Breaking News: President Trump Praises Bitcoin, Emphasizes Economic Impact
In a recent press conference, President Donald Trump openly praised Bitcoin (BTC) and the broader cryptocurrency industry, acknowledging its significant role in job creation and economic growth in the United States. This surprising endorsement comes as a strong signal of support for the burgeoning sector.
Trump’s Endorsement of Bitcoin
President Trump described Bitcoin as “incredible” and highlighted its role in reducing pressure on the US dollar. “I have noticed that more and more people pay with Bitcoin. Many say that it takes away a lot of pressure from the dollar, and that is something excellent for our country,” he said.
The businessman and politician recalled his long-standing interest in the cryptocurrency ecosystem, stating that his support for the sector predates his decision to run for a new presidential term. “I was in Bitcoin then, not knowing if I was going to apply for a new mandate,” he said.
Strengthening the Cryptocurrency Industry
Trump emphasized that his administration has played a crucial role in bolstering the cryptocurrency industry, ensuring that the United States maintains its competitive edge over foreign powers like China. “If we did not have it, it would have China, or someone else. But most likely I would like China, and now we have dominated that industry,” he said.
The president also noted the resilience of Bitcoin compared to other markets. “When the bag fell recently, cryptocurrencies and Bitcoin got much less than the rest,” he said.
Support from Institutional Promoters
These statements were shared by Michael Saylor, the strategy leader at MicroStrategy, which holds the most Bitcoin of any public company in the world. Saylor, a long-time ally of Trump, has been a vocal advocate for the use and expansion of Bitcoin as part of a national economic strategy.
Trump’s Proactive Approach to Cryptocurrency
Since his return to the presidency, Trump has actively sought to fulfill campaign promises to the Bitcoiner community. He has taken steps such as eliminating regulations that restricted the ecosystem and signing an executive order authorizing the creation of a Bitcoin reserve. These actions reflect a proactive approach to the industry, contrasting sharply with the previous administration under Joe Biden.
Legislation for Stablecoins
The president has also expressed his intention to sign the “Stablecoin Transparency of Reserves and Uniform Safe Transactions Act” (STURT Act), which has already received Senate approval and is expected to be debated in the House of Representatives. This legislation imposes strict requirements for stablecoin issuers, mandating that assets be fully backed by US dollars or equivalent liquid assets.
This move underscores the Trump administration’s commitment to regulating the cryptocurrency sector responsibly while promoting its growth.
Future Implications
The president’s endorsement of Bitcoin and cryptocurrencies signals a significant shift in the US government’s stance on digital assets. As the industry continues to evolve, these developments could have far-reaching implications for both the domestic and global economies.
Investors, industry leaders, and enthusiasts are eagerly watching these developments, recognizing the potential for substantial growth and innovation in the cryptocurrency space.
Stay tuned to archyde.com for the latest updates on this breaking news story and for in-depth analysis of the future of cryptocurrencies in the United States.
