Trump credits Bitcoin’s record highs to his pro-crypto stance: ‘America is the crypto capital’

President Donald Trump credited the recent Bitcoin price bull run to his vision to make the United States the world leader in cryptocurrency innovation and adoption. 

Echoing his administration’s sentiments, Trump, who was speaking Wednesday at the Future Investment Initiative Institute conference in Miami, also attributed Bitcoin’s unprecedented growth to his administration’s pro-crypto stance. He said: 

Bitcoin set multiple all-time record highs because everyone knows that I’m committed to making America the crypto capital.

President Donald Trump

His comments came as Bitcoin traded just shy of $96,700 on Wednesday evening, having hit an all-time high of more than $108,000 earlier this year.

Trump positions the US as a global crypto leader

In his presidential campaign and since his election to office, Trump has portrayed himself as a pro-digital assets sort of guy. Before being elected last year, he vowed to make the US “the crypto capital of the planet.” Since his inauguration, he’s made strides to support the industry, like appointing former regulator Paul Atkins, whom the crypto industry celebrated as a crypto-friendly agency head, to lead the US Securities and Exchange Commission (SEC).

Trump also touted Miami’s position in the cryptocurrency space, calling it the “center of the action” and hinting that it could stay the heartbeat of digital asset activity. Trump noted that his administration is committed to leading America at the forefront of everything, and one of those is crypto.

Trump has signed executive orders while in office to encourage the development of digital assets. In January, he signed an order that he called “Strengthening American Leadership in Digital Financial Technology” that formed a working group to create a federal regulatory framework for crypto. The order also aimed to prohibit a central bank digital currency (CBDC), a move supported broadly by the crypto community.

Trump has criticized the SEC’s regulatory stance under former Chair Gary Gensler. The agency, which took numerous enforcement actions against crypto firms during Gensler’s tenure, had long been viewed as an antagonist to the industry. Trump claimed Wednesday that he had “totally ended that war.”

Trump noted that the regulatory watchdog was really hostile to Bitcoin and crypto up until the very end. However, he noted that just before the end, they suddenly realized there were so many people on Bitcoin and crypto that they started being very nice.

Trump champions crypto boom as Washington gears up for pro-digital asset legislation

Trump’s comments arrived at a moment when Washington is expected to welcome its most pro-crypto Congress yet. Key lawmakers, including Senate Banking Committee Chair Tim Scott and House Financial Services Committee Chair French Hill, are leading efforts to draft regulatory frameworks for the industry.

Alongside policy-oriented moves, Trump has also taken personal ownership of the crypto movement. In fact, before he even took office, he launched the TRUMP meme coin, which ballooned to billions of dollars in market capitalization. His wife, Melania Trump, soon joined him with her own cryptocurrency venture.

Trump’s leadership, in particular, could further strengthen the US’s position as a dominant player in the world’s crypto economy, especially with a growing political push for adopting digital assets and a favorable regulatory environment. 

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