Silk Road, Mining, and Bitcoin: Trump’s Most Controversial Promises

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For many, it was no surprise that Trump won the election. In fact, some people saw it coming from a distance. But what does Trump’s victory truly mean for the world’s most developed and powerful economy?

Trump Claims There Will Be a National Bitcoin Reserve

Donald Trump recently stated in several interviews that if he wins, he plans to establish a national Bitcoin reserve, which would make Bitcoin a store of value in the American economy.

Changes in Congress

As many had predicted, changes in regulation and the entrance of major players in the cryptocurrency world, such as BlackRock, have led many congressmen and senators to join the movement. For the first time in history, there is now a majority in Congress (over 219 members) supporting cryptocurrency.

One of Trump’s campaign promises is to make Bitcoin “Made in USA,” alongside other controversial statements, such as supporting the release of the creator of Silk Road — a notorious marketplace for illegal transactions using Bitcoin.

In fact, Trump’s campaign is so crypto-friendly that his website now accepts donations in various cryptocurrencies, including Bitcoin, Solana, and USDC.

Elon Musk´s support

A key influence on Trump’s strategy has been billionaire Elon Musk. Besides being a strong advocate for space exploration and humanity’s need to colonize space, Musk is also a well-known proponent of blockchain technology.

Dismissal of Gary Gensler

As part of his agenda, Trump has promised to remove Gary Gensler from his position as SEC Chairman, an appointment made by Joe Biden. Under Gensler’s leadership, the SEC imposed several restrictions on Web3 and blockchain-related activities, taking action against companies like Coinbase and Uniswap.

Support for Bitcoin Mining in the U.S.

While Trump hasn’t provided specific details, his recent conversations with El Salvador’s President Nayib Bukele hint that we may soon see Bitcoin mining facilities in the U.S. powered by America’s own natural resources.

Conclusion

Although all this has driven Bitcoin’s price to soar back to its highs, it’s essential to remember that this could be part of a political strategy by Trump to regain power. It’s also worth noting that similar promises were made about this technology during his first term, but nothing substantial came of them.

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Silk Road, Mining, and Bitcoin: Trump’s Most Controversial Promises was originally published in The Capital on Medium, where people are continuing the conversation by highlighting and responding to this story.

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