With his return to the presidency, Donald Trump has positioned himself as a key figure in the Bitcoin debate. His speech at Bitcoin 2024 outlined ambitious plans to integrate Bitcoin into the US economy, making him the first US president to openly support the cryptocurrency in this way. As it enters its second term, the Bitcoin community is eager to see how its promises will evolve into concrete policies, with hopes of a friendlier regulatory environment and a safer, more innovative financial system.
The promises
Trump’s Bitcoin 2024 speech highlighted a number of initiatives aimed at embracing Bitcoin and blockchain technology:
- End the “anti-crypto stance” of previous administrations, with a commitment to review the approach to regulation.
- Establish a Presidential Cryptocurrency Advisory Council to define the national strategy for Bitcoin and blockchain innovation.
- Reject the idea of a central bank digital currency (CBDC).
- Securing and holding government-owned bitcoin, with the intention of creating a strategic reserve.
- Release of Ross Ulbricht, the founder of the online marketplace Silk Road, in prison since 2013.
- The removal of SEC Chairman Gary Gensler.
While Trump’s commitment to Bitcoin is undeniably encouraging for the community, translating ambitious promises into effective policies represents a challenging path to follow. His call to remove SEC Chairman Gary Gensler resonated with Bitcoin supporters, many of whom accused Gensler of restrictive policies. While it’s unclear whether Trump’s influence played a role, Gensler’s announcement of his departure in November signals a changing regulatory tide. Trump’s proposal to establish a Cryptocurrency Advisory Council has potential, but its success will depend on bipartisan cooperation and a clear, actionable mandate. Without these elements it risks becoming a vain political gesture. Furthermore, his opposition to a central bank digital currency (CBDC) aligns well with privacy advocates and decentralization advocates, and there appears to be support within the Republican Party for this policy. As for Ross Ulbricht, President Trump has many avenues to explore, from a commuted sentence to a presidential pardon. Whether this happens “on day one” or in the early days of Trump’s second term, Ulbricht’s freedom is on the horizon.
As with any radical political vision, enthusiasm must be tempered by pragmatism. Transforming promises into actionable policies takes time, especially in the labyrinth of established financial systems. Regulatory reforms proceed slowly, often hampered by entrenched interests and complex legislative processes. However, Trump’s strong defense of Bitcoin marks a cultural shift in American politics. Even if not all initiatives reach full fruition, his presidency could significantly alter public perceptions and political discourse around Bitcoin, embedding the cryptocurrency more deeply into the national conversation.
Should political inertia or opposition delay progress, the Bitcoin community has the tools to remain proactive and engaged. Active participation in policymaking will be key: supporting legislative clarity and innovation-friendly frameworks can help ensure Bitcoin’s potential is realised. It will also be critical to keep an eye on regulatory changes, including how the Trump administration addresses existing SEC cases and cryptocurrency classifications. Flexibility and a willingness to accept incremental progress could lead to significant results, especially in resisting CBDCs and strengthening the government’s bitcoin holding strategy.
Ultimately, Trump’s pro-Bitcoin stance represents a historic pivot towards the integration of Bitcoin into US governance. While challenges and delays are inevitable, the presence of a Bitcoin advocate in the White House offers unprecedented opportunities. The next few years will test whether America can truly become a beacon for Bitcoin innovation or whether political realities will slow the revolution. In any case, Bitcoin now has a powerful ally at the highest levels of government, a hopeful sign for its future trajectory in the United States and beyond.
This article is a Take. The opinions expressed are entirely the author’s and do not necessarily reflect those of BTC Inc or Bitcoin Magazine.