TLDR
- Trump commemorated Bitcoin whitepaper’s 16th anniversary with pro-crypto stance
- He promised to end “war on crypto” and pardon Ross Ulbricht
- Bitcoin currently valued at over $70,000
- Trump positions himself against SEC Chair Gensler and Kamala Harris on crypto policy
- Analysts predict Bitcoin could reach $125,000 if Republicans win presidency and Congress
Former President Donald Trump used Bitcoin’s whitepaper anniversary to reaffirm his support for cryptocurrency, making campaign promises that contrast sharply with current administration policies.
The announcement came on October 31, 2024, exactly 16 years after Satoshi Nakamoto published the original Bitcoin whitepaper.
Through a social media post, Trump addressed the Bitcoin community directly, wishing “great Bitcoiners” a happy anniversary of Satoshi’s whitepaper.
He coupled this message with a promise to “end Kamala’s war on crypto” and ensure Bitcoin would be “MADE IN THE USA.”
The timing of Trump’s announcement aligns with his broader campaign strategy ahead of the November 5 election.
His message included a pledge to pardon Ross Ulbricht, the founder of Silk Road, demonstrating his intent to take a different approach to crypto-related legal cases.
Bitcoin’s current market position shows the growth since its inception, with the cryptocurrency now trading above $70,000.
This represents a major increase from its humble beginnings when the whitepaper was first published on October 31, 2008, during the Lehman Brothers financial crisis.
The original Bitcoin whitepaper outlined a vision for a peer-to-peer electronic cash system that would operate independently of traditional banking institutions.
This concept has evolved over the past 16 years, with Bitcoin becoming both a payment system and a store of value.
Trump’s campaign has taken aim at current SEC Chair Gary Gensler’s approach to cryptocurrency regulation. The former president has promised to remove Gensler from his position, citing the SEC’s enforcement actions against various crypto companies during Gensler’s tenure.
Vice President Harris, representing the Democratic position, has advocated for what her supporters describe as a balanced approach to crypto regulation.
Her stance emphasizes both technological advancement and investor protection measures in the digital asset space.
The cryptocurrency market appears to be watching the election closely, with analysts making various predictions about Bitcoin’s price movements based on different electoral outcomes.
Some market observers suggest that Bitcoin could see a 10% price increase in the days following a Trump victory, potentially pushing the price to around $80,000.
These predictions extend further in the case of a complete Republican victory. Analysts suggest that if Republicans win both the presidency and control of Congress, Bitcoin could reach $125,000 before the end of the year.
Trump’s social media presence has increasingly included cryptocurrency-related content, marking a shift from his previous skepticism about digital assets during his presidency. His current stance positions him as an ally to the cryptocurrency community.
The former president’s support for Bitcoin comes at a time when the cryptocurrency continues to gain mainstream acceptance.
The asset has attracted interest from institutional investors and major corporations, moving beyond its original user base of tech enthusiasts and early adopters.
Market participants are particularly focused on potential regulatory changes that could come with different election outcomes.
A Republican-controlled government is expected to implement more crypto-friendly policies, according to industry analysts.
The anniversary of the Bitcoin whitepaper serves as a reminder of the cryptocurrency’s origins in the wake of the 2008 financial crisis.
Nakamoto’s creation was a direct response to concerns about traditional financial systems and centralized control of money.
Trump’s message specifically mentioned making Bitcoin “MADE IN THE USA,” though the cryptocurrency’s decentralized nature means it operates globally without ties to any single nation.
With less than a week until the election, the cryptocurrency community continues to monitor campaign developments and their potential impact on digital asset regulations and markets.
