Will Donald Trump be the strongest supporter of cryptocurrencies? | Science, climate and technology news
Crypto may have just got one of its strongest backers in the form of a newly appointed president.
On the day of Donald Trump’s inauguration, the price of Bitcoin reached an all-time high of more than $109,000, as investors waited to see how he would boost the industry — although they were… He left disappointed when it wasn’t mentioned at all.
President Trump and First Lady Melania also just… They launched their own cryptocurrenciesand $TRUMP and $MELANIA, indicating their enthusiasm.
At one point on Monday, Trump’s coin accounted for 90% of the president’s net worth, according to Axios, though the coin’s value is now declining.
John Ostler, chief executive of financial markets website Finder, told Sky News that his first day in office may have left the industry weak, but Trump’s enthusiasm for cryptocurrencies will help boost their value in the long term.
“[Crypto] “She’s like Santa Claus, the more people believe in her, the stronger she becomes,” Ostler said.
In addition to his enthusiasm, the new president can provide much-needed clarity.
Many governments, including the United States, do not have clear guidelines regarding cryptocurrencies, even regarding their definition.
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Many hope that President Trump will introduce legislation that will add clarity and give the industry some global guidelines on what they can and cannot do.
“I’m dealing with 50 states on a state-by-state basis, and they all vaguely disagree with each other on how to do things,” Austin Campbell, a professor at New York University’s Business School, said on Bloomberg Channel’s Odd Lots on Monday.
“What I’m optimistic about in 2025 is federal legislation.”
Read more from Sky News:
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Melania launches her own digital currency
Another of President Trump’s campaign promises was to build an “American stockpile” of Bitcoin, although there was no sign of that in the executive orders issued on Monday.
“If elected, my administration’s policy will be to retain 100% of all bitcoins that the U.S. government currently owns or acquires in the future,” he said in August.
He said the funds would serve as the “core of the strategic national stock of Bitcoin,” which could give the market more stability.
However, Mr. Ostler said, “I think it’s just a little bit of hype.”
“It looks great [but] “When you get down to the nitty-gritty of how global finance works, it might stop in the House and Senate.”
Despite all the uncertainty, many remain optimistic that they have just gained a powerful ally in the Oval Office.
