trump’s perspective is ensuring the ability for individuals to personally hold digital assets, which stands firm against the prospect of introducing a US Central Bank Digital Currency (CBDC). This stance echoes his dedication to financial independence and privacy within the digital world.
Trump has additionally pledged to endorse U.S. Bitcoin mining, believing it could foster energy self-sufficiency and spur employment opportunities within the domestic sector.
Trump has indicated he might grant clemency to Ross Ulbricht, the creator of the Silk Road marketplace, a significant gesture acknowledging early supporters of cryptocurrencies, as his case holds great symbolism within the crypto community.
If carried out, these pledges may propel the U.S. to the forefront of cryptocurrency innovation; however, doubts linger about their practicality and potential effects on domestic regulations, international frameworks, and overall global opinions.
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2024-11-06 14:28