How Trump could make Bitcoin great again

Bitcoin, a cryptocurrency infamous for its price volatility and environmental impact, has become a focal point of the US presidential campaign.

On July 27, the former US president and Republican nominee for the upcoming election, Donald Trump, headlined the biggest Bitcoin conference of the year in Nashville.

In his speech, Trump claimed he will make the US the “crypto capital of the planet and the Bitcoin superpower of the world” if returned to the White House after November’s election. His comments were met with rapturous applause from the crowd.

Trump’s courting of the crypto industry is almost certainly a political move. The Trump campaign has raised US$25 million from the sector since it started accepting cryptocurrency donations in May, and it is expected to receive even more following the event in Nashville.

His public backing of crypto undoubtedly boosted investor optimism. The price of Bitcoin surged to almost $70,000 on July 29, its highest level in more than six weeks, before dropping back to $62,000 a few days later.

But questions remain about the feasibility of Trump’s promises if he becomes president. And, even then, it is unclear whether Trump’s pro-crypto agenda will have a sustained effect on the price of Bitcoin in the long term.

Bitcoin’s price surged and fell within a week

In his speech, Trump pledged to keep “100% of all the Bitcoin” the US government currently holds or acquires in the future if he is elected.

Many countries, including the US, hold Bitcoin. A large part of these holdings are Bitcoin that has been seized from criminals. The question of how to handle this confiscated cryptocurrency is complex.

Not selling it may send a conflicting message to victims of cryptocurrency crime. Chinese