US President-Elect Donald Trump Says US Will 'Do Something Great With Crypto' at NYSE
Donald Trump hinted that in the coming times, crypto related steps will be made part of traditional financial practices, while ringing the opening bell at the New York Stock Exchange. He said that he wishes for US to establish itself as a crypto adopter before other countries like China does.
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US President-elect Donald Trump opened the New York Stock Exchange (NYSE) on Thursday. While addressing the traders at the NYSE, Trump hinted at the implementation of pro-crypto policies during his term. The fresh expression of support from Trump towards the crypto sector came hours after Bitcoin crossed the $100,000 (roughly Rs. 84.8 lakh) in pricing for the second time. Market analysts say that the altcoin market has also ‘come alive', riding on the same optimism, with several tokens posting double-digit gains that could lead to a system wide recovery for these digital assets.
On Thursday, Trump opened the markets from the NYSE headquarters, located in Lower Manhattan. Speaking to the media there, he indicated that he wishes for US to establish itself as a crypto adopter before other countries like China does. It is, however, noteworthy that crypto activities have been banned in China since 2021, but the country has made progress in creating the eCNY, its central bank digital currency (CDBC).
“We're going to do something great with crypto because we don't want China or anybody else – not just China, but others are embracing it, and we want to be the head,” CNBC quoted Trump as saying at the NYSE.
In the backdrop of this development, Bitcoin is trading at $100,211 (roughly Rs. 84.9 lakh) on foreign exchanges, as per CoinMarketCap on Friday, December 13. Ether is also trading at $3,895 (roughly Rs. 3.30 lakh) riding on BTC's rally. The overall valuation of the crypto sector currently stands at $3.59 trillion (roughly Rs. 3,04,48,913 crore).
Speaking to Gadgets360, BuyUCoin CEO Shivam Thakral said Trump's pro-crypto approach is fuelling the ecosystem with intense optimism. “The future appears bright for Bitcoin, Solana, and Dogecoin as they capitalise on increasing developer interest and mainstream adoption of cryptocurrencies,” Thakral said.
However, analysts have also warned investors against taking reckless investment decisions solely because the market is surging.
Trump recently warned the BRICS group of nations to prepare for a "100 percent increase" in tariff rates if they continue efforts to reduce the US dollar's role in the global economy. The development came after Russian President Vladimir Putin expressed support for a digital assets platform that the BRICS nations would use for internal cross-border settlements.
After COVID, the US Federal Reserve implemented consecutive interest rate hikes to stabilise its struggling economy, which negatively impacted smaller economies dependent on the US dollar. For countries like China and Russia, the push to reduce reliance on the US dollar grew stronger after the US imposed multiple sanctions on their nationals.
The idea that the BRICS Countries are trying to move away from the Dollar while we stand by and watch is OVER. We require a commitment from these Countries that they will neither create a new BRICS Currency, nor back any other Currency to replace the mighty U.S. Dollar or, they…— Donald J. Trump (@realDonaldTrump) November 30, 2024
Meanwhile, Trump has demanded a commitment from the BRICS group that no new currency will be developed to replace the ‘mighty US dollar'. The US President-elect is also expected to introduce more crypto regulation in the US, he had said during his election campaigns.
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