US President Donald Trump pledged to make the country the “world capital of artificial intelligence and crypto” at an annual meeting of the World Economic Forum, which was one of his first public appearances since taking office. Speaking virtually from Washington, DC, to an audience at the World Economic Forum in Davos, Switzerland, on Jan. 23, Trump claimed US energy production from oil and gas could be used to “reduce the cost of virtually all goods and services” and make the country a “manufacturing superpower.”
He said deregulating the energy sector would lead to this outcome but did not provide details. Trump’s comments echoed those he made to the crypto industry during his presidential campaign. At the Bitcoin 2024 conference in July 2024, the then-Republican candidate said he planned to make the US “the crypto capital of the planet and the Bitcoin superpower of the world.”
After taking office on Jan. 20, some in the crypto industry are still questioning whether the US president intends to follow through with many of his promises. His inauguration speech did not include digital assets or blockchain, his administration’s list of policy priorities failed to mention crypto, and he had not issued any executive orders potentially impacting the industry at the time of publication.
Trump did follow through with a promised to pardon Silk Road founder Ross Ulbricht, who was released from prison after more than 11 years. However, a New York Times report suggested that the then-presidential candidate pledged to commute Ulbricht’s sentence in an attempt to win over libertarian voters after meeting with the Libertarian Party’s chair in 2023.
The US president also has his own personal stake in the future of the crypto industry after launching the Official Trump (TRUMP) token on Jan. 17. The memecoin has proved controversial, with many US lawmakers, crypto users and figures in the industry claiming the project was a cash grab for Trump to capitalize on the office of the presidency and potentially be influenced by hostile foreign governments.
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