Trump marks 16th Bitcoin whitepaper anniversary, vows crypto support

Former US President and 2024 Republican presidential candidate Donald Trump has celebrated the 16th Bitcoin whitepaper anniversary, promising to end what he called the “war on crypto.”

Marking the release of Bitcoin’s whitepaper by its pseudonymous creator Satoshi Nakamoto, Trump highlighted his support for Bitcoin and cryptocurrency innovation, framing it as a key component of his economic and political vision for the United States.

Donald Trump promises to end war on crypto

In his post on X, Trump congratulated “Bitcoiners” on the milestone, committing to make the US a hub for Bitcoin development and investment.

“We will end Kamala’s war on crypto, & Bitcoin will be MADE IN THE USA! VOTE TRUMP!” he wrote, referencing political rival Kamala Harris.

Trump’s statement also included hashtags supporting Bitcoin and the campaign for Ross Ulbricht’s release, known as “#FreeRossDayOne.”

Ulbricht, the founder of the online marketplace Silk Road, is currently serving a life sentence on charges related to operating the dark web platform.

The former president’s post underscores an intent to limit government intervention in the cryptocurrency sector.

It is not the first time Trump is giving this assurance seeing that he has publicly promised to roll back policies enacted by current administration regulators, such as the US Securities and Exchange Commission (SEC) Chair Gary Gensler, who has taken a more conservative stance on crypto markets.

Specifically, Trump vowed to put an end to government-led Bitcoin sales and other measures that he says constrain crypto growth, aiming to support a more crypto-friendly environment in the US.

On the opposite side, Vice President Kamala Harris has expressed an interest in protecting digital asset investors and supporting emerging technologies like artificial intelligence.

However, Harris has not directly addressed cryptocurrency to the extent Trump has, but her administration’s policies reflect a focus on regulatory oversight intended to safeguard investors.

The contrast between Trump’s and Harris’ positions has made crypto regulation a defining topic as the November 5 general election nears.

Bitcoin (BTC) has outperformed traditional assets

As Bitcoin’s anniversary arrives, its influence and adoption continue to grow significantly.

The asset has seen a 192% increase in value year-to-date, outperforming traditional assets like the S&P 500, which has gained 36% over the same period.

Bitcoin remains one of the top-performing investments of the past decade, sparking further institutional interest.

Large corporate holders, including Michael Saylor’s MicroStrategy, have accelerated their Bitcoin purchases, buoyed by growing interest in the asset and developments like BlackRock’s newly established Bitcoin ETF.

BlackRock’s iShares Bitcoin Trust (IBIT) recently became the fastest-growing ETF in history, attracting over $872 million in inflows over six days, reflecting a strong demand for regulated Bitcoin investment products on Wall Street.

The broader support for Bitcoin among institutions is also evidenced by a $72 billion influx into Bitcoin-related financial products.

As the election nears, Trump’s stance on Bitcoin and crypto may resonate with voters who favour a more open regulatory environment.

Crypto advocates have argued that support for Bitcoin’s innovation and accessibility will help the US maintain its economic edge, regardless of who claims victory in the coming election.

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