Trump will make cryptocurrency a ‘national priority’ – what could that mean?

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Donald Trump, the president-elect of the United States, is poised to take a significant initiative to reform the nation’s stance on cryptocurrencies. Reports indicate that he plans to sign a contract executive order after taking office on January 20. The goal is to prioritize digital resources on a nationwide scale.

A turn towards innovation

This is a drastic change from the previous administration’s stance, which was often described as indecisive or restrictive towards the cryptocurrency industry. Trump administration has shown interest in digital currencies, demonstrating a willingness to adopt innovations in financial technologies. This could be a springboard to more defined regulations and increased cooperation between the government and the cryptocurrency sector.

Crypto Policy Council

Discussions and proposals include the creation of a dedicated body that will exclusively advocate for crypto interests. Ideally, this organization would work to connect the world of regulators with the views of market participants, ensuring that such policies are equally sustainable and provide support for economic growth. By doing all this, the administration is trying to create a non-hostile ecosystem for both businesses and investors.

BTCUSD trading at $101,432 on the daily chart: TradingView.com

Signature

Sources say Trump could sign the order on Jan. 20, the first day of his leadership. It could also put an end to all ongoing cryptocurrency cases and order all government groups to rethink their stance on digital currencies.

Market Reactions and Bitcoin Reserve

Most market reactions have been very positive regarding the latest development. Even after the news broke, Bitcoin’s price skyrocketed to $102,000, proving that investors are gradually becoming hopeful about the future of cryptocurrencies under the novel government. Analysts believe this situation may continue as information emerges about Trump’s plans.

US government's total bitcoin holdings. Source: Arkham Intelligence

There are also proposals to create a national Bitcoin reserve. The fact that the US government is over Confiscation of $20 billion in cryptocurrency assets may indicate that they want to apply digital resources in the long term.

A promising future for cryptocurrencies

Thanks to Trump’s plan, the United States will have a huge opportunity to strengthen its position as a global leader in the cryptocurrency space. The government can make the most of digital resources by promoting novel ideas, improving regulations and attracting investment.

Featured image of the Chairman of the Joint Chiefs of Staff, chart from TradingView

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