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Trump could turn the current reality of the US Cryptocurrency market upside down.
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The elected administration will have a new staff, with a view to a strategic reserve of BTC.
After a month of the results of the presidential elections in the United States, it seems that talking about Donald Trump has become a bit old. But nothing could be further from the truth: the recently elected president is a key figure who has been given a second chance to make a country great again that, even though it is already a power, has been doing things quite badly.
The United States has won the reputation of being a large accumulator of debt, at a current level of 36 trillion dollars. Also, maintaining a fiscal deficit problem that has practically never been resolved, and the dollar crisis, inflation, immigration problems, and the list goes on.
But what concerns us here is the relationship of this nation withBitcoin/” target=”_blank” rel=”noreferrer noopener”> Bitcoin and the rest of the ecosystem. Despite leading the markets, its participants must overcome thousands of obstacles that the government itself has been placing in the way, turning the US into a regulatory and tax “hell.” Not to mention those who don’t follow the rules.
And what is it that really interests us now in the United States in relation to Bitcoin? It seems that all that bad energy that we name could be about to start reversing.
Let’s see what the country has today.
Renewed squad
We knew that the current head of the US Securities and Exchange Commission (SEC), Gary Gensler’s days in office were numbered, no matter who won. By your own decision? To tell the truth, he was forced to leave the position.
Kamala Harris seeks to get rid of all the controversies of the current administration. And the first person he would have relocated would be Gensler, responsible for a highly questioned “anti-crypto” managementhaving been selected by Joe Biden, the president who is now dedicated to forgiving his son’s sins, in 2021.
And if Trump won (which ended up happening), he would put in a person he trusted and remove him for similar reasons. In fact, in July he publicly announced that, if he won the election, he would fire the current head of the SEC from day one.
By communicating your resignation from office By next January 20, Gensler appears to have been blinded by the Neuralizer from the Men in Black saga, “erasing all his memories” when talking about his management and that of President Biden.
On January 20, 2025 I will be stepping down as @SECGov Chair.
A thread 🧵⬇️
—Gary Gensler (@GaryGensler) November 21, 2024
Paul Atkins has been named to the SEC starting job, now for the second time. And unless it is another wolf in sheep’s clothing, it will be a plus for Trump’s administration.
The introduction of Elon Musk and Vivek Ramaswamy with the DOGE office, Robert F. Kennedy Jr. in the health sector, the change in the Treasury by moving Yanet Yellen who has remained entrenched in power for years and the entire battery of nominations recently announced, they add to the cause of cleaning up the “anti-crypto” administration that we know. Or at least those are the intentions.
The Operation Choke Point in its 2.0 phase was in charge, for years, of persecuting organizations and individuals relevant to the cryptocurrency ecosystem. Trump can put the brakes on this and take advantage of it. It is to take the foot off the bitcoin and cryptocurrency industry and, in turn, improve its image. A Win-Win.
A stone in the shoe
And what do we do with Powell? That is the question that Trump and his team may have asked themselves recently.
Jerome Powell is the head of the United States Federal Reserve. It controls the interest rate, the circulation of money and regulates inflation together with the 12 regional banks that, together, form the “System”. And yes, it is of great influence in the cryptocurrency market.
Jerome Powell, Chairman of the Federal Reserve since 2018, next to Donald Trump. Image: Olivier Douliery/Bloomberg
In Argentina, for example, the president of the Nation as soon as he takes office, he appoints the president of the Central Bank. In the US, it is not a position whose member can be easily replaced.
And not. There is no indication yet that Jerome Powell wants to leave. In fact, when he was recently asked if he would resign, a resounding “no” came out of his mouth. Less will he do so knowing that Trump was the one who gave him access to his current position in 2018, even when he firmly demands his need to influence more the decisions of the Federal Reserve.
Powell has been the subject of criticism and memes after his decisions at the FED, participating in one of the most hilarious money issues in history, thanks to which a 22% of the total circulating dollars only in 2020. Will the dollar printer continue to make “brrrrr” until 2026, when his position ends?
The move from the Senate
Until now, the bill Bitcoin Strategic Reserve (SBR), presented at the end of July by the Republican senator for the State of Wyoming, Cynthia Lummis, is one of the proposals that resonates most in the Bitcoin ecosystem.
NEW: 🇺🇸 Senator Cynthia Lummis suggests that the US government could create a Strategic Bitcoin Reserve without printing new money by revaluing its gold certificates at fair market value and exchanging them for Bitcoin. pic.twitter.com/4EcdmT94xS
— Bitcoin News (@BitcoinNewsCom) November 21, 2024
Without a doubt, the proposal has an impact, but are we sure that not a single dollar will be used to make this BTC purchase? Lummis’ proposal aims to use the FED’s reserves, also including gold certificates. This gives us the guideline that they will not seek to acquire them with a fiscal surplus, that is, spending less than what enters the public coffers, for the simple fact that they do not estimate reaching that positive condition.
Could the US accumulate 1 million BTC over 5 years and last 20 without selling anything? A president lasts only 4 years, he can change the head of the Treasury and, furthermore, we do not know if Trump will run for re-election.
I am not against strategic reserves. But the way this topic has been addressed, at least, makes me feel a little louder. I hope that what is decided is in favor of the people and not mortgaging their future even more.
Although only one bill has become law of those that Lummis has sponsored on her own as a senator, Trump has Republican majority in both chambers. So, ladies and gentlemen, there is no excuse for it not to be law! Or yes?
Everything is for adoption
As we usually say in Latin America, “the players see each other on the field”. The same applies to politics: we want the promises made both in the campaign and in management to be demonstrated with actions and not remain in words. Apply to every public official in the world.
Donald Trump has not yet assumed the presidency, so our criticism should not be exaggerated. Even though it is sometimes annoying to see Bitcoin mixed with World Liberty Financial. Or read his “you’re welcome!” to bitcoiners for having reached 100 thousand USD per BTC, after becoming president-elect.
Trump’s post on Truth Social, a social network of which he is the owner. Source: Truth Social
Step on the brakes in the pursuit of the ecosystem It would be a great advance, but from a comprehensive perspective. I’m talking about pressures on exchanges, tax issues, arrests of developers, wars around “security yes, security no” and unresolved legal disputes.
That would be enough for us to generate adoption, knowing that we can use or create tools without fear of being imprisoned and/or having to pay obscene fines. Being able to choose from more options is always synonymous with greater freedom.
Oh. And States that want to create strategic reserves in BTC, go ahead! They have been able to do it for almost 16 years and they will be able to do it in the future as well.
At the end of the day, Bitcoin is for everyone. Even for marketing strategists.
Disclaimer: The views and opinions expressed in this article belong to its author and do not necessarily reflect those of CriptoNoticias. The author’s opinion is for informational purposes and under no circumstances constitutes an investment recommendation or financial advice.
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