Trump returns to the White House now with bitcoin as his flag

January 20th arrived. Date highly anticipated by the bitcoin (BTC) and cryptocurrency community as Donald Trump officially assumes the presidency of the United States, a crucial country for the emerging ecosystem.

At 12:00 p.m. in Washington DC, Trump, 78, will be inaugurated as the 46th president of the United Statesin a ceremony that will take place at the Capitol.

The event will be attended by world leaders, including the presidents of Argentina and El Salvador, Javier Milei and Nayib Bukele. Political figures from both American political parties and a crowd of followers waiting to see the New York magnate take the oath of office on the steps of the Capitol will also attend.

Guests will include entrepreneurs, tech industry figures and, notably, representatives of the cryptocurrency ecosystem.

Trump won the elections decisively on November 5, ensuring a victory that exceeded the expectations of several polls. His victory was fueled by a polarized vote and by promises that resonated with specific sectors of the economy, including the crypto asset sector.

Despite having been known for his skepticism towards cryptocurrencies in his first term, Trump managed to capture the attention of the community with a campaign that promised a change of course in United States policy towards these digital assets.

Trump’s promises for cryptocurrencies

Among the challenges that Trump faces in his new mandate are the economy, foreign policy and internal social tensions.

However, one of the promises that has given us the most talk is its approach to bitcoin and cryptocurrencies. During his campaign, Trump promised several measures that could significantly benefit the ecosystem.

In July, Trump promised the creation of a national bitcoin reserve, an idea that seeks to position the United States as a leader in the acceptance and regulation of this sector. This reserve would imply that the US government would maintain a stock of BTC, initially of more than 100,000 coins, similar to how gold is managed as a reserve.

The proposal has generated debate about how this reserve would be financed and whether it could really boost the value of BTC in the global market. Furthermore, it is proposed that this reserve could serve as a support for the economy in times of financial crisisoffering an alternative to the dollar.

Another measure promoted by Trump is the review of tariff policies to favor the cryptocurrency industry. It has been suggested that Capital gains taxes on crypto asset transactions could be reduced or eliminatedwhich could encourage the use of cryptocurrencies for daily operations on US soil.

Trump also promised immediate release by Ross Ulbritch, the founder of the fallen darkweb marketplace Silk Road. He was sentenced to life in prison in 2013 and, after serving 11 years in prison, “we will bring him home,” as Trump said at an event in May 2024.

It was recently learned that, among Donald Trump’s first plans as head of the country, he will give cryptocurrencies national priority treatment. This would be done through an executive order that would be signed today, as Bloomberg announced last Friday.

A bad image that still weighs

However, the bitcoin and cryptocurrency community shows both expectation and skepticism. The memory of his first term, where Trump openly expressed his disdain for cryptocurrencies, still weighs on public perception.

In July 2019, Trump declared that he was not a “fan” of bitcoin and other cryptocurrencies, citing their volatility and potential use in illegal activities. This contrary image has left many in the community hoping to see concrete actions that back up his recent promises.

The change in Trump’s stance toward cryptocurrencies has been noted since early 2023, when he began speaking more favorably about digital asset technology. This shift was so significant that it even launched a DeFi platform called World Liberty Financial, which surprised many in the industry, as NoticiasVE reported.

Despite these movements, Trump has the challenge of erasing the image of a president opposed to cryptocurrencies and demonstrating, through policies and concrete actions, that their support for bitcoin and the cryptocurrency ecosystem is genuine and long-standing.

Overall, the new administration will have to work to build trust, not only among cryptocurrency enthusiasts, but also among regulators and legislators. who have shown reluctance towards these assets.

Regulatory clarity, consumer protection and the integration of cryptocurrencies into the traditional financial system will be key for Trump to fulfill his promise to position the United States as a leader in the world of cryptocurrencies.