In a major shift led by Republican lawmakers in the United States, led by former President Donald Trump, Pro-crypto stanceThere is growing support for Bitcoin (BTC) adoption.
On Monday, a committee of the Republican National Committee approved a draft of the party’s 2024 platform that includes strong support for the largest cryptocurrency in the market and the industry in general. This stance stands in sharp contrast to the regulatory approach to digital assets adopted by the Biden administration.
Republicans Reveal Their Pro-Bitcoin Stance
Page 9 of the draftPresident Barack Obama’s plan, titled “Building the Greatest Economy in History,” highlights Republicans’ commitment to cutting “stifling regulations,” boosting job growth, encouraging innovation, and ensuring affordability.
According to the project, the party pledged to implement “transparent and sound regulations,” a sentiment that resonates with crypto companies and their supporters who have been calling for such measures consistently over the past year.
The bill also affirms Republicans’ intention to stop what they consider “illegal and un-American actions by Democrats.” Crackdown on cryptocurrencies“They are strongly opposed to the creation of a central bank digital currency (CBDC) and pledge to defend the right to mine Bitcoin.
Additionally, they pledge to protect every American’s right to hold their digital assets and conduct transactions free from government oversight and control. The bill states:
Republicans will end the Democrats’ illegal and un-American campaign against cryptocurrencies, oppose the creation of a central bank digital currency, defend the right to mine Bitcoin, and ensure that every American has the right to self-custody of their digital assets, transacting without government oversight and control.
fueling speculation about prices
It is worth noting that former President Trump’s advisors called for Bitcoin to be considered as a strategic reserve assets If he wins the election next November.
Among those advisers is Vivek Ramaswamy, a former presidential candidate who has been advising Trump on bitcoin and digital assets. Ramaswamy has suggested backing the US dollar with a basket of commodities, including bitcoin, to curb inflation and preserve the currency’s value in the long run.
These developments have led many to believe that a Trump victory in the November election against President Biden could push the price of Bitcoin to new all-time highs.
As before Reported Asset manager Julius Baer, through Bitcoinist Manuel Villegas, explained that Trump’s energy policy proposals could particularly benefit cryptocurrency mining companies.
Villegas believes that these policies will ultimately contribute to the long-term growth of Bitcoin’s price by enabling alternative energy sources for Bitcoin mining. However, it remains unclear whether these policies outlined by the Republican Party will be enforceable, as they still have four months to go before the November elections.
At the time of writing, Bitcoin is trading at $56,360, down more than 10% on the week and about 20% in the past 30 days.
Featured image by DALL-E, chart by TradingView.com