Bitcoin soared to over $109,000 in time for Donald Trump’s return to the White House. In early January, Financial Times reported on companies like Mara Holdings and CleanSpark raising billions of dollars from investors to fund the purchase of bitcoin.

Observers have noted Trump’s return to presidency had more than little to do with the optimism among traders. But what has he promised crypto enthusiasts, and how might his presidency further affect the bitcoin price?

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Crypto Capital

In 2024, Trump said the United States would become the “crypto capital of the planet”. 

Yahoo reports, “Trump promised to fire SEC Chair Gary Gensler, a longtime foe of the industry, and replace him with a new chairman” who, in the words of Cody Carbone of the Digital Chamber crypto advocacy group, “believes America should build the future, not block the future.”

Gensler ended up resigning in November anyway. Paul Atkins, a lawyer “well-regarded by the crypto industry” was nominated to replace Gensler. Atkins is yet to be confirmed by the Senate.

CBDC

Trump also promised to prevent a US central bank digital currency (CBDC) from launching. Scott Bessent, US Treasury nominee, has said, “I see no reason for the US to have a central bank digital currency”.

Bessent said that other countries have little to invest in, whereas the US dollar could hold “a variety of very secure US assets”. 

Transparent regulatory guidance

David Sacks and former college footballer Bo Hines, along with crypto industry executives, are making up Trump’s crypto presidential advisory council.

Trump said back in July, “Their task will be to design transparent regulatory guidance for the benefit of the entire industry, and they will get it done in 100 days”.

Yahoo reporter David Hollerith says Trump’s second term as president will see crypto in “unchartered territory, with the occupant of the Oval Office now committed to supporting the industry and its investors.”

A national bitcoin stockpile?

In his augural address, Trump promised a new “golden age” of America. Much of the focus has been on his support of bitcoin. 

There has been talk of a “strategic national bitcoin stockpile” which bitcoin supporters argue could stabilize the economy, strengthen the dollar, and eventually contribute to paying off the national debt of $35 trillion.

Scott Mason, a senior policy advisor at Holland & Knight, recently told Business Insider, “I think it’s exciting in the sense that it certainly gives credibility to cryptocurrency and bitcoin”. 

Trump said last year that if he were selected, he would have a policy to keep “100% of all the bitcoin the U.S. government currently holds or acquires into the future”. 

He has also signalled his intent for the US to lead the way in bitcoin mining. Trump said Joe Biden’s “hatred of Bitcoin” helps other countries and that if Bitcoin were made in the US, the country could be “energy dominant”. 

“Never sell your Bitcoin”

Back in July of last year, during his Nashville speech at bitcoin’s biggest conference, Trump told supporters, “Never sell your bitcoin”. 

Those who followed his advice will be glad, with bitcoin having hit an all-time high.