Bitcoin is not a threat to the US dollar, Donald Trump states

Former U.S. President and Republican presidential candidate Donald Trump believes that Bitcoin does not pose a threat to the U.S. dollar.
This has sparked widespread optimism in the community regarding mainstream adoption of the asset. As a bellwether of the crypto market, Bitcoin has emerged as a hedge against inflation for many investors as macroeconomic factors weaken the grip of fiat currencies.
In the days leading up to the U.S. presidential election, candidates’ campaign messages on cryptocurrency have been spreading in the social media space.
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Trump: Bitcoin is not a threat to the dollar
Trump
Bitcoin Conference 2024
A presentation at the event revived the interest of users, who pointed out its growth over the years. Trump noted at the convention that Bitcoin is not a threat to the U.S. dollar, contrary to what many policymakers claim.
For years, global authorities have criticized the top digital asset for influencing fiscal policy and driving investment overseas.
This also coincides with the creation of central bank digital currencies in multiple jurisdictions (
CBDC
)’s actions are consistent with those of the Bitcoin’s global adoption and the proliferation of the decentralized finance (DeFi) scene have unnerved central banks, with many holders turning away from fiat currencies.
At the same time, according to the Republican candidate, it is the actions of the current US government that pose a threat to the dollar.
This is due to increased spending, along with rising inflation and debt profiles. As a result, many cryptocurrency enthusiasts turned to Bitcoin as a safe haven to preserve the value of the currency.
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“Bitcoin is not a threat to the dollar, the actions of the current president of the United States are a threat to the dollar,” Trump argued.
Recently, American billionaire Paul Tudor hinted that all paths lead to inflation, adding that he would invest in Bitcoin and gold for the long term.
Trump to fire Gary Gensler
Another widely circulated
video
shows that Trump has promised to fire Gary Gensler if he wins the upcoming election.
Gensler, chairman of the Securities and Exchange Commission (SEC), has seen his popularity among cryptocurrency enthusiasts decline after a string of tough regulatory decisions. First, the lack of clear rules in the U.S. space created a gap in the system. This has prompted developers to look to other rule-making jurisdictions.
The Markets in Crypto-Assets (MiCA) rules have attracted players in Europe, with executives praising the landmark law.
Second, the SEC, led by Gensler, filed a large number of lawsuits against companies and project leaders in the United States. Strict regulations create panic in the market, further increasing selling pressure. This has depressed asset prices and limited investment in the sector.
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