Trump Claims Victory Over Biden’s Bitcoin War, Aims to Make US a Crypto Capital

Highlights:

• Trump ended Biden’s hostility toward crypto, aiming to lead in AI and cryptocurrency.
• He criticized the SEC’s crypto stance, claiming indictments were politically motivated and dismissed.
• His pro-crypto support helped Bitcoin soar, pushing it to an all-time high of $109,312.

Speaking at the FII PRIORITY Summit in Miami Beach on Wednesday, United States President Donald Trump said he had ended the Biden administration’s hostility toward Bitcoin (BTC) and digital assets. He emphasized that his executive orders aim to maintain U.S. leadership in artificial intelligence and cryptocurrency.

Trump said:

“I’ve signed executive orders to keep the United States at the forefront of artificial intelligence and to end Joe Biden’s war on Bitcoin and crypto.”

Trump Criticizes SEC’s Crypto Stance, Pushes for U.S. to Become the Crypto Capital

Donald Trump criticized the SEC’s approach to crypto regulation. He alleged that several cryptocurrency-related indictments had political motives behind them. Trump said his influence helped dismiss the indictments before the elections. He stressed that he saved those indicted by the SEC. He added that, despite accusations of political motives, he only does what he believes is right.

Trump stated:

“We had that vote entirely. I think everybody was smart that believed in that and there are a lot of people believing it. Everybody who is smart voted for Trump and they pulled these indictments.” 

Moreover, he claimed his support for crypto boosted sentiment and investment in Bitcoin, raising its price. “Bitcoin set multiple all-time record highs because everyone knows that I’m committed to making America the crypto capital,” Trump said.

Trump’s Pro-Crypto Position: A Victory for Crypto

The president’s constant support for the industry has led to major changes. His backing helped Bitcoin rise from about $70,000 to a record high of $109,312. He also made regulatory changes to help the sector grow.

Prior to his election last year, Trump expressed his goal of turning the U.S. into “the crypto capital of the planet.” Both before and after assuming office, he took steps to back digital assets. This included appointing Paul Atkins, a former regulator known for his crypto-friendly stance, to head the U.S. SEC, a key agency overseeing the industry. Trump introduced the TRUMP memecoin before his inauguration, with his wife, Melania, releasing her own shortly after. Both tokens soared to billions in market capitalization.

My NEW Official Trump Meme is HERE! It’s time to celebrate everything we stand for: WINNING! Join my very special Trump Community. GET YOUR $TRUMP NOW. Go to https://t.co/GX3ZxT5xyq — Have Fun! pic.twitter.com/flIKYyfBrC

— Donald J. Trump (@realDonaldTrump) January 18, 2025

On January 23, Trump signed an executive order named “Strengthening American Leadership in Digital Financial Technology.” The order outlined several initiatives, including forming a working group to develop a federal regulatory framework. It also proposed banning the use of a central bank digital currency. The group would include top officials like the Commerce Secretary, Treasury Secretary, and SEC chairs, among others.

🚨NEW per my @FoxBusiness colleague @EdwardLawrence: The #crypto executive order has officially been signed.

Here are the details:

📌The Executive Order establishes the Presidential Working Group on Digital Asset Markets to strengthen U.S. leadership in digital finance.

📌The…

— Eleanor Terrett (@EleanorTerrett) January 23, 2025

U.S. Pushes for Bitcoin Reserves

Furthermore, the push for a national Bitcoin reserve is still ongoing. Over 20 U.S. states have proposed creating their own Bitcoin reserves. If approved, they could buy $23 billion worth of Bitcoin.