With his return to the presidency, Donald Trump has positioned himself as a key figure in the Bitcoin conversation. His keynote at Bitcoin 2024 laid out ambitious plans for the integration of Bitcoin into the US economy, making him the first US president to openly champion the cryptocurrency in such a way. As his second term begins, the Bitcoin community is eager to see how his promises will translate into concrete policies, with hopes for a friendlier regulatory environment and a safer, innovative financial system.
The promises
Trump’s speech at Bitcoin 2024 highlighted a number of initiatives aimed at embracing Bitcoin and blockchain technology:
- Ending the “anti-crypto stance” of previous administrations with a commitment to overhaul the approach to regulation.
- Establishing a Presidential Crypto Advisory Council to shape the national strategy for Bitcoin and blockchain innovation.
- Rejection of the idea of a central bank digital currency (CBDC).
- Securing and holding state-owned bitcoin with plans to create a strategic store.
- Free Ross Ulbricht, the founder of the Silk Road online marketplace, who has been imprisoned since 2013.
- The removal of SEC Chairman Gary Gensler.
While Trump’s commitment to Bitcoin is undeniably encouraging for the community, translating ambitious promises into effective policy is a challenging path forward. His call to remove SEC Chairman Gary Gensler resonated with Bitcoin advocates, many of whom blamed Gensler for restrictive policies. While it’s unclear whether Trump’s influence played a role, Gensler’s announcement of his departure in November signals a changing regulatory tide. Trump’s proposal to create a Crypto Advisory Council holds potential, but its success will depend on bipartisan cooperation and a clear, actionable mandate. Without these elements, it risks becoming a hollow political gesture. Additionally, his opposition to a central bank digital currency (CBDC) aligns well with privacy advocates and decentralization advocates, and there appears to be Republican Party support for this policy. Regarding Ross Ulbricht, President Trump has many options to explore, from a commuted sentence to a presidential pardon. Whether it happens “day one” or within the early days of Trump’s second term, Ulbricht’s freedom is on the horizon.
As with any sweeping political vision, enthusiasm must be tempered with pragmatism. Turning promises into actionable policies takes time, especially in the maze of established financial systems. Regulatory reforms are slow, often hindered by entrenched interests and complex legislative processes. Nevertheless, Trump’s vocal advocacy of Bitcoin marks a cultural shift in American politics. While not every initiative reaches full fruition, his presidency could significantly change the public perception and political discourse surrounding Bitcoin and embed the cryptocurrency more deeply in the national conversation.
Should political inertia or opposition delay progress, the Bitcoin community has tools to remain proactive and engaged. Active participation in policy-making will be key – advocating for regulatory clarity and an innovation-friendly framework can help ensure Bitcoin’s potential is realized. Keeping a close eye on regulatory shifts, including how Trump’s administration addresses existing SEC cases and cryptocurrency classifications, will also be crucial. Flexibility and readiness to accept incremental progress can yield meaningful gains, particularly in resisting CBDCs and strengthening the government’s strategy for bitcoin holdings.
Ultimately, Trump’s pro-Bitcoin stance represents a historic turning point toward integrating Bitcoin into American governance. While challenges and delays are inevitable, the presence of a Bitcoin lawyer in the White House offers unprecedented opportunities. The next few years will test whether America can truly become a beacon of Bitcoin innovation, or whether political realities will slow down the revolution. Either way, Bitcoin now has a powerful ally at the highest levels of government — a hopeful sign for its future trajectory in the US and beyond.
This article is one Take. Opinions expressed are solely those of the author and do not necessarily reflect those of BTC Inc or Bitcoin Magazine.