Connect with us

Donald Trump

Trump taps crypto bros to be in charge: What’s at stake?

Published

2 months ago

on



As President-elect Donald Trump prepares for a second term, his incoming administration has already nominated several crypto-friendly faces for key leadership roles.

Voters who bought into the Republican rhetoric that the Biden administration led a so-called “war on crypto” are likely excited. After all, Trump is the first elected official to hawk his own digital currency.

While cryptocurrency awareness is relatively high in the U.S., most Americans remain disinterested. According to a Pew Research study, roughly six-in-10 Americans (63%) say “they have little to no confidence that current ways to invest in, trade or use cryptocurrencies are reliable and safe.”

But with the U.S. Securities and Exchange Commission poised for an overhaul, and a slate of cryptocurrency advocates (listed below) jockeying for cabinet or council positions, the era of crypto cronyism within the U.S. executive branch is upon us — whether Americans like it or not.

What could go wrong?

Scott Bessent

Trump’s nominee for Treasury Secretary, Scott Bessent, is a well-known cryptocurrency advocate. The former Soros Fund Management CIO made headlines when he expressed excitement about crypto’s potential to revolutionize finance, aligning it with Republican ideals of freedom and innovation.

The 62-year-old hedge fund manager has been vocal about distancing crypto’s future from the likes of Sam Bankman-Fried, framing Bitcoin (BTC) as a unifying economic opportunity for younger generations disillusioned by traditional markets.

Should Bessent be at the helm of the Treasury, he would likely shake up digital assets and reduce the risk of severe tariffs.

Howard Lutnick

Cantor Fitzgerald CEO Howard Lutnick, Trump’s pick for Commerce Secretary, is reportedly in talks with Tether, the largest stablecoin operator, to spearhead a $2 billion lending initiative.

Known for steering Cantor Fitzgerald into crypto trading, Lutnick’s embrace of digital assets demonstrates his knack for blending traditional finance with emerging technologies. If the Tether partnership materializes, it could expand access to capital while deepening the role of stablecoins in global financial systems under Lutnick’s leadership.

Elon Musk and Vivek Ramaswamy

Trump’s audacious proposal to create the “Department of Government Efficiency” (DOGE) has drawn attention not just for its acronym, but for the crypto bulls that wish to be at the helm.

Tesla CEO Elon Musk, a longtime proponent of Dogecoin (DOGE), and biotech entrepreneur Vivek Ramaswamy are tasked with slashing $2 trillion annually from federal programs like Medicare and Social Security. Ramaswamy has proposed deleting entire agencies.

While Congress must greenlight the department’s formation, it’s worth noting that it’s a real possibility considering the GOP’s majority in the U.S. Senate and the House of Representatives.

Brad Garlinghouse

Ripple (XRP) CEO Brad Garlinghouse praised Trump for nominating Bessent as “Treasury Sec.”

But Garlinghouse, himself, is a prominent player in Trump’s crypto strategy. He reportedly held discussions with Trump’s inner circle, suggesting he could — or has had — some say in hiring decisions.

In addition to advocating for the removal of SEC Chair Gary Gensler, Garlinghouse envisions a digital asset market structure bill moving forward in the Senate.

Brian Armstrong

Coinbase CEO Brian Armstrong met with Trump, according to Reuters. While it’s unclear what they discussed, reports suggest Armstrong is keen on joining Trump’s planned Bitcoin and crypto presidential advisory council.

Either way, Armstrong is voicing his thoughts on who should be in charge. Earlier this month, he tossed out the idea of replacing Gensler with SEC commissioner Hester Peirce, aka “Crypto Mom” in the crypto world, who’s been throwing some serious shade at Gensler’s crackdown.

And if Peirce isn’t available, there’s always Republican SEC commissioner Mark Uyeda, who once teamed up with her to rebuke the agency for what they consider “misguided and overreaching” cases against crypto companies.

