GOP’s Vision For 2024: Bitcoin Mining And Self-Custody As Catalysts For US Economy

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In a significant shift driven by Republican lawmakers in the United States, led by former President Donald Trump’s pro-crypto stance, there is growing support for adopting Bitcoin (BTC). 

On Monday, a panel of the Republican National Committee (RNC) approved a draft of the party’s 2024 platform that includes strong support for the largest cryptocurrency in the market and the overall industry. This stance stands in sharp contrast to the regulatory approach to digital assets taken by President Biden’s administration. 

Republicans Unveil Pro-Bitcoin Stance

Page nine of the draft, titled “Build the greatest economy in history,” highlights the Republicans’ commitment to reducing “stifling regulations,” promoting job growth, fostering innovation, and ensuring affordability. 

According to the draft, the party vows to implement “transparent and common-sense rulemaking,” a sentiment that resonates with crypto firms and supporters who have consistently called for such measures over the past year.

The draft also emphasizes the Republicans’ intention to halt what they deem as the “Democrats’ unlawful and unAmerican crackdown on cryptocurrencies.” They firmly oppose the creation of a Central Bank Digital Currency (CBDC) and pledge to defend the right to mine Bitcoin. 

Additionally, they vow to safeguard every American’s right to self-custody their digital assets and engage in transactions free from government surveillance and control. The draft reads:

Republicans will end Democrats’ unlawful and unAmerican Crypto crackdown and oppose the creation of a Central Bank Digital Currency. We will defend the right to mine Bitcoin, and ensure every American has the right to self-custody of their Digital Assets, and transact free from Government Surveillance and Control.

Fueling Price Speculations

Notably, advisors to former President Trump have advocated for considering Bitcoin as a strategic reserve asset in the event of a victory in the November elections. 

One such advisor is Vivek Ramaswamy, a former presidential candidate, who has been counseling Trump on Bitcoin and digital assets. Ramaswamy has proposed backing the US 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 elections against President Biden could significantly propel the Bitcoin price to new all-time highs. 

As previously reported by Bitcoinist Manuel Villegas, asset manager Julius Baer explained that Trump’s energy policy proposals could particularly benefit crypto mining companies. 

By enabling alternative energy sources for Bitcoin mining, Villegas believes these policies could ultimately contribute to the long-term growth of the BTC price. However, it remains to be seen whether these policies outlined by the Republican Party will be able to be implemented, as they still have 4 months before the November election. 

Bitcoin
The daily chart shows the downtrend of BTC over the past months. Source: BTCUSD on TradingView.com

At the time of writing, BTC was trading at $56,360, down over 10% weekly and nearly 20% in the past 30 days.  

Featured image from DALL-E, chart from TradingView.com

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