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Former US President Donald Trump signaled strong support for the cryptocurrency industry during his speech at the Bitcoin 2024 conference in Nashville. Trump promised to take a number of steps to grow the sector and end current regulatory actions that he believes are hampering the growth of cryptocurrencies.
In his speech, Donald Trump promised the creation of a government bitcoin stockpile and the establishment of a cryptocurrency advisory board. He also announced the appointment of a pro-cryptocurrency chairman of the Securities and Exchange Commission (SEC) and a ban on the Federal Reserve System from creating its own digital currency.
Trump has assured the bitcoin community that he will end the anti-crypto crusade led by the Joe Biden and Kamala Harris administrations. He promised that once in office, all actions against cryptocurrencies will be stopped, and new rules will be created by those who support the sector.
If Trump fulfills his promises, we can expect a significant increase in the number of Bitcoin ATMs and Bitcoin ATMs in the US. Easier regulations and support for the cryptocurrency industry could help make cryptocurrencies more accessible to a wide range of users. Bitcoin ATMs, allowing quick and easy access to cryptocurrency transactions, could gain popularity as the market grows. Additionally, countering the introduction of the central bank's digital currency (CBDC) could make bitcoin and other cryptocurrencies more attractive, further increasing demand for them.
The former president criticized SEC Chairman Gary Gensler for his restrictive regulation of cryptocurrencies and announced his dismissal on the first day of his presidency if elected. Gensler has led a series of investigations into cryptocurrencies, warning of the risks associated with trading digital assets. Trump said the new rules will be made by people who love the cryptocurrency industry, not hate it.
Donald Trump has also pledged to support Bitcoin mining in the US and opposed the introduction of a central bank digital currency (CBDC) during his potential presidency. He announced that CBDC would not be introduced during his term.
While Trump declared his support for cryptocurrencies, analysts at CryptoQuant noticed a redistribution of bitcoin among wallets that had been dormant for 3 to 7 years. The first batch amounted to 16,011 BTC, and the second batch to 14,558 BTC. The funds are currently in OTC storage, but analysts suggest that some of them may end up on exchanges, which could put pressure on bitcoin's price.
Bitcoin is showing a slight increase and is holding above $69,500, which may suggest that it will manage to stay above that level this time. Bitcoin ETFs currently hold a total of 819,443 BTC. The largest holders are BlackRock (IBIT) with 338,470 BTC, Grayscale (GBTC) with 270,199 BTC, Fidelity (FBTC) with 181,127 BTC, Ark/21 Shares (ARKB) with 49,223 BTC and Bitwise (BITB) with 39,192 BTC.
Against the backdrop of a rapidly changing cryptocurrency market, Bitcoin ATMs are becoming increasingly useful. They allow quick and easy access to the purchase and sale of cryptocurrencies, which is particularly important in a situation of sudden price changes and regulation. Bitcoin ATMs They can also support the development of local cryptocurrency markets, making daily transactions easier and more accessible to a wide range of users. If you use Bitcoin ATM, you are able to maintain privacy to a greater extent than on an exchange.
The changes that Donald Trump is promising could have significant implications for Bitcoin ATMs. First, if Trump does indeed introduce looser regulations on cryptocurrencies and supports the industry, we can expect an increase in the number of Bitcoin ATMs in the US. As the cryptocurrency market continues to grow, the increasing number of Bitcoin ATMs can meet the increased demand for quick and easy access to cryptocurrency transactions.
Support for Bitcoin mining in the U.S. can also affect stability and increase acceptance Bitcoin ATMs. When mining is supported by the government, it can increase confidence in cryptocurrencies among citizens, which in turn can drive more people to use Bitcoin ATMs. In addition, countering the introduction of a central bank digital currency (CBDC) can make Bitcoin and other cryptocurrencies a more attractive alternative to traditional forms of payment, further increasing demand for Bitcoin ATMs.
Bitcoin ATMs may also play a key role in a scenario where regulations are liberalized and the privacy of transactions is still valued by users. Because Bitcoin ATMs enable more anonymous transactions compared to traditional exchanges, they may become the preferred tool for those who want to protect their financial privacy.
In short, if Trump's announcements come to fruition, they could create a more welcoming environment for cryptocurrencies in the US, which in turn could increase the popularity and availability of Bitcoin ATMs. For users, this means easier access to buying and selling cryptocurrencies and more opportunities to use them on a daily basis.
Donald Trump has clearly changed his approach to cryptocurrencies, promising significant support for the industry, which could have far-reaching consequences for the market. His announcements, if realized, could bring significant regulatory changes and affect the development of cryptocurrencies in the US. In the meantime, the market situation remains dynamic, with hibernating wallets and growing Bitcoin ETFs, which will continue to shape the future of cryptocurrencies.
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