Donald Trump: The US Must Become a Leader in the Crypto Sector Before It is Dominated by China

Bittime - Republican presidential candidate Donald Trump expressed his views at the Bitcoin 2024 conference on Saturday that the United States must dominate the sector or China will. It's Trump's latest move to appeal to supporters of cryptocurrencies, which have been restricted by Beijing and which he previously called a "fraud."

Kandidat Pro-Cryptocurrency

Speaking at the Bitcoin 2024 convention in Nashville, Trump positioned himself as a pro-cryptocurrency candidate ahead of the presidential election on November 5. He said he would make the US a world leader in cryptocurrencies and adopt friendlier regulations than Democratic nominee Vice President Kamala Harris.

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Crypto Regulation and Republican Views

Republicans have promised lighter regulations for crypto, and Trump criticized Democratic efforts to regulate the sector. "If we don't adopt crypto and bitcoin technology, China will, other countries will too. They will dominate, and we can't let China dominate. They've made too much progress," Trump said.

Cryptocurrency Situation in China

China has implemented a crackdown on cryptocurrencies and there are strict controls on the movement of capital across its borders. However, people there can still trade tokens such as bitcoin on crypto exchanges, and Chinese investors can also open bank accounts abroad to buy crypto assets.

Trump's Policy to Defend Bitcoin

Trump stated that he would create a presidential advisory council on crypto and create a national “reserve” of bitcoin using cryptocurrency currently held by the US government, most of which was seized in law enforcement actions. "Never sell your bitcoins," Trump said. "If I am elected, it will be the policy of my administration, the United States, to hold 100% of all bitcoins currently owned or acquired by the US government in the future," he added.

Impact of Trump's Speech on Markets

Crypto stocks, prison operators and others that could benefit from Donald Trump's presidency surged on Monday, as an assassination attempt against the Republican candidate increased his chances of victory in November's election.

Increase in Bitcoin Mining in the US

Trump also added that he would like to see an increase in bitcoin mining by US companies, although he called the cryptocurrency a "fraud" in 2021. The price of bitcoin initially fell after Trump's speech, but later recovered and was last quoted up 0.94% to $68,182.

Trump's plan for Ross Ulbricht

Trump also repeated that he would commute the sentence of Ross Ulbricht, who is serving a life sentence for creating and operating the Silk Road website, which allowed users to secretly buy and sell drugs and other illegal products.

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Conclusion

With this ambitious vision, Donald Trump is trying to strengthen his position as a candidate who supports the development of cryptocurrency in the United States, in contrast to the strict regulations promoted by the Democratic Party. This move is certainly an attraction for crypto advocates and investors, who hope to see significant changes in regulations and government policies regarding cryptocurrencies if Trump is elected president.

How to Buy Crypto on Bittime

You can buy and sell crypto assets easily and safely via Bittime. Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti. 

To be able to buy crypto assets on Bittime, make sure you have registered and completed identity verification. Apart from that, also ensure you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application. Study Complete Guide How to Buy Crypto on Bittime. 

Monitor graphic movement of Bitcoin (BTC) price, Ethereum (ETH), Solana (SOL), and other cryptos to find out today's crypto market trends in real-time on Bittime.