Trump divides, but he is right about Bitcoin

Even allowing for electoral demagoguery, Trump highlights four crucial points for everyone

The speech by Donald Trump at the Bitcoin Conference in Nashville has confirmed the pro-Bitcoin and crypto stance of the Republican candidate for the presidency of the United States.

In an increasingly polarized world, Trump’s position will likely deepen the divide between those who understand and appreciate Bitcoin and those who oppose it. However, even allowing for electoral demagoguery, Trump’s speech contains at least four crucial points for everyone.

The first is an exercise in realism: “In just 15 years, Bitcoin has gone from merely an idea posted anonymously on an internet message board to being the ninth most valuable asset anywhere in the world […] Soon it will surpass the entire market cap of silver […] one day it probably will overtake gold.”

The second is a clear understanding of the nature of Bitcoin: “Bitcoin stands for freedom, sovereignty, and independence from government coercion and control.”

The third is to clarify the role of the regulator and how it should favor the development of businesses and preserve the values achieved by Western civilization: “We will have regulations, but from now on, the rules will be written by people who love your industry, not hate your industry. People that want to make it clear and simple, straightforward and fair, people that want to see your industry thrive, not dive […] The moment I’m sworn in, the persecution stops and the weaponization ends against your industry […] America will once again be a nation that protects property rights, privacy, freedom of transaction, freedom of association, and freedom of speech.”

The fourth is an announcement that, if confirmed in a hypothetical future Trump presidency, would represent a historic novelty: “If I am elected, it will be the policy of my administration to keep 100% of all the Bitcoin the U.S. government currently holds or acquires into the future. This will serve, in effect, as the core of the strategic national Bitcoin stockpile.” In May, commenting on the considerations of the Governor of the Bank of Italy, I ventured to write that in ten years we would see central banks with Bitcoin reserves: we could see it sooner and with the main Central Bank in the world.

I have many reservations about Donald Trump’s program, both in economics and foreign policy, but on these four points there is no political divide: they are clear and reasonable.

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