Bitcoin Is “Amazing” And Takes Pressure Off The Dollar, Donald Trump Says
Highlights
- Donald Trump declared that Bitcoin is amazing and has created jobs in the US.
- He also stated that Bitcoin has taken the pressure of the dollar.
- The president declared that they have created a powerful industry regarding crypto.
- Trump claimed that China would have crypto if they didn't.
In the latest development, US President Donald Trump appreciated Bitcoin and acknowledged its role in the country. The president highlighted the progress the US has made in supporting the crypto industry, describing it as a highly influential sector.
Donald Trump Describes Bitcoin As Amazing
In a White House press conference, the US president heaped praise on Bitcoin, describing the flagship crypto as amazing. He alluded to the jobs that the crypto asset has created and how it has become a payment method, while taking the pressure off the dollar.
Donald Trump declared that BTC’s emergence is a “great thing” for the US. The president further stated that they have created a very powerful industry in terms of crypto. He further remarked that if they didn’t have crypto, China would, indicating his country’s dominance over its economic rival.
The president also affirmed that crypto is a very “big” industry. He alluded to how the Bitcoin price and broader crypto market showed relative strength in comparison to the stock market when he initially announced the reciprocal tariffs on ‘Liberation Day.’
Donald Trump revealed that he had invested in Bitcoin before his presidency and is a huge fan. He also stated that his children have investments in the flagship crypto.
Furthermore, the president touched on his role in building the crypto industry in the US, as the industry wasn’t doing well under Joe Biden’s administration. Trump had declared before now that he intends to make the US the crypto capital of the world.
Plans To Advance Crypto In The US
As part of this move, Donald Trump has already signed an executive order to establish a Strategic Bitcoin Reserve. Senator Cynthia Lummis has already introduced the BITCOIN Act to provide legislative backing to create this reserve. Under this proposed legislation, the US would acquire up to 1 million BTC over a five-year period.
Additionally, the US Congress has introduced the GENIUS Act and CLARITY to provide regulatory clarity to the crypto industry, aligning with Donald Trump’s vision. The Senate has already passed the GENIUS Act, which will regulate the stablecoin industry. The stablecoin bill is now in the US House for deliberation.
As CoinGape reported, the US President ordered the House to pass the stablecoin bill quickly and bring it to his desk as soon as possible. He also stated that they shouldn’t make any add-ons to the bill, as he believes it is perfect just the way it is.
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