U.S. President Donald Trump has attributed the record highs of Bitcoin to his commitment to making “America the crypto capital.” Speaking at the Future Investment Initiative Institute conference in Miami, Trump stated, “Bitcoin set multiple all-time record highs because everyone knows that I’m committed to making America the crypto capital.” As of Wednesday evening, Bitcoin was hovering around $96,700, after reaching an all-time high of over $108,000 earlier this year.
Trump expressed his desire for the United States to stay at the forefront of the crypto industry, with Miami being the center of the action. He mentioned his executive orders aimed at keeping the U.S. ahead in artificial intelligence and ending what he referred to as “Joe Biden’s war on bitcoin and crypto.”
Before and since taking office, Trump has made several moves to show support for digital assets. He designated Paul Atkins, a crypto-friendly former regulator, to lead the U.S. Securities and Exchange Commission (SEC). Trump also launched TRUMP memecoin, along with his wife Melania Trump, which reached billions of dollars in market cap.
In January, Trump issued an executive order titled “Strengthening American Leadership in Digital Financial Technology,” which included measures such as creating a working group to develop a federal regulatory framework and banning the use of a central bank digital currency. The working group would consist of top officials, including the Treasury Secretary, Commerce Secretary, and the chairs of the SEC.
During his speech, Trump criticized the SEC under the Biden administration. Former SEC Chair Gary Gensler, who recently left the agency, was skeptical of cryptocurrencies and considered most of them securities. Trump claimed that his administration ended the hostility towards bitcoin and crypto, stating, “That war is over. They were very hostile toward them until the very end because there are so many people in bitcoin and crypto.”
It is worth noting that Washington is expected to have the most pro-crypto Congress yet, with key committees led by pro-crypto lawmakers who hold the power to regulate the industry.
Disclaimer: This article is for informational purposes only and should not be considered legal, tax, investment, financial, or other advice. The Block is an independent media outlet that provides objective and timely information about the crypto industry.
