Trump’s Stance on Bitcoin in the 2024 Presidential Campaign: An Opportunity for Australians

Posted on 11/06/2024 | 418 Views

One in four Americans now own Bitcoin, a figure that surpasses the number of Americans over the age of 65. In the 2024 campaign, Former President Donald Trump is making significant efforts to appeal to Bitcoin enthusiasts. Speaking at the Libertarian National Convention, he pledged to "stop Joe Biden’s crusade to crush crypto" and affirmed his support for Bitcoin holders' right to self-custody. "With your vote, I will keep Elizabeth Warren and her goons away from your Bitcoin, and I will never allow the creation of a central bank digital currency," Trump stated.

Trump’s position is clear: he is the candidate who best supports Bitcoin owners and the broader industry. He recognises the importance of decentralisation and self-sovereignty, especially as public trust in institutions like the government and banks declines. Trump's personal experiences with politicised legal challenges and organisational de-platforming underscore his understanding of these issues.

President Biden has shown considerable hostility towards Bitcoin and the wider cryptocurrency ecosystem. The Biden administration initiated "Operation Choke Point 2.0," effectively creating new rules via press releases that instructed banks to sever ties with digital asset companies.

Additionally, the White House proposed a 30% tax on the energy used to mine Bitcoin, which would make it unprofitable in the United States. The Energy Department also sought information on Bitcoin miners' energy contracts, aiming to regulate them out of business. Moreover, the Justice Department departed from long-standing Treasury Department guidance by attempting to classify self-hosted wallets as money-transmitting businesses.

Biden's administration has also laid the groundwork for a Central Bank Digital Currency (CBDC), aiming for complete control over financial transactions and individual spending. Bitcoin, on the other hand, represents financial freedom and individual empowerment.

While there are pro-Bitcoin leaders within the Democratic party, such as Sen. Kirsten Gillibrand and Reps. Ritchie Torres and Wiley Nickel, their numbers are insufficient. President Biden has ceded control of crypto-related matters to Senator Elizabeth Warren and her allies, resulting in policies mirroring the Chinese Communist Party's approach to Bitcoin. These policies include cutting off financial services, restricting energy access under environmental pretences, and imposing stringent market regulations.

Senator Warren has even proposed legislation that would effectively ban Bitcoin mining in the United States by applying anti-money laundering standards to miners, despite their lack of custody over customer assets. Without Bitcoin miners, transactions would cease, paving the way for a CBDC.

Why This Matters for Australians

The political climate in the U.S. can have significant implications for global cryptocurrency markets, including here in Australia. As American policies become more hostile towards Bitcoin, the opportunity for growth and adoption in more supportive environments increases.

Bitcoin represents a decentralised form of wealth that is free from government control and political interference, offering a hedge against traditional financial systems. The potential returns on Bitcoin investments can be significant, especially as the U.S. government's stance could drive up the value of Bitcoin internationally.

At Ainslie Crypto, we provide a secure and reliable platform for Australians to invest in Bitcoin. Our expert team is here to help you navigate the complexities of the cryptocurrency market and make informed investment decisions. With Bitcoin becoming an increasingly vital asset in the global financial landscape, now is an excellent time to consider adding it to your portfolio.

Stay ahead of the curve and protect your financial future by investing in Bitcoin with Ainslie.

 

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Considering securing your cryptocurrency trading, purchasing, or exchanging strategies? Join us here or connect with Ainslie Crypto's team at 1800 296 865 or via [email protected]. We offer dedicated, personalised 'human to human' assistance to ensure the seamless, secure integration of cryptocurrency into your portfolio, whether for personal investment, business strategy, or your Self-Managed Super Fund (SMSF). Ainslie has been a trusted dealer and custody provider for Gold 1.0 for 50 years and has brought the same service to Gold 2.0, Bitcoin, since 2017.

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