Jeremy Allaire

Allaire, the chief executive of the crypto company Circle, is also interested in joining the council. According to the New York Times, Allaire and other crypto pros are hounding Trump’s camp for more information.

Allaire was even excited when Trump said he wasn’t a fan of Bitcoin back in 2019.

Other entrepreneurs are following Allaire’s lead. One executive told the Times on background that he’s “harassing everyone” he knows in Trumpworld with the hope of landing a seat on the crypto council.





Source link

Related Topics:
Continue Reading

Bitcoin

First Sitting U.S. President to HODL meme coins

Published

8 hours ago

on

January 11, 2025

By



GOP leader and Billionaire businessman Donald Trump will be the first sitting U.S. President to hold meme coins.

Magic internet money maybe, but the President has some. 

Once sworn in as the 47th President of the United States, Donald Trump would be the only sitting U.S. leader in history with meme coin holdings.

Arkham reported roughly $8 million worth of meme coins in Donald Trump’s crypto wallet. The White House returnee holds $5.5 million of TROG tokens, $1.5 million of a TRUMP meme, 1.3 billion GUA coins valued at almost $400,000, and $167,000 TRUMPIUS.

Donald Trump used to be a crypto skeptic. That changed in 2024 when the Republican President publicly supported Bitcoin (BTC) and pledged to defend the right to own Bitcoin.

The tycoon launched non-fungible tokens on Ethereum’s network, profiting thousands of dollars in Ether (ETH) from NFTs. His wallet held 496.77 ETH, worth about $1.6 million by publishing time.

Many expect and hope Trump’s administration will usher in a clear digital asset regulatory regime. Donald Trump’s nominees like Paul Atkins for SEC chair and appointments such as crypto czar David Sacks suggest the makings of a crypto-focused approach.

Industry leaders also reportedly donated to Trump’s inauguration and lobbied him to sign an executive order within his first 100 days in office. The requested order would create a U.S. Bitcoin reserve.



Source link

Continue Reading

America

Buying Greenland Would Be A Huge Boost to US Bitcoin Mining

Published

2 days ago

on

January 9, 2025

By


Follow Nikolaus On 𝕏 Here For Daily Posts

In less than two weeks, the United States will have a new administration in office, but there’s already much debate about President-elect Donald Trump and his policies.

One of the most controversial — his expressed interest in purchasing Greenland for strategic, economic and political reasons.

Trump claims that buying Greenland would be vital to U.S. national security, both for monitoring and defense purposes given its location near Canada and Russia, as well as its energy.

On that note, Greenland is of interest given its vast amount of natural resources in hydropower, wind power, geothermal energy, and rare earth minerals. This is particularly interesting from a Bitcoin perspective, especially given Greenland’s cold climate and lack of Bitcoin mining there currently now presents an entirely new opportunity for the country.

The majority of American Bitcoin mining today is done in the states of Texas, Georgia, New York and North Dakota. Purchasing Greenland could give the United States the opportunity to mine in more favorable conditions and further increase and decentralize the hashrate of Bitcoin.

Image via Muad Dib

This could also be a strategic play for America, considering Russia’s Vladimir Putin had signed a law to legalize Bitcoin mining in August of 2024 and stated in 2022 that the country has “some competitive advantages” in Bitcoin mining given its cold climate.

With Donald Trump’s ongoing support of American Bitcoin miners and expressed interest in leading in this industry before competing countries embrace it — this gives Trump the opportunity to drastically expand U.S. dominance in Bitcoin mining under favorable conditions.

This wouldn’t just be a win for America, but Greenland would also benefit from it as well. Greenland is highly dependent on the Danish government for financial support, and Bitcoin mining could offer an alternative economic avenue. Greenland would then have the full support of the United States government to utilize their natural and untapped resources to mine Bitcoin and get anything else they need support in. Greenland would then be able to create more jobs to build the needed infrastructure to run these operations and bring in additional revenue from the mined bitcoin. And as the price of Bitcoin goes up, that only makes the mined BTC and mining operations all the more valuable. Seems like a win-win to me.

