In a year where cryptocurrency has reached new heights, President-elect Donald Trump and his son Eric Trump have emerged as key figures in shaping the future of digital assets.
From promising a pro-crypto administration to actively engaging in the cryptocurrency market through their own ventures, the Trump family has made headlines with their commitments to the industry.
JUST ENTERED
DONALD TRUMP AIMS TO RUN THE US FINANCIAL SYSTEM USING CRYPTO!! ALL THE BEST FINANCIAL POSITIONS ARE GUIDED BY CRYPTOCURRENCY LAWYERS OR BUSINESS MANAGERS!!#Crypto #BTC #bitcoin #xrp— FinanceBro (@FinanceBroYT) November 29, 2024
Let’s recap the major promises and actions taken by Donald and Eric Trump in 2024 that have fascinated cryptocurrency enthusiasts and skeptics alike.
Trump: “The most pro-crypto president in history”
Speaking at the Bitcoin MENA 2024 conference in Abu Dhabi, Eric Trump said: “You will have the most pro-crypto president in the history of America.”
Overregulation of Bitcoin and cryptocurrencies, which he said had blocked innovation in previous administrations, would not happen during the Trump administration’s second term.
The announcement came on the same day that Donald Trump publicly announced the nomination of Paul Atkins, a securities lawyer and cryptocurrency advocate, to lead the Securities and Exchange Commission (SEC).
Eric further stated, “Think of a president who will not allow Bitcoin and cryptocurrencies to be over-regulated and stifled.” This pro-crypto stance marks a dramatic shift from Trump’s previous skepticism of Bitcoin, which he once called a scam.”
DISCOVER: 13 best cryptocurrency ICOs to invest in 2024
Bitcoin strategic reserve: a fundamental proposal
Of all the promises Donald Trump has made for 2024, none have attracted more attention than his pledge to create a strategic Bitcoin reserve, similar to the United States’ strategic oil reserve, which would make Bitcoin a key asset in the nation’s financial strategy.
Following this announcement, Bitcoin prices rose to a record high of $106,000. Market analysts attributed this surge to renewed optimism among investors, who saw the move as a significant step towards mainstream adoption of Bitcoin as a legitimate asset class.
“This notable surge is largely attributed to recent comments from US President-elect Donald Trump, who confirmed plans to explore Bitcoin as a potential reserve asset for the US,” said Shivam Thakral, CEO of BuyUcoin.
World Liberty Financial: The Trump family’s foray into the world of cryptocurrencies
September 2024 saw the launch of World Liberty Financial (WLFI), a cryptocurrency lending and borrowing platform by Donald and Eric Trump.
The firm also launched WLFI tokens, which it marketed as the centerpiece of the family’s efforts to revolutionize digital finance.
Despite a rocky start with just $2.7 million in token sales out of an expected $300 million, the platform has gained traction following the $30 million token purchase by Justin Sun, Tron’s troubled founder.
“The attacks on the family, the attacks on our company, the evil of the system, the hell they put us through,” Eric said, recalling the times when his father was first in the White House and after January 6, which led many companies to abandon the Trump Organization as a client.
“If it weren’t for those attacks, I don’t think my eyes would have been so open to the cryptocurrency industry.”
EXPLORE: Coinbase will cut ties with law firms linked to former SEC officials, Armstrong promises
Appointments to advance crypto policy
Donald Trump’s commitment to cryptocurrencies is also reflected in his administration’s key appointments. Along with Paul Atkins at the SEC, Trump named venture capitalist David Sacks as “the White House AI and cryptocurrency czar.”
These appointments signal a policy direction focused on the adoption and advancement of blockchain and cryptocurrency technologies.
Eric Trump praised these picks, saying, “These are people who understand the incredible potential of cryptocurrencies and will work to ensure that the United States is a leader in this space.”
Digital revolution in the financial sector
In his speech at the Bitcoin MENA conference, Eric Trump laid out his father’s vision for a “digital revolution.” He said millions of people who have been “disillusioned with the modern world” could find financial relief through cryptocurrencies.
This vision aligns with the administration’s broader goal of upending established banking structures and empowering people through decentralized finance.
However, because the Trump family’s business operations are closely tied to the policies they support, critics have expressed concerns about conflicts of interest.
Former Federal Election Commission general counsel Lawrence M. Noble noted, “This is taking it to a different level.”
“We’ve never seen anything like this before. We have moved so far away from the ethical norms of previous presidents, where they divested themselves of financial interests.” said Noble, who now teaches law at American University.
The post All the Crypto Promises Donald Trump and Eric Trump Made in 2024 – Let’s Recap! appeared first on 99Bitcoins.