As the cryptocurrency market is swaying over the chances of Republican candidate Donald Trump winning the U.S. presidential election in November, the industry is hopeful that Trump will win.
On the 18th, the cryptocurrency market was more hopeful about Trump's election because, compared to Ha Ri Su, he is more friendly to the development of the cryptocurrency industry and less lenient on regulations.
It was reported that this was due to the racist attitude of the candidate Trump, who in 2021 said that "Bitcoin is a fraud", but after that, the Biden administration
As the Securities and Exchange Commission (SEC) began to bring the cryptocurrency industry under strict regulations, he criticized them and gradually transformed into a person who was friendly to the cryptocurrency industry.
In particular, he directly criticized SEC Chairman Gary Gensler, who is known as the "grim reaper of crypto," and
He also said that if he became president, he would fire him. In relation to the current presidential election, the most representative cryptocurrency pledges made by candidate Trump are the expansion of dollar-based stable coins.
These include massive support for Bitcoin, the US government's ban on the sale of Bitcoin, a ban on the release of central bank digital currencies (CBDCs), and encouraging Bitcoin mining within the US.
First, candidate Trump pledged to expand the market for dollar-pegged stablecoins that track the price of the dollar.
Generally speaking, there are Tether (USDT) and USDC, but stablecoins are one of the most commonly used cryptocurrencies in the crypto asset market, and are even used as an indicator of market liquidity.
As Japan, China and other countries have recently been reducing their holdings of U.S. Treasury bonds, stablecoin issuers could become a new source of demand for U.S. Treasury bonds. Candidate Trump has said he is looking to expand the stablecoin market.
It is analyzed that Trump will strengthen his control over the dollar through Bitcoin. In addition, candidate Trump attended the Bitcoin 2024 conference held in Nashville, Tennessee, USA in July and
"If I become president, I will block the sale of Bitcoin by the U.S. government," he said. He also added, "I will make the U.S. the center of Bitcoin mining."
If the United States, which holds the largest amount of Bitcoin in the world, were to sell it to the market, it could send a shock wave through the market.
The candidate is trying to prevent such dangers in advance. He also expressed a negative view of CBDC, which current US President Biden has responded favorably to.
Regarding the concept of digital currency issued by banks, some have pointed out that if CBDC is used in the U.S. market, it could give the Federal Reserve close control over where individuals are spending their funds.
2024/10/18 16:10 KST
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