Key Points
- President Donald Trump reasserts his commitment to making the US the global crypto capital.
- Trump’s remarks about the crypto sector have drawn criticism for lack of specificity.
US President Donald Trump has reiterated his commitment to establishing America as the world’s cryptocurrency capital. His comments were made during a livestream at the World Economic Forum in Davos, Switzerland, where he highlighted his administration’s focus on American interests in the cryptocurrency sphere.
Trump’s Crypto Strategy
Trump stated that the US, having the world’s largest reserves of oil and gas, plans to utilize them. He said this approach would reduce the cost of goods and services, strengthen US manufacturing dominance, and position the country as a leader in artificial intelligence and cryptocurrency. This statement reflects his previous promise made in August, where he vowed to make the United States the global crypto capital while mentioning World Liberty Financial (WLFI), a DeFi protocol where he serves as the main crypto advocate.
Trump also advocated for immediate interest rate cuts, a move that could potentially benefit Bitcoin and the wider crypto market. This recent statement follows his significant silence on cryptocurrency during his inauguration speech.
Criticism and Meme Coin Projects
Peter Schiff, a critic of Bitcoin, used Trump’s speech to further criticize Bitcoin. He noted that Trump only mentioned crypto and not Bitcoin, leaving no clear distinction between Bitcoin and his own meme coin, TRUMP. Trump launched his official meme coin project, TRUMP, three days before his inauguration, followed by another meme coin project, MELANIA, named after his wife. The TRUMP token currently has a market capitalization of $7.1 billion, while MELANIA’s market cap is $466 million.
Bitcoin’s price briefly surged to $106,000 on Thursday after Senator Cynthia Lummis hinted at an upcoming announcement. The news revealed that the US Senate Banking Committee had appointed the crypto-friendly Lummis to lead its newly created digital asset subcommittee.
