Bitcoin has taken off in the last ten years. Now, it’s received the endorsement of President Donald Trump. Matt Kita weighs in with Mercedes Schlapp.
At the recent Bitcoin Conference in Nashville, President Trump was a keynote speaker, coming out and publicly supporting Bitcoin, which boosted its popularity and relaunched into news headlines
On a deeper level, Kita says, “It means that people are taking notice of what we’ve have been saying for over a decade now, which is, it’s important to really take the state out of money, that people can control their own bank accounts or transactions without the interference of the state.”
Trump’s enthusiasm is a stark contrast to Joe Biden’s opposition. Biden blocked a bill that would have allowed more financial institutions to hold Bitcoin and cryptocurrency, and instead allowed an alternative that picks and chooses select Wall Street players to hold cryptocurrency. This is in addition to SEC Chairperson Gary Gensler’s hostile policies toward cryptocurrency.
“The current administration has been very hostile to both the Bitcoin space and the broader digital assets crypto space, and most, if not everyone, sees Gary Gensler as kind of that large speed bump that’s preventing both the U.S. and just the space in general from really achieving exit velocity and worldwide adoption,” noted Kita.
Trump’s support of Bitcoin has won him some extra votes on the hope that his administration will allow Bitcoin to really flourish and will protect the privacy of financial transactions. His support has already generated more interest in the cryptocurrency, and as more people look into investing, Kita advises, “Get off zero and don’t sell.”
Watch the full conversation on CPAC+.
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