In a significant shift driven by Republican lawmakers in the United States, led by former President Donald Trump pro-crypto positionThere is growing support for the adoption of Bitcoin (BTC).
On Monday, a Republican National Committee (RNC) panel approved a draft of the party’s 2024 platform that includes strong support for the largest cryptocurrency on the market and the sector as a whole. The stance stands in stark contrast to the regulatory approach to digital assets taken by President Biden’s administration.
Republicans reveal pro-Bitcoin stance
Page nine of the projecttitled “Building the Greatest Economy in History,” underscores Republicans’ commitment to reducing “stifling regulations,” promoting job growth, fostering innovation and ensuring affordability.
According to the draft, the party is committed to implementing “transparent and common-sense regulation,” a sentiment that resonates with cryptocurrency businesses and supporters who have has consistently called for such measures over the past year.
The bill also underscores Republicans’ intention to end what they see as “illegal and un-American actions by Democrats.” Cryptocurrency crackdownThey strongly oppose the creation of a central bank digital currency (CBDC) and are committed to defending the right to mine Bitcoin.
Additionally, they pledge to protect the right of every American to manage their own digital assets and transact without government oversight or control. The bill states:
Republicans will end the Democrats’ illegal and anti-American crackdown on cryptocurrencies and oppose the creation of a central bank digital currency. We will defend the right to mine bitcoin and ensure that every American has the right to own their digital assets and transact without government oversight or control.
Speculation on fuel prices
Notably, advisers to former President Trump have advocated viewing Bitcoin as a strategic reserve asset in the event of victory in the November elections.
One such advisor is Vivek Ramaswamy, a former presidential candidate who advises Trump on Bitcoin and digital assets. Ramaswamy has proposed backing the U.S. dollar with a basket of commodities, including Bitcoin, to curb inflation and maintain the currency’s long-term value.
These developments have led many to believe that a Trump victory in the November election against President Biden could significantly propel the price of Bitcoin to new all-time highs.
Like before reported By Bitcoinist Manuel Villegas, asset manager Julius Baer explained that Trump’s energy policy proposals could particularly benefit cryptocurrency mining companies.
By allowing the use of alternative energy sources for Bitcoin mining, Villegas believes that these policies could contribute to the long-term growth of the BTC price. However, it remains to be seen whether these policies outlined by the Republican Party can be implemented, as they still have 4 months left before the November elections.
At the time of writing, BTC was trading at $56,360, down more than 10% on the week and nearly 20% over the past 30 days.
Featured image of DALL-E, chart from TradingView.com
