Donald Trump Reaffirms Commitment To Make The US The Crypto Capital
Highlights
- Donald Trump vowed to make the US the world capital of crypto while speaking at Davos.
- The president also hinted at cutting interest rates further.
- Bitcoin critic Peter Schiff took a dig at BTC following Trump's comments.
US President Donald Trump has again reaffirmed his commitment to making the US the world capital for crypto. The president also hinted at further rate cuts, which is bullish for the crypto market.
Donald Trump Vows To Make US World Capital Of Crypto
While addressing the World Economic Forum (WEF) at Davos, US President Donald Trump vowed to make the US the world capital of cryptocurrency and artificial intelligence (AI).
This again reaffirms the US president’s commitment to the crypto industry in the country as he looks to create a regulatory-friendly environment for this sector, signaling a shift from what was obtainable under Biden’s government.
Trump also called for immediate cutting of interest rates, which is bullish for the Bitcoin price and the broader crypto market. This undoubtedly provides some optimism for the market, especially considering that traders predicted there will be only one Fed rate cut this year.
Meanwhile, Donald Trump’s recent statement is also timely, considering that the US president failed to talk about crypto in his inaugural speech. His administration also failed to mention crypto as a priority in a document sent to lawmakers.
However, crypto is evidently still a priority for Donald Trump’s administration. Republican Senator Cynthia Lummis reaffirmed Congress’ commitment to the crypto industry while revealing her appointment as the Chair of the Digital Assets Subcommittee.
The main focus of the Subcommittee will be to ensure that Donald Trump’s promise of a Strategic Bitcoin Reserve becomes a reality. Lummis also proposed the Bitcoin Act, which will mandate the US to buy 1 million BTC over five years.
Peter Schiff Comments On Trump’s Speech
Bitcoin critic and renowned economist Peter Schiff used Donald Trump’s speech as an opportunity to take a dig at the flagship crypto. Schiff noted that the US president mentioned crypto in his speech, not Bitcoin.
He added that Trump did not distinguish between Bitcoin and his own meme coin, TRUMP. In line with this, the economist remarked that the US president is likely referring to asset-backed crypto, something that may actually have value, rather than “fiat cryptos like Bitcoin that have none.”
Despite Schiff’s remarks, it is worth mentioning that Donald Trump’s World Liberty Financial invested in Bitcoin, ETH, TRX, ENA, LINK, and AAVE amid the president’s inauguration on January 20.
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Premium Partners
Delivered every day.
- Insights that move markets
- 100,000 active subscribers
Related Articles
- What’s Behind Ethereum’s Drop: Macro, TVL, DeFi & Liquidity Zones
- Bitcoin ETFs Record Biggest Daily Outflow Since August as OG Whales Cash Out
- CZ Trump Pardon: Binance Founder Denies Any Trump Family Ties
- Odds for December Rate Cut Soar to 71% After Michigan Consumer Sentiment Hits 2nd-Lowest in History
- Breaking: James Chanos Exits MSTR Short After Premium Drop
- After a 17% Jump, Is Litecoin Price Rebound Sustainable Amid Dominant Sell Activity?
- Cardano Price Soars 10% Amid Retail Accumulation: Will Bulls Target $1?
- Bitcoin Price: How Low BTC Could Fall by the End of 2025?
- Post-Giveaway Supply Shock: Impact on FUNToken’s Liquidity and Market Depth
- Aster Price Poised to Hit $2 as Coinbase Adds ASTER to Listing Roadmap
- Filecoin Price Rockets 51% as Grayscale’s FIL Holdings Hit Record High — What’s Next for FIL?
