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Why Trump wants to make America the 'crypto capital of the planet'

Economic Times · 1m

- Former President Donald Trump's views on cryptocurrency have shifted from being critical of it to supporting it, stating that he would make the US the "crypto capital of the planet" if elected again. - Trump has received support from Silicon Valley billionaires and venture capitalists who see him as a disruptor and favor his stance on reducing taxes and regulations. - Cryptocurrency companies and executives have contributed millions of dollars to Trump's campaign and independent campaigns supporting Republican candidates who are supportive of the industry. - In contrast, workers at tech companies like Alphabet, Amazon, and Microsoft have overwhelmingly supported Democratic candidates. - The rise of cryptocurrency has led to a growing political power for the industry, with its own PACs and influence on elections at all levels. - However, there are concerns about the limitations of Bitcoin and other digital currencies, including transaction fees, slow processing times, and unstable value, which may make central bank digital currencies more viable in the future.