Trump is very eager to acquire Greenland and make it a U.S. territory. If he does, it could be a massive boost for Bitcoin as well.

This article is a Take. Opinions expressed are entirely the author’s and do not necessarily reflect those of BTC Inc or Bitcoin Magazine.





Source link

Continue Reading

24/7 Cryptocurrency News

How Will Donald Trump’s Tariff Plans Impact The Crypto Market?

Published

3 days ago

on

January 8, 2025

By


President-elect Donald Trump is reportedly considering declaring a national economic emergency to implement a universal tariff program targeting allies and adversaries. These tariffs, potentially introduced under the International Economic Emergency Powers Act (IEEPA), will realign global trade balances. 

Meanwhile, Federal Reserve Governor Christopher Waller addressed concerns about inflation and the potential economic ramifications of such tariffs. This development raises questions about how these policies may influence the cryptocurrency market.

Donald Trump’s Tariff Strategy

As reported by CNN, President-elect Donald Trump is considering the International Economic Emergency Powers Act (IEEPA) to implement tariffs. The intended tariffs are to rebalance global trade while focusing on the manufacturing sector in the United States. Trump’s preference for IEEPA lies in its flexibility, allowing swift implementation without needing extensive national security justification.

Supporters of the tariffs argue they could rebuild American industrial capacity and strengthen the economy. However, the uncertainty surrounding the scope and execution of these tariffs could ripple through global financial markets. This may influence investor behavior in emerging sectors like the crypto market.

Donald Trump’s deputy assistant for International Economic Affairs, Kelly Ann Shaw, commented,

“I think the president has broad authority to impose tariffs for a variety of reasons, and there are a number of statutory bases to do so.”

Federal Reserve’s Perspective on Tariffs and Inflation

Concurrently, Federal Reserve Governor Christopher Waller has addressed the possible inflationary risks associated with Trump’s tariff proposals. Waller noted that while inflation stalled above the Fed’s 2% target in late 2024, he remains optimistic about a gradual decline in 2025. He added that increased tariffs are unlikely to cause persistent inflation, decoupling their potential effects from broader economic trends.

Waller stated, 

“I will support further cuts in 2025, but the pace will depend on further inflation progress. I don’t expect tariffs to have a significant impact on inflation.”

This will support financial markets, including cryptocurrencies, to improve liquidity and investment flow.

Implications of Tariffs on The Cryptocurrency Market

If the Fed cuts interest rates further, as expected by the market, then there is the possibility that more funds could flow into the crypto market for better returns. Usually, such rate cuts fuel risk-on sentiment, so assets such as crypto benefit from it.

However, Donald Trump’s tariff policies may create broader trade uncertainties. This may indirectly influence the crypto market through changes in global economic confidence.

Trade disruptions could lead to diminished faith in traditional financial systems, potentially encouraging a shift toward decentralized digital assets like Bitcoin and Ethereum. On the other hand, if tariffs introduce unforeseen inflationary pressures, the Federal Reserve might pause or reverse rate cuts, which could dampen optimism in the crypto market.

The Federal Reserve and broader economic concerns have been among the major reasons for the cryptocurrency market crash. Rising U.S. Treasury yields and a hawkish Fed stance have fueled risk-off sentiment, drawing capital away from cryptocurrencies. 

✓ Share:

Ronny Mugendi

Ronny Mugendi is a seasoned crypto journalist with four years of professional experience, having contributed significantly to various media outlets on cryptocurrency trends and technologies. With over 4000 published articles across various media outlets, he aims to inform, educate and introduce more people to the Blockchain and DeFi world. Outside of his journalism career, Ronny enjoys the thrill of bike riding, exploring new trails and landscapes.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





Source link

Continue Reading
Advertisement [ethereumads]

Trending

    wpChatIcon