Donald Trump, once a critic of cryptocurrency, has pledged to be a “pro-bitcoin president” if elected in November.
The Republican nominee is targeting support from an industry discontented with current US regulations.
At a conference in Tennessee, Trump condemned the Biden-Harris administration’s stance on crypto, stating, “Their repression of crypto and bitcoin is wrong and detrimental to our country.”
He drew a parallel between cryptocurrencies and the growth of the steel industry a century ago, declaring, “Bitcoin symbolizes freedom, sovereignty, and independence from government control.”
Trump promised that, if elected, he would prevent the US government from selling its bitcoin holdings, calling it the “core of the strategic national bitcoin stockpile.” This proposal contrasts with third-party candidate Robert F. Kennedy Jr.’s plan to build a stockpile of 4 million bitcoins.
Trump warned that if the US does not embrace crypto technology, other countries like China will dominate. “If crypto is going to define the future, I want it to be mined, minted, and made in the USA,” he said.
Here’s a summary of Trump’s latest policy positions on key tech issues:
Electric Vehicles
Trump expressed admiration for Elon Musk during a rally in Grand Rapids, Michigan, following reports of a $45 million donation pledge Musk reportedly made to him — reports Musk later denied.
Despite years of criticizing electric cars as too expensive and impractical, Trump stated he supports electric vehicles but believes they are not suitable for everyone. If elected, Trump plans to end federal subsidies for electric cars, which could impact US competitors but likely not Tesla.
TikTok
Trump previously attempted to ban the Chinese-owned app TikTok on national security grounds and suggested a US company should buy it, sharing in the sale price.
Now, with President Biden’s administration also considering a ban unless the app is sold, Trump has changed his stance. He now supports TikTok, arguing that competition is necessary and criticizing Facebook and Instagram, platforms run by Mark Zuckerberg, who banned Trump after the January 6 Capitol attacks.
Cryptocurrency
Trump’s newfound support for cryptocurrencies reflects his belief that “if we don’t do it, China is going to figure it out — or somebody else.”
After previously dismissing bitcoin as a “scam,” Trump now advocates for cryptocurrencies to be “MADE IN THE USA!!!” His shift, along with his selection of crypto advocate J.D. Vance as his running mate, has won favor with an industry feeling neglected by the current administration. However, Trump has not detailed how he plans to support the crypto sector.
Imported Talent and Tech
Trump’s presidency saw restrictions on visas for foreign tech workers and high tariffs on products from companies like Apple, impacting their supply chains.
These policies, continued under Biden, are expected to remain if Trump returns to office. Trump has hinted at expanding protectionist measures to other countries. Tesla’s plans to build a factory in Mexico were recently put on hold due to potential tariffs under the Trump administration, according to Musk.
Taxes
Trump’s tax cuts primarily benefited the wealthy, including tech executives. Biden and his presumptive successor Kamala Harris have proposed higher taxes for the rich.
Trump, however, plans to lower corporate taxes despite tech giants’ substantial profits. His administration targeted tech companies like Google, Amazon, Apple, and Facebook with antitrust actions, but his focus on such regulations may wane if he wins a second term.
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