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Donald Trump Returns to the White House — Here's What It Means for Bitcoin
- Donald Trump has been elected President of the United States without any controversy. There could be major consequences for the crypto and Bitcoin world that go beyond BTC's price rise. Its arrival in the White House will bring forward-progressive SEC Chair, prevent CBDC creation, support self-custody, and cryptocurrency advisory council and make America the global leader in BTC mining industry and the world's crypto capital.
- Donald Trump's arrival in the White House in January 2025 will mean much more support for the cryptocurrency and Bitcoin world than the Obama administration ever did. Most prominent on the list of changes is the Bitcoin IRA or Bitcoin 401k – the US Government is set to end virtual currency retirement account prohibitions and allow retirement accounts to invest in virtual currencies; supporting bills making their way through Congress.
- Gary Gensler, current SEC Chair, is likely to be replaced by Donald Trump due to his views on cryptocurrency. If the new Chair is more open to digital currencies, it could mean the lifting of some restrictions that currently exist.
- Donald Trump promises to cancel the special executive orders passed by Obama, and this could impact on mining operations throughout the US. It could also lead to the creation of a new agency specifically designed to help the mining of cryptocurrencies take place in America.
- Donald Trump could support various bills aimed at reducing the regulation around cryptocurrencies and promoting their use, as well as supporting startups in this area.
- Donald Trump could take steps to ensure that virtual currency is not taxed, which would encourage its use amongst consumers and help to further promote Bitcoin and other cryptocurrencies use among the mainstream.
- In his presidency, Donald Trump could push for measures that would make Bitcoin and other cryptocurrencies easier to use for consumers, such as the introduction of a Bitcoin debit card that could be used more widely across the country.
- Donald Trump is a proponent of the right to self-custody for cryptocurrencies, and will support the right of American citizens to hold and manage their own cryptocurrencies without the need for intermediaries.
- Donald Trump is likely to promote the use of virtual currencies for everyday transactions and reduce the restrictions that currently exist around this area.
- Donald Trump will provide a positive environment for the creation of Bitcoin businesses, with a focus on startups and entrepreneurs who are looking to innovate in this space.
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