Former United States President and GOP presidential nominee Donald Trump believes Bitcoin does not pose a threat to the dollar.
This sparked widespread optimism in the community on the asset’s mainstream adoption. The crypto market leader has grown into a hedge against inflation for many investors as macroeconomic factors cripple the hold on fiat currencies.
Days leading up to the U.S. Presidential elections have seen candidate campaigns on crypto circulate social media spaces.
Trump: Bitcoin Does Not Threaten the Dollar
A speech made by Trump at the Bitcoin Conference 2024 has regained popularity with users pointing to the growth over the years. At the conference, Trump noted that Bitcoin is not threatening the dollar as claimed by many policy makers.
Over the years, global authorities have criticized the top digital asset for affecting fiscal policies and driving investment abroad.
This has also coincided with the creation of Central Bank Digital Currencies (CBDCs) in several jurisdictions. The global adoption of Bitcoin and the surge in the decentralized finance (DeFi) scene rattled central banks with several holders moving away from fiat.
Meanwhile, according to the Republican candidate, the behavior of the current US government is what poses a threat to the dollar.
This is due to increased spending coupled with inflation and a rising debt profile. As a result, several crypto enthusiasts have turned to Bitcoin as a haven to preserve currency values.
“Bitcoin is not threatening the dollar, the behavior of the current US President is threatening the dollar,” Trump argued.
Recently, US billionaire, Paul Tudor hinted that all roads lead to inflation, adding that he is going long on Bitcoin and gold.
Trump to Fire Gary Gensler
Another part of the widely circulated clip shows Trump promising to fire Gary Gensler if he wins the upcoming elections.
The Securities and Exchange Commission (SEC) chairman has become less popular among crypto enthusiasts following a series of tough regulatory decisions. First, the US space lacks clear rules, creating a gap in the system. This drives developers to other rule-making jurisdictions.
The Markets in Crypto Assets (MiCA) rules have attracted participants to Europe with executives hailing the landmark law.
Secondly, the Gensler-led SEC has filed a plethora of lawsuits against firms and project leaders in the United States. Tight regulation creates fear in the market and further bolster selling pressure. This tanks asset prices and limits investment in the sector.