President Trump announced 10 commitments to increase Bitcoin and crypto adoption. It includes tax breaks, mining assistance, and the goal of turning the United States into a crypto powerhouse.
Bitcoin aficionados are ecstatic over Donald Trump’s win in the 2024 US presidential election. It’s particularly in light of his pledges for the Adoption Blockchain of Bitcoin and the crypto adoption sector. These assurances have helped to raise the price of Bitcoin above $75,000.
His reelection signifies a significant change in US policy, with an emphasis on the Adoption of Cryptocurrency. It will surely establish the US as a major player in the global crypto scene.
Donald Trump Promises About Crypto Adoption
Trump has listed ten major pledges to increase his popularity among proponents of Bitcoin (Adoption Blockchain). In order to improve the climate for digital currencies, these promises entail banks adopting blockchain technology and regulatory reforms.
Termination of SEC Chairman Gary Gensler
On his first day, Trump pledged to fire SEC Chair Gary Gensler to upend crypto regulations. Gensler has played a significant role in regulating cryptocurrencies. Trump’s action demonstrates his intention to advocate for laws that benefit the cryptocurrency sector.
Gary Gensler’s replacement has been suggested to include a number of people, including supportive crypto adoption SEC Commissioner Hester Pierce.
Create a National Bitcoin Reserve (Adoption Blockchain)
Trump plans to create a U.S. “Bitcoin Stockpile” and treat Bitcoin as a national asset, similar to gold. This move could mark a big change in how the U.S. includes digital assets in its financial policies. It could also help Bitcoin shift from a high-risk asset to a “haven,” much like how investors view gold.
Make the US the Crypto World’s Center
Making America the “crypto capital” of the world is the Trump team’s objective. This objective may increase cryptocurrency investment and spur the Adoption Blockchain innovation.
Many cryptocurrency companies have historically opted to locate their headquarters in foreign nations, but Trump’s proposal might alter that.
Prevent seizure of Bitcoin holdings
Trump promised to keep all 203,650 BTC (worth $14.95 billion) currently held by the U.S. government. He plans to set up a national reserve to protect these assets from legal seizures and safeguard them for future growth.
The U.S. already holds the most Bitcoin of any government worldwide, and this move would strengthen its position further—especially if Trump’s administration actively buys more Bitcoin.
Remove the Bitcoin capital gains tax
The capital gains tax on Bitcoin transactions will be eliminated as part of Trump’s plan. US investors would find it more alluring to purchase, retain, and spend Bitcoin as a result.
Since more businesses will feel comfortable adding the flagship cryptocurrency to their balance sheet, this would also eventually encourage greater corporate inflows into the Bitcoin ecosystem.
Encourage domestic bitcoin mining
Trump intends to concentrate on Bitcoin mining in the US to increase its energy autonomy and take an active role in the digital economy. He is in favor of constructing mining infrastructure in the United States.
It is important to note that the majority of cryptocurrency miners now reside in the US, and this would further consolidate the nation’s hegemony in Bitcoin mining.
Put a close to the anti-crypto campaign
Trump seeks to end the “anti-crypto crusade” and promote fair treatment of digital assets. He aims to build a pro-crypto environment with balanced regulations. As part of this, the president-elect will remove US SEC chair Gary Gensler, who has been a key leader in the push against cryptocurrency.
Form an Advisory Council for Bitcoin and Adoption of Cryptocurrency
Trump declared that an advisory committee would be established to provide a precise regulatory structure. To assist in guiding policy, the council will comprise activists and executives in the business.
This advisory board will contribute to the development of technologies that will eventually improve the adoption of cryptocurrency market and industry as a whole.
Preserve the right to self-custody
Trump promises to protect Americans’ right to control their crypto, allowing them to hold digital assets directly without needing third-party institutions.
This step could boost Crypto Adoption, especially as many investors still rely on Spot Bitcoin ETFs and other crypto funds due to unclear regulations.
Be against digital currency issued by a central bank
Trump firmly opposes the idea of a central bank digital currency (CBDC), arguing that it threatens personal privacy and financial control. He promises to block any efforts to push a CBDC forward if he is in office.
This stance could be a big win for stablecoin issuers like Tether and Circle, whose USDT and USDC already lead the stablecoin market. This idea will eventually help banks adopting blockchain and not a central bank digital currency (CBDC).