Trump reaffirms his commitment to making the US the global crypto capital, showing efforts to lead in cryptocurrency.
United States President Donald Trump has reaffirmed his commitment to making America the world’s cryptocurrency capital. During a livestream at the World Economic Forum in Davos, Switzerland, he emphasized his administration’s efforts to prioritize American interests in the crypto space.
Trump stated that the US has the world’s largest reserves of oil and gas and plans to utilize them. He explained that this strategy would lower the cost of goods and services, boost US manufacturing dominance, and establish the country as a leader in artificial intelligence and cryptocurrency. He said:
“The United States has the largest amount of oil and gas of any country on Earth, and we’re going to use it. Not only will this reduce the cost of virtually all goods and services, it will make the United States a manufacturing superpower and the world capital of artificial intelligence and crypto.”
This statement echoes his previous declaration on X last August, where he promised to make the United States the crypto capital of the world while referencing World Liberty Financial (WLFI), a DeFi protocol where he serves as chief crypto advocate.
The president also called for immediate interest rate cuts, a move that could benefit Bitcoin and the broader crypto market. Trump’s recent statement comes after notable silence on cryptocurrency during his inauguration speech.
The United States will be the world capital of Crypto.pic.twitter.com/RCQ5egTBDJ
— Michael Saylor (@saylor) January 23, 2025
Schiff Criticizes Trump’s Crypto Remarks and the Lack of Distinction
Bitcoin critic Peter Schiff used the US president’s speech to further criticize Bitcoin, noting that Trump only mentioned crypto and not Bitcoin, leaving no clear distinction between Bitcoin and his own meme coin, TRUMP. Schiff said:
“Trump mentioned crypto in his speech, not Bitcoin. So he drew no distinction between Bitcoin and his own meme coin TRUMP. My guess is Trump is actually referring to asset-backed crypto, something that may actually have value, rather than fiat cryptos like Bitcoin that have none.”
Trump’s Meme Coin Projects and Their Market Impact
Trump launched his official meme coin project, TRUMP, three days before his inauguration, followed by another meme coin project, MELANIA, named after his wife. The TRUMP token currently has a market capitalization of $7.1 billion, while MELANIA market cap stands at $466 million. The only public mention of the TRUMP token occurred during a White House briefing with AI leaders. Trump recently acknowledged his limited knowledge of the project beyond its launch.
Bitcoin’s price briefly surged to $106,000 on Thursday after Senator Cynthia Lummis hinted at an upcoming announcement. The news revealed that the US Senate Banking Committee had appointed the crypto-friendly Lummis to lead its newly created digital asset subcommittee.
next