Trump Wants the U.S. Crypto Edge Over China in Tech Race

In his rallies in 2024, Donald Trump back to back promised to make the United States the hub of digital currencies and has shown a major inclination towards cryptocurrencies, and after his victory in 47th he signed several others to embrace crypto.

Mr. Trump has once again shown favouritism for crypto, and believes that it is an important path that will help the United States to stand ahead of China in evolving technology.

In a press meet on Sunday, Mr. President said he wants crypto, as it is important and if the U.S will not opt, China will do it.

U.S to become a new crypto hub in the near future

During the interview, Trump praised crypto, noting that it has shown remarkable strength during market downturns and has surpassed other markets in terms of growth and profitability

He further said that the importance of crypto cannot be overlooked, and its adoption is becoming a major factor gathering his support. The statements of Trump have come at the time when the U.S and China both have been closely competing for the adoption of artificial intelligence and blockchain.

After his historical victory in the recent presidential election, Trump has signed dozens of executive orders to favour the growth of crypto in the United States, along with signing the orders for the establishment of crypto reserves in the nation.

The U.S under Trump’s presidency seems fully prepared to become a crypto hub

Especially after Trump’s entry into the White House, the United States seems to be fully geared up to establish itself as a crypto hub, through a series of pro-crypto decisions and policies.

In the current administration several decisions of Joe Biden terms have been overturned and Trump has continued to embrace crypto and has portrayed his image as a pro crypto leader

Crypto enthusiasts and moguls have been praising Trump for fulfilling his promises made for the digital currency market, and the sudden departure of Gary Gensler from the position of Chair of the SEC has indirectly helped Mr. President to clean his image and set his image as a promise-fulfilling leader

Yet Gary opted for departure by his own will, and now legal involvement of pressure from the Trump administration were seen. The U.S. is expected to lead in crypto under Trump’s deregulatory zeal, but volatility, environmental costs, and potential conflicts could complicate the path forward.

Crypto market price updates

Until publishing the crypto market cap was $2.95 trillion with slight decline of 0.89%, yet experts were seeking a strong bullish momentum after this recent interview of Mr. Trump, despite a decline in cap, an increase of 12.03% has been observed in trading volume now at $56.13 billion.

According to data from CoinMarketCap, Bitcoin is currently trading below $95k, at $94,717 with a 1.21% decline, and its market capitalization is down by 1.18%, reaching $1.88 trillion.

However, Official Trump token also showed nil sign of recovery and as of writing it was exchanging hands at $11.21 with a weekly decline of 27.21%.