During his visit to the White House on Friday, Donald Trump reaffirmed his support for cryptocurrencies and made investments in the space.
In an effort to eliminate the previous Democratic administration’s extreme mistrust toward digital currencies, US cryptocurrency investors provided millions of dollars to help Trump win the presidency.
Trump addressed the group of executives, saying, “Last year, I promised to make America the bitcoin superpower of the world and crypto capital of the planet, and we’re taking historic action to deliver on that promise.”
Trump was once opposed to the cryptocurrency sector, but he has since made major progress in removing regulatory obstacles and has invested money.
In January, Trump introduced the “Trump” memecoin in collaboration with World Liberty Financial, an exchange platform.
A day prior to her husband’s inauguration on January 20, First Lady Melania Trump unveiled her own memecoin, $MELANIA.
Together with members of a Trump working group, the well-known investors, CEOs, and creators gathered Friday to assist in developing legislation meant to spur the expansion of the cryptocurrency industry.
On the eve of the event, Trump signed an executive order establishing a “Strategic Bitcoin Reserve” that would audit the government’s bitcoin reserves, which were mainly accumulated by law enforcement from judicial seizures.
“Unfortunately, in recent years, the US government has foolishly sold tens of thousands of additional bitcoin that were worth billions and billions of dollars had they not sold them,” Trump said in his opening remarks.
“From this day on, America will follow the rule that every bitcoin investor knows very well: never sell your bitcoin.”
The most traded cryptocurrency in the world, Bitcoin, is hailed by proponents as a gold alternative or a hedge against political unrest and currency devaluation.
The administration’s “crypto czar,” Silicon Valley billionaire and Trump supporter David Sacks, said that if prior governments had kept their digital assets during the previous ten years instead of selling them, they would now be worth $17 billion.
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