On the 20th (local time), U.S. President Donald Trump said that the cryptocurrency industry will "drive explosive economic growth and help expand the dominance of the U.S. dollar."
During a virtual speech at a cryptocurrency conference held in New York on the same day, President Trump noted, "Pioneers like you can improve banking and payment systems, and provide greater privacy and security for both U.S. consumers and corporations."
President Trump reiterated that he would utilize a "stablecoin backed by the dollar." He has expressed a pro-cryptocurrency stance since the presidential election last year. In his speech that day, he introduced his cryptocurrency promotion policies, including signing an executive order to stockpile cryptocurrency strategies, requesting legislation to ease government regulations, and holding a White House digital asset summit.
Regarding the stockpiling of cryptocurrency strategies, President Trump criticized former President Joe Biden, stating, "Instead of foolishly selling off held assets for amounts that are merely a fraction of their long-term value, we were able to maximize that value." He further remarked on cryptocurrency regulations during the Biden administration, saying, "It was a kind of law enforcement through the government, weaponization. Frankly, it was shameful." He added, "But everything ended on Jan. 20 (inauguration day)."
President Trump emphasized, "Cryptocurrency will be in the top position for a long time to come, and we want to keep that position. I already know that the energy and passion of the cryptocurrency industry are akin to the spirit that founded our country." He added, "Together, we will make America an unquestionable Bitcoin "superpower" and the world center of cryptocurrency."