Tuesday, July 16, 2024
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Donald Trump calls for US to lead with Bitcoin

by xyonent
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Former President Donald Trump has been increasingly pro-Bitcoin, arguing that the U.S. must lead on Bitcoin and cryptocurrencies or fall behind. Trump emerged as a staunch supporter of Bitcoin during the 2024 election campaign.

Trump accepted Bitcoin’s Lightning payments, becoming the first U.S. president to speak out against central bank digital currencies, and during his election campaign he promised to steer regulators away from Bitcoin if elected.

Yesterday in Wisconsin, Trump further declared that he was “ending Joe Biden’s crypto wars” to protect the future of America, adding, “We’re going to make sure that the future of crypto and the future of Bitcoin is made in America, or some other country is going to get it.”

This signals a change: Trump has made it clear that he wants the U.S. to take the lead in bitcoin, or else its rivals will overtake it.

Trump’s support for Bitcoin reflects Bitcoin’s game theory: Bitcoin is too popular to ban, so politicians realize they must support it to win over pro-Bitcoin voters.

If the U.S. shys away from Bitcoin and cryptocurrency innovation, it risks falling behind in the tech and financial race, and Trump understands that the U.S. must take the lead in this important new arena.

Whether he is a wholehearted supporter or an opportunist, Trump understands Bitcoin’s political capital: He knows that supporting it can win him votes, but attacking it risks losing its most ardent supporters.

As other countries pursue pro-Bitcoin policies to attract economic growth and talent, the U.S. must become a welcoming hub for Bitcoin and cryptocurrency development to remain competitive.

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