Trump Vows Bitcoin Supremacy as Crypto Stocks Surge

Former President Donald Trump has declared an end to what he termed the "war on crypto," vowing to propel America to Bitcoin supremacy. This announcement comes as part of a broader critique of the Biden administration's policies, which Trump brands as a setback for the cryptocurrency industry. Trump's declaration signals a significant shift in the U.S. government's stance on digital currencies, potentially paving the way for increased adoption and innovation in the sector.

Trump reaffirmed his commitment to supporting cryptocurrency and making America the “Bitcoin superpower” at the first White House crypto summit. He stated that his executive order establishing a Bitcoin reserve and a digital assets stockpile fulfills the promises he made last year. Trump also lamented the fact that the government had sold considerable amounts of the Bitcoin it once held and said his administration would ensure the federal government can never sell BTC again. He emphasized that the Treasury is working on developing methods to accumulate more Bitcoin without impacting taxpayers.

Trump criticized the Biden administration for waging what he called a “war on crypto” and announced the formal end of Operation Chokepoint 2.0, a policy seen as restricting financial services for crypto firms. He blasted regulators and Biden, stating that “people really suffered” under their restrictive and harmful policies and criticized them for only easing their stance when election season approached. He said: “In the end, they came around — but only for votes.”

Meanwhile, US Treasury secretary Scott Bessent, who is now in charge of managing the Bitcoin reserve, also criticized Biden’s approach to the industry. He said: “Biden did nothing but punish tech innovators in the US.” Bessent added that the Trump administration is working with the IRS to rescind previous guidance that has stifled the industry and working with lawmakers to develop a comprehensive regulatory framework for crypto and stablecoins. He also stated that the US intends to use stablecoins to ensure the US dollar maintains its dominance as the world’s reserve currency.

Trump's vow to propel America to Bitcoin supremacy underscores his commitment to leveraging technology to enhance the country's economic prowess. By ending the perceived hostility towards cryptocurrencies, Trump aims to foster an environment conducive to the growth of blockchain technology and digital assets. This move is expected to attract more investment and talent to the U.S., further solidifying its position as a global leader in financial