As Bitcoin (BTC), the leading cryptocurrency by market capitalization, marks its 16th anniversary, former President Donald Trump, who is now a Republican candidate in the upcoming U.S. presidential election, has reached out to the cryptocurrency community with a significant message. His message, shared on the social media platforms Truth Social and X (previously known as Twitter), underscores his dedication to backing Bitcoin and the broader crypto sector.
Trump Wishes Bitcoin Enthusiasts A Happy Anniversary
On this noteworthy occasion, Trump has articulated his intention to conclude what he describes as Kamala Harris’s “war on crypto.” He conveyed his warm congratulations to Bitcoin supporters with the message, “Happy 16th Anniversary of Satoshi’s White Paper.” This milestone celebrates the publication of the Bitcoin whitepaper by its pseudonymous creator, Satoshi Nakamoto, on October 31, 2008. The document laid out the fundamental principles of Bitcoin as a decentralized digital currency.
Trump’s growing endorsement of cryptocurrency is in line with his broader political agenda. In his message, he reaffirmed his promises to strengthen the industry, including a pledge that “Bitcoin will be made in the USA.” Furthermore, the former President expressed his intention to advocate for the release of Ross Ulbricht, the creator of the Silk Road online marketplace, who is currently serving a life sentence for facilitating drug trafficking and other illicit activities.
Vice President Kamala Harris, on the other hand, has not yet significantly engaged with the topic of cryptocurrency. However, she has expressed support for establishing a regulatory framework aimed at protecting investors, particularly within marginalized communities.
Bitcoin’s Market Performance Amidst Political Discussions
According to reports from Bitcoinist, Kamala Harris’s position aims to ensure that individuals, especially Black men, who invest in and own digital assets, receive protection under U.S. law. Nevertheless, Trump’s remarks seem to have struck a chord more effectively with the larger crypto community. This is reflected by predictions on Polymarket, which currently grants the Republican candidate a 60% chance of winning the November 5 election, possibly leading to a new administration.
Trump has also previously vowed to dismiss SEC Chairman Gary Gensler. Gensler’s approach to the industry under President Biden has been marked by enforcement actions, lawsuits, and subpoenas against key players in the digital asset ecosystem, including major companies such as Coinbase, Binance, and Ripple.
Bitcoin’s Price Struggles to Reach Previous Highs
Despite the celebratory mood surrounding Bitcoin’s anniversary, the largest cryptocurrency’s market performance over recent days presents a contrasting narrative. In the 24-hour period leading up to the anniversary, Bitcoin’s price experienced a nearly 2% retracement, settling at approximately $70,600 per coin. This downturn follows several failed attempts to surpass its all-time high of $73,700, achieved in March of this year.
While the crypto community eagerly watches the political landscape and its implications for Bitcoin and other digital assets, the market continues to navigate through fluctuations, with investors remaining hopeful for a resurgence in Bitcoin’s value.
