What If Trump Lied About His Pro-crypto Policy?

The cryptocurrency market is in turmoil, and the recent drop in the price of BTC to $92,000 has raised questions about Donald Trump’s sincerity regarding his pro-crypto policy. Did Trump lie about his crypto ambitions? Were his campaign promises just to win the hearts of crypto investors? And what about Bitcoin in all this… what will become of it?

Were Trump’s pro-crypto promises false?

During his recent presidential campaign in the United States, Donald Trump promised to transform the U.S. into a true haven for the cryptocurrency industry. This was to be achieved through the creation of a strategic national reserve of Bitcoin, maintaining the government’s BTC holdings, the dismissal of SEC Chairman Gary Gensler, and ending the anti-crypto actions of federal regulators.

However, some industry experts doubt his commitment to delivering on all these promises. Austin King, CEO of Omni Labs, expressed his concerns: “It is clear that the Republican Party has relied on a pro-crypto political stance to garner votes from citizens who hold crypto assets.” He goes on to say: “What is not clear, however, is the likelihood that Trump will revert to his promising but vague statements about his crypto policy plans once he is in office.”

What future for Bitcoin?

The stagnation of the BTC price at $100,000 seems to indicate a slowdown in the bullish momentum tied to Donald Trump. Doubts about his ability to sustainably boost the market have intensified following the recent drop of Bitcoin to $92,000, triggered by a massive sell-off of BTC by the U.S. government.

As a result, for Bitcoin to regain its prestige, Trump will need to adopt a clear and active stance after his inauguration on January 20, ensuring that pro-crypto policies are rapidly implemented. Without this, investors might believe that he is deprioritizing cryptocurrencies, leading to a market collapse. As Ryan Lee, chief analyst at Bitget, confirms:

His pro-crypto stance, highlighted by proposals for a national Bitcoin reserve and plans for a more crypto-friendly SEC, could strengthen bullish market sentiment if these initiatives materialize. However, the degree of impact on Bitcoin’s price will depend on the implementation of these policies and the prevailing economic environment. In the short term, Trump’s statements and policy shifts could also trigger heightened market volatility, underscoring the dynamic interplay between politics and crypto markets.

The future of Bitcoin will therefore depend on Donald Trump’s concrete actions after his inauguration. Without a real commitment to his pro-crypto promises, the market could collapse, leaving investors in total uncertainty.