The Fate of Bitcoin When Trump Is in Power

On July 30, 2024, Trump spoke at the Bitcoin 2024 Conference in Nashville, Tennessee. In his speech, Trump explained his plans to increase the role and participation of the United States in Bitcoin. “So here I lay out my plan to ensure that the United States will be the crypto capital of the planet and the Bitcoin superpower of the world and we will make it happen,” Trump said.

Trump wants to make this happen through the creation of a Bitcoin reserve strategy. In other words, Trump wants the United States to buy more Bitcoin as his country's foreign exchange reserves.

At current levels, the United States Government owns approximately 1% of the entire global bitcoin supply. Trump's plan could increase that percentage to 5% according to Republican Senator Cynthia Lummis. Moreover, RFK Jr., one of Trump's supporters, said the percentage should be 19%.

Trump's plan threatens Bitcoin's status as a decentralized currency because the United States will have a large influence on the Bitcoin market. If the United States buys Bitcoin in large quantities, then Bitcoin will become increasingly scarce because it is in the hands of the United States.

Therefore, the United States can control the supply of Bitcoin in the market. By buying Bitcoin, the United States will increase the price of Bitcoin. By selling Bitcoin, the United States will lower the price of Bitcoin.

'normalize' all uses of Bitcoin, both positive and negative, including money laundering.

The United States election will have a big impact on the crypto world economy. The winner could change the history and fate of Bitcoin forever. Bitcoin investors should be careful of their assets while paying attention to further news developments.