Trump Unveils New Cryptocurrency Strategy at New York Conference
President Trump announces plans for the U.S. to become a 'bitcoin superpower' while addressing cryptocurrency industry leaders.
At a conference on digital assets held in New York today, President Donald Trump declared that the United States would become a 'bitcoin superpower' and establish itself as a global 'crypto capital.' Speaking to leaders in the cryptocurrency industry, Trump criticized the previous administration for what he termed a 'regulatory war against crypto' and promised that his administration would end government suppression of the industry.
'We will conclude the regulatory war of the previous administration against crypto and bitcoin, including stopping existing regulations,' Trump stated.
Trump emphasized that his administration has already taken 'historic steps,' including hosting the first White House Conference on Digital Assets and creating a Strategic Bitcoin Reserve to prevent the government from selling its bitcoin reserves 'for a fraction of their long-term value.'
The Trump administration represents a significant reversal from prior policies regarding cryptocurrencies, with plans to dismantle regulatory barriers and open the market to major players, positioning the U.S. as a key global crypto hub.
However, the strategic implications of this policy shift raise questions about whether it will contribute to economic stability or usher in a new era of market speculation.
Professor Eswar Prasad from Cornell University commented on the situation, highlighting that the crypto sector continues to face fundamental questions regarding the sustainability of its value.
'The greatest achievement of crypto is that it has illuminated enormous inefficiencies in the traditional financial system,' he noted.
'But whether bitcoin and the current state of blockchain technology are the solutions to all these problems is far less clear.'
Prasad cautioned that while cryptocurrency may address certain issues, bitcoin has not fulfilled its original purpose.
'Bitcoin has failed as a decentralized medium of exchange.
Instead, it has become an exclusively speculative asset,' he remarked.
Experts also question the establishment of a Strategic Bitcoin Reserve, which could be seen as a risky fiscal experiment.
'Bitcoin has no intrinsic value.
Its price depends solely on supply and demand.
If the government decides to sell part of its reserve, the market could experience a sudden drop, leading to serious consequences,' Prasad warned.
'We will conclude the regulatory war of the previous administration against crypto and bitcoin, including stopping existing regulations,' Trump stated.
Trump emphasized that his administration has already taken 'historic steps,' including hosting the first White House Conference on Digital Assets and creating a Strategic Bitcoin Reserve to prevent the government from selling its bitcoin reserves 'for a fraction of their long-term value.'
The Trump administration represents a significant reversal from prior policies regarding cryptocurrencies, with plans to dismantle regulatory barriers and open the market to major players, positioning the U.S. as a key global crypto hub.
However, the strategic implications of this policy shift raise questions about whether it will contribute to economic stability or usher in a new era of market speculation.
Professor Eswar Prasad from Cornell University commented on the situation, highlighting that the crypto sector continues to face fundamental questions regarding the sustainability of its value.
'The greatest achievement of crypto is that it has illuminated enormous inefficiencies in the traditional financial system,' he noted.
'But whether bitcoin and the current state of blockchain technology are the solutions to all these problems is far less clear.'
Prasad cautioned that while cryptocurrency may address certain issues, bitcoin has not fulfilled its original purpose.
'Bitcoin has failed as a decentralized medium of exchange.
Instead, it has become an exclusively speculative asset,' he remarked.
Experts also question the establishment of a Strategic Bitcoin Reserve, which could be seen as a risky fiscal experiment.
'Bitcoin has no intrinsic value.
Its price depends solely on supply and demand.
If the government decides to sell part of its reserve, the market could experience a sudden drop, leading to serious consequences,' Prasad warned.
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