Implications of Trump’s Support for Cryptocurrency in the United States
In the world of cryptocurrencies, it’s easy to get a bit lost in the high-tech jargon. But think of it as a simple Google Doc with two columns. One column lists names, like Zeke and Meghna, while the other lists how much each person has, say three for you and seven for me. In the traditional monetary system, banks keep track of these lists, but in the crypto world, it’s all done digitally.
Recently, Bitcoin, the biggest cryptocurrency, hit $100,000 per coin for the first time ever. This milestone has led to a surge in other cryptocurrencies like Ethereum, which has seen a 20% increase in the last month, now sitting around $3,900 per coin. Some are calling this the “Trump bump,” as former President Donald Trump has become a major proponent of crypto.
At the Bitcoin 2024 conference earlier this year, Trump promised to make the United States the crypto capital of the world and lead the charge in embracing Bitcoin. This is a significant shift from his previous stance in 2021 when he called Bitcoin a scam. Now, with his support for crypto evident, Trump has appointed crypto-friendly leaders for key positions in his administration, such as the SEC, Treasury, and Commerce.
With the crypto industry being a major donor in the 2024 presidential race, Trump’s embrace of crypto has been met with enthusiasm and support from industry leaders like Brad Garlinghouse of Ripple. However, questions still loom about how this shift will impact the country and its citizens.
To shed light on these issues, investigative reporter Zeke Faux from Bloomberg News joins us to discuss the implications of Trump’s crypto embrace. Let’s dive into the world of cryptocurrencies together and explore what this means for the future.
