This week brings intriguing news from Donald Trump’s camp, as there’s talk about establishing the inaugural “crypto role” within the White House. This speculation comes from Bloomberg, which cites sources familiar with the matter, though their identities remain undisclosed.
Trump is poised to assume the presidency of the United States on January 20, 2025, and is currently in the process of assembling his cabinet. Having already selected individuals for major roles, his focus is now shifting towards secondary and tertiary positions.
According to the sources Bloomberg referenced, Trump’s team is engaging with leaders from the digital currency industry to contemplate the introduction of a role at the White House dedicated to cryptocurrency policy.
It’s confirmed that a discussion is planned with Coinbase CEO Brian Armstrong, a leading figure in the U.S. cryptocurrency exchange scene. Moreover, these sources suggest that Trump’s team is already vetting potential candidates for this pioneering crypto position. However, without official confirmation or denial, this news remains speculative.
Donald Trump and His Evolving Stance on Cryptocurrency
During his presidency that commenced in 2017, Trump was openly critical of Bitcoin. Yet, following his 2020 electoral loss, his perspective began to shift, culminating in cryptocurrency partially financing his 2024 campaign efforts. Trump’s change of heart comes as the Democratic administration under Joe Biden, his political adversary, adopted a more critical stance towards cryptocurrencies, inadvertently driving crypto investors towards Trump.
Now, the president-elect advocates strongly for the cryptocurrency sector, even proclaiming his desire to make the U.S. the global hub for cryptocurrencies.
The SEC’s Future Under Trump
The Securities and Exchange Commission (SEC), particularly under Democrat Gary Gensler during the Biden administration, has been notably resistant to the cryptocurrency industry. Gensler’s recent hints at resignation, coinciding with Trump’s impending presidency, have buoyed the cryptocurrency market. Rumors suggest Trump might appoint a crypto-friendly figure to lead the SEC, potentially marking a significant policy shift. If a dedicated government official for crypto policy is also introduced, Trump’s administration could become the most crypto-supportive globally, rivaling even El Salvador.
Bitcoin’s Price Surge
Bitcoin’s price recently hit a record high, surpassing $97,000. However, the market’s reaction to the Bloomberg report was modest, indicating that the news alone wasn’t the sole catalyst for Bitcoin’s price movement. Instead, a decrease in Bitcoin selling pressure on exchanges, notably from November 6, coupled with positive financial results from Nvidia, seems to have fueled the surge. While the “Trump trade” may influence market dynamics, current trends suggest that broader market forces are at play.
Cryptocurrency’s Future Outlook
Predicting cryptocurrency’s future remains challenging, yet the sentiment leans towards Bitcoin breaking the $100,000 barrier. The timing and subsequent market reactions are uncertain, with potential sell-offs posing questions about Bitcoin’s ability to maintain high price levels. The future of Bitcoin’s price, especially in relation to the Dollar Index’s potential decline, remains a subject of speculation, with various outcomes possible.
