Bitcoin has struggled so far into U.S. president Donald Trump’s second term, though that could be about to change.
Sign up now for CryptoCodex—A free crypto newsletter that will get you ahead of the market
The bitcoin price has dropped to under $70,000 per bitcoin, down from $126,000 per bitcoin in October, with a crypto market crash wiping $2 trillion from the combined market that BlackRock has warned is almost entirely “nonsense.”
Now, as the mystery of bitcoin creator Satoshi Nakamoto is about to be blown up, U.S. president Donald Trump has said he sees a crypto “revolution” happening, making bitcoin and crypto “powerful.”
Sign up now for the free CryptoCodex—A daily five-minute newsletter for traders, investors and the crypto-curious that will get you up to date and keep you ahead of the bitcoin price and crypto market swings
U.S. president Donald Trump has called bitcoin “powerful,” declaring a crypto “revolution” is underway even as the bitcoin price struggles.
Getty Images
Trump declared bitcoin “very powerful,” during a speech at the Future Investment Initiative Summit in Miami on Friday, predicting that crypto is “all becoming powerful” and reiterating an earlier warning that China wants to “take over” crypto.
“My administration has also worked tirelessly to ensure that America remains at the bleeding edge of [the] crypto revolution. We’re really doing great. And if we’re not going to do it, then China is going to take it over. They want to do it,” Trump said.
Last year, Trump warned China is trying to take on the U.S. as the world’s “capital of crypto.”
“I don’t want to have somebody else have crypto and have China be number one in the world in crypto,” Trump told CBS’s 60 Minutes. “Because in crypto it’s a kind of an industry where basically you’re going to have number one and you’re not gonna have a number two. And right now we’re number one by a long shot. I want to keep it that way. The same way we’re number one with AI, we’re number one with crypto.”
Trump, speaking at the Future Investment Initiative Summit, went on to say that “so many people, now, they want to pay you in crypto. They want to pay you in bitcoin, and we have to be at the top of it,” Trump said.
Last week, the Trump administration’s push to connect crypto with mainstream finance has seen crypto exchange Coinbase team up with Better Home & Finance to let homebuyers pledge their crypto holdings as collateral for mortgage down payments, the first crypto-backed mortgage to be accepted by Fannie Mae, the Federal National Mortgage Association which is under government conservatorship.
Trump called last year’s Genius Act stablecoin bill “a historic achievement,” accusing “Democrats and their big bank donors” of working to block the crypto market structure bill known as the Clarity Act from passing the Senate.
Sign up now for CryptoCodex—A free crypto newsletter that will get you ahead of the market
The bitcoin price has crashed over the last few months, though some are now calling the bitcoin price bottom.
Forbes Digital Assets
The Polymarket odds of the bill now passing this year have dropped to just over 50%, down from almost 90% last month.
Crypto companies and big banks have clashed over whether crypto-based stablecoins should be allowed to pay interest on deposits, with banking lobby groups warning it could undermine banks’ ability to lend.
Trump, who entered the crypto space via his non-fungible token (NFT) digital trading card collection, going on to launch various meme coins and lead his family’s World Liberty Financial crypto company, has become enmeshed the in the crypto space.
As well as seeing his sons Don Jr and Eric set up their own bitcoin businesses, Trump has filed his cabinet with bitcoin and crypto backers, most notably his commerce secretary Howard Lutnick, who helped to legitimize stablecoin issuer Tether by banking the El Salvador-based company through the Wall Street giant Cantor Fitzgerald, which he led until joining the Trump administration.