The 47th U.S. President Donald Trump claims that Bitcoin’s record highs are due to his commitment to making America “the crypto capital.” Speaking at the Future Investment Initiative Institute conference in Miami, Trump stated that Bitcoin’s rise, including hitting over $108,000 earlier this year, is linked to his vision for the U.S. to lead in cryptocurrency innovation.
Bitcoin has set multiple all time record highs because everyone knows I’m committed to making America the crypto capital and Miami seems to be center of the action.” Bitcoin reached a price of approximately $96,700 on Wednesday which demonstrated significant market expansion. Trump declared Miami as the main focal point of crypto activity which suggests the city will maintain its position as a digital asset center.
During his presidential campaign Trump promised to establish America as the worldwide leader in crypto. During his presidency he demonstrated continuous backing for digital assets by selecting crypto-friendly former regulator Paul Atkins to lead the U.S. Securities and Exchange Commission (SEC). During his presidential term Trump launched the TRUMP memecoin that achieved substantial market capitalization growth.
During his Wednesday address Trump emphasized his plans to stop the “war” against Bitcoin through executive orders which would establish American leadership in crypto and artificial intelligence. The plan includes the creation of federal regulations and opposition to central bank digital currency initiatives. Trump criticized the SEC under Biden’s administration because of its strict approach to cryptocurrency. The new pro-crypto Congress has positioned Senate Banking Chair Tim Scott alongside House Financial Services Chair French Hill to lead the development of industry regulations.
