Donald Trump says the US will ‘do something great with crypto’
Newly elected American President Donald Trump opened the New York Stock Exchange (NYSE) on Thursday. While addressing traders at the NYSE, Trump hinted at the implementation of pro-crypto policies during his time in office. Trump’s new show of support for the crypto sector came hours after Bitcoin crossed $100,000 (approximately Rs. 84.8 lakh) in prices for the second time. Market analysts say the altcoin market has also “come alive,” riding on the same optimism, with several tokens posting double-digit gains that could lead to a system-wide recovery for these digital assets.
On Thursday, Trump opened the markets from the NYSE headquarters in Lower Manhattan. When he spoke to the media there, he indicated that he wants the US to establish itself as a crypto acceptor before other countries such as China do. However, it is notable that crypto activities have been banned in China since 2021, but the country has made progress in creating the eCNY, the central bank digital currency (CDBC).
“We’re going to do something great with crypto because we don’t want China or anyone else – not just China, but others are embracing it, and we want to be the head,” CNBC quoted As Trump said on the NYSE.
Against the backdrop of this development, Bitcoin is trading at $100,211 (approximately Rs. 84.9 lakh) on foreign exchanges, according to CoinMarketCap on Friday, December 13. Ether is also trading at $3,895 (approximately Rs. 3.30 lakh) depending on BTC’s rally. The total valuation of the crypto sector currently stands at $3.59 trillion (approximately Rs. 3,04,48,913 crore).
Speaking to Gadgets360, BuyUCoin CEO Shivam Thakral said Trump’s pro-crypto approach fuels the ecosystem with intense optimism. “The future looks bright for Bitcoin, Solana and Dogecoin as they benefit from increasing developer interest and mainstream adoption of cryptocurrencies,” said Thakral.
However, analysts have also warned investors against making reckless investment decisions just because the market is rising.
Trump recently warned the BRICS group of countries to prepare for a “100 percent increase” in tariffs if they continue their efforts to reduce the role of the US dollar in the global economy. The development came after Russian President Vladimir Putin expressed support for a digital asset platform that the BRICS countries would use for internal cross-border settlements.
Post-COVID, the US Federal Reserve implemented successive rate hikes to stabilize the struggling economy, negatively impacting smaller economies dependent on the US dollar. For countries like China and Russia, the push to reduce dependence on the US dollar intensified after the US imposed multiple sanctions on their nationals.
The idea that the BRICS countries are trying to move away from the dollar while we watch is GONE. We need a commitment from these countries that they will neither create a new BRICS currency nor support any other currency to replace the mighty US dollar, or that they…
— Donald J. Trump (@realDonaldTrump) November 30, 2024
Meanwhile, Trump has demanded a commitment from the BRICS group that no new currency will be developed to replace the “mighty US dollar.” The US President-elect is also expected to introduce more crypto regulation in the US, he had said during his election campaigns.
