Former President Donald Trump has voiced his support for cryptocurrencies, warning that if the US does not embrace technology like bitcoin, China and other countries will dominate the market. Despite China’s crackdown on cryptocurrency, Chinese investors are still finding ways to trade digital assets. Trump plans to establish a presidential advisory council on cryptocurrencies and create a national bitcoin reserve using government-held assets.
Trump also pledged to keep all bitcoin held by the US government and support expanded bitcoin mining. The price of bitcoin initially dropped after his comments but later rebounded. Trump’s stance on cryptocurrency has divided opinions among industry executives and lawmakers, with some seeing it as a positive step towards legitimising digital assets.
Cryptocurrency advocates believe that users are becoming a significant political force, with some backing Trump for his support of digital assets. However, concerns remain about government regulation of the industry, with ongoing disputes between the SEC and cryptocurrency firms.
Overall, the future of cryptocurrencies in the US remains uncertain, with debates around government control, financial crime, and investor protection shaping the industry’s trajectory.
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