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President-elect Donald Trump has reaffirmed his commitment to advancing the blockchain and cryptocurrency sectors in the United States. In a video address to the Blockchain Association's annual meeting on December 17, Trump stated, "I will fully support the development of the blockchain industry in the United States."
Trump emphasized his intention to prevent blockchain-related companies from relocating overseas, aiming to keep them within the U.S. to maintain global competitiveness. He declared, "We will ensure that it is the United States, not China or any other country, that leads this business."
This announcement aligns with recent developments in the cryptocurrency market. Bitcoin, the leading cryptocurrency, has surpassed the $100,000 mark for the first time, with its value rising nearly 150% in 2024. This surge is attributed to expectations of supportive policies from the incoming administration, including the creation of a strategic Bitcoin reserve. Trump has nominated crypto advocate Paul Atkins to lead the Securities and Exchange Commission (SEC), potentially easing regulations on digital assets. Additionally, companies can now hold Bitcoin on their balance sheets without penalty, further legitimizing it as a corporate asset. MicroStrategy, the largest corporate Bitcoin holder, is set to join the Nasdaq 100, reflecting the growing institutional adoption of cryptocurrencies.
Barron's
Trump's pro-crypto stance marks a significant shift from his previous skepticism. During his 2024 campaign, he accepted donations in cryptocurrencies and promised to create a "strategic reserve" of Bitcoin. He also founded World Liberty Financial, a platform for cryptocurrency trading, and announced the formation of a crypto advisory council.
The Times
The cryptocurrency industry anticipates that Trump's administration will implement favorable legislative changes, including the potential removal of current SEC Chair Gary Gensler and the appointment of crypto-friendly officials. Analysts predict that Bitcoin could reach between $150,000 and $200,000 by the end of 2025, driven by increased institutional adoption and supportive regulatory developments.
Barron's
However, concerns persist regarding the use of cryptocurrencies for illicit activities and their environmental impact. Critics caution that the rapid growth of the crypto market may lead to increased market volatility and potential financial instability. Despite these challenges, the U.S. appears poised to take a leading role in the global blockchain and cryptocurrency industries under Trump's leadership.
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