Trump's Crypto Pivot: Bitcoin Surges as US Becomes Crypto Capital

President Donald Trump, in a significant shift from his predecessor, has emerged as a vocal proponent of cryptocurrencies, particularly Bitcoin. On February 20th, he announced his achievements in the crypto and AI niches, highlighting his commitment to making the US a crypto capital.

During the FII priority summit, Trump claimed that his administration has introduced genuine innovations in the US crypto market, with Bitcoin reaching an all-time high of $108,217.56. He attributed this milestone to his administration's commitment to the crypto sector, stating, "Bitcoin has set frequent all-time high price records because I'm committed to making The US a crypto capital."

Trump expressed dissatisfaction with the progress of the Securities and Exchange Commission (SEC) under former President Joe Biden, alleging that its dealings were politically motivated and inclined. He suggested that some coveted SEC agendas were dropped just before he assumed office. However, Trump emphasized that his support for crypto is not politically motivated but rather a desire to have every industry thrive under his administration.

The president's entry into the crypto sphere has sparked optimism among global investors, with Bitcoin rallying near $70,000 and currently facing resistance at $97,000. Trump's support has also led to significant changes within the SEC, with former leaders like Gary Gensler, known for their anti-crypto stance, resigning. Paul Atkins has taken over as the new SEC head, while David Sacks serves as the guiding spirit for the SEC on all crypto affairs.

One of Trump's most ambitious plans is to generate a macro-level crypto asset, with consent from 16 states to move forward. If the plan passes, the pool could hold $23 billion worth of crypto in a centralized platform, marking a significant step towards the US becoming a crypto capital.