The reason has become clear: Why does Donald Trump support cryptocurrency?

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Bitcoin (BTC) has reached a new record by surpassing 85 thousand dollars. BTC has gained 85% in value this year, outpacing the S&P 500's 25.7% increase this year. The cryptocurrency sector believes that Trump's victory is a bullish signal for Bitcoin and other digital currencies. Meanwhile, there is a curious question: Why does Donald Trump support crypto?

WHY DOES DONALD TRUMP SUPPORT CRYPTO?

Trump once approached Bitcoin with skepticism, stating that it was "not based on anything," but in recent months, he has fully embraced crypto, unlike the Biden administration, which is trying to rein in the market.

One of the main reasons for Trump's change in attitude towards cryptocurrencies is that he now has a financial interest in this area. As is known, Trump and his children launched a new token called World Liberty Financial in September. Additionally, while introducing World Liberty Financial on September 16, the new president of the United States described the cryptocurrency sector as "a very young and rapidly growing sector."

The Biden administration, on the other hand, takes a much more skeptical approach to crypto.

Gary Gensler, the Chairman of the Securities and Exchange Commission, stated in one of his first speeches in his new role in June 2021 that cryptocurrencies are "full of fraud, deception, and abuses."

The SEC has also partnered with other regulators, including the Department of Justice, to pursue cryptocurrency fraudsters; the most notable of these was the notorious CEO of FTX, Sam Bankman-Fried. In January 2024, Gensler's X account was hacked, and a false post was made claiming that the long-awaited Bitcoin ETF had launched, which temporarily caused cryptocurrencies to rise.

THE FUTURE OF CRYPTO

On the other hand, Trump stated in August that cryptocurrencies could "define the future," expressing his desire for them to be "mined, minted, and produced in the USA." He also proposed the creation of a national Bitcoin stock, similar to America's strategic oil reserve, direct purchases of cryptocurrencies as a national security measure, and investments in them.

In short, the primary reason for Donald Trump's support of the crypto sector is seen as his own economic interests. In the coming period, we will all follow the developments regarding what awaits the sector.