US President Donald Trump has again reaffirmed his commitment to making the US the world capital for crypto. The president also hinted at further rate cuts, which is bullish for the crypto market.
Donald Trump Vows To Make US World Capital Of Crypto
While addressing the World Economic Forum (WEF) at Davos, US President Donald Trump vowed to make the US the world capital of cryptocurrency and artificial intelligence (AI).
This again reaffirms the US president’s commitment to the crypto industry in the country as he looks to create a regulatory-friendly environment for this sector, signaling a shift from what was obtainable under Biden’s government.
Trump also called for immediate cutting of interest rates, which is bullish for the Bitcoin price and the broader crypto market. This undoubtedly provides some optimism for the market, especially considering that traders predicted there will be only one Fed rate cut this year.
Meanwhile, Donald Trump’s recent statement is also timely, considering that the US president failed to talk about crypto in his inaugural speech. His administration also failed to mention crypto as a priority in a document sent to lawmakers.
However, crypto is evidently still a priority for Donald Trump’s administration. Republican Senator Cynthia Lummis reaffirmed Congress’ commitment to the crypto industry while revealing her appointment as the Chair of the Digital Assets Subcommittee.
The main focus of the Subcommittee will be to ensure that Donald Trump’s promise of a Strategic Bitcoin Reserve becomes a reality. Lummis also proposed the Bitcoin Act, which will mandate the US to buy 1 million BTC over five years.
Peter Schiff Comments On Trump’s Speech
Bitcoin critic and renowned economist Peter Schiff used Donald Trump’s speech as an opportunity to take a dig at the flagship crypto. Schiff noted that the US president mentioned crypto in his speech, not Bitcoin.
He added that Trump did not distinguish between Bitcoin and his own meme coin, TRUMP. In line with this, the economist remarked that the US president is likely referring to asset-backed crypto, something that may actually have value, rather than “fiat cryptos like Bitcoin that have none.”
Despite Schiff’s remarks, it is worth mentioning that Donald Trump’s World Liberty Financial invested in Bitcoin, ETH, TRX, ENA, LINK, and AAVE amid the president’s inauguration on January 20.
The post Donald Trump Reaffirms Commitment To Make The US The Crypto Capital appeared first on CoinGape.
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