Trump approximately a week ago made very big promises at the Bitcoin conference. He showed that he is a true friend of crypto. Trump needs to get enough votes from every segment to be elected, and with millions of voters having crypto investments, he is definitely playing the right card. Especially when the Biden administration has messed things up in this area. So how realistic are these promises? Can these promises be fulfilled?
Trump’s 5 Crypto Promises
These promises, which are great for politicians, sometimes do not come true. For most of them, what matters is not whether these promises are fulfilled but whether the voter believes in them and changes their voting direction. Trump also draws an image similar to politicians on this dark side because in part of his speech he used a sarcastic phrase like “I will let you play with crypto.”
So what were his promises? Is there a possibility of these promises being fulfilled?
We Will Embrace Miners
Trump said he would increase electricity production using fossil fuels and nuclear energy to compete with other countries in Bitcoin and crypto mining. Moreover, this promise came not long after Biden wanted a 30% additional tax for crypto miners.
He did not mention how he would achieve this because the carbon-neutral target will make it difficult to do so. Moreover, it is uncertain who will control the House of Representatives and the Senate. To fulfill any promise regarding electricity production, he must gain a majority here.
We Will Be the Center of Bitcoin Production
It was a very ambitious statement. Trump said;
“If crypto is going to determine the future, I want it to be mined, printed, and produced in the USA. It will be so. It will not be produced anywhere else.”
Even though mining difficulty increases, it is unlikely that most BTC production will be in the USA. Shapeshift’s founder Erik Voorhees said about this;
“We see that he does not understand both Bitcoin and the economy in general.”
According to the Cambridge Bitcoin Electricity Consumption Index, the USA already represents 38% of mining.
I Will Fire the SEC Chairman
He said he would appoint a new name and announced that he would fire Gensler, which was exciting. This means he will end the negative discrimination of bureaucrats against crypto.
In the past, presidents have fired CFTC and SEC chairmen. Also, if Trump is elected, Gensler will likely want to resign with the Republicans coming to power, as it was common in the past when the ruling party changed. Normally, Gensler’s term ends in June 2026. So Trump can fulfill this promise with just a signature.
Ross Ulbricht’s Sentence
Ross Ulbricht, the founder of the Silk Road platform, was convicted of 7 different crimes in 2015. He received two life sentences without parole. These days, there is pressure on the US due to the sale of BTCs seized in the Silk Road case. The Silk Road platform was a place where all kinds of crimes were committed, and part of the crypto community wants Ulbricht’s sentence to be reduced.
US Presidents have the power to pardon. Trump used this power for 237 people from 2017 until the end of his term. However, it is a matter of curiosity with what motivation Trump will pardon this name, who did not even pardon the favorite name of privacy rights advocates, Julian Assange.
Fed and Bitcoin
Probably with Trump’s support, Lummis prepared a bill. It was a bill that wanted the Fed to hold BTC as a reserve. If the Republicans control the House of Representatives and the Senate, and Trump tries to convince everyone in the party, yes, the USA can accumulate 1 million BTC.
However, the Fed is an independent institution, and many names will probably oppose the proposal, saying it is not a logical thing. Considering the possibility that Trump may not continue to care about crypto after the elections, he may not bother to achieve such a difficult thing. As we mentioned at the beginning, promises are for getting votes, and most of them are not expected to be fulfilled.
