Regardless of whether the president delivers or not, bitcoin adoption is expected to advance.
Beyond the price rise, they do not believe that including BTC in US reserves will affect Bitcoin.
“Trump’s speeches on Bitcoin have actually been quite ambiguous.” It is the first sentence with which the Spanish cryptocurrency taxation expert, José Antonio Bravo, responds to a survey sent by CriptoNoticias in order to know the opinion of several experts about what the cryptocurrency ecosystem can expect in the next government of Donald Trump.
Bravo’s response is compatible with that of the Argentine lawyer and bitcoin specialist, Camilo Jorajuría, for whom the Republican who has just won the United States elections He’s just an authority figure for millions of Americans. who decide to follow his leadership.
“At no time has Trump even suggested regulatory modifications regarding the way money and value are used,” adds Jorajuría, noting that the most he proposed “is firing a high-ranking federal employee like Gary Gensler.”
The idea is shared by Bravo, adding that Trump did not speak at any time about the possibility of eliminating the power of the Federal Reserve. to be the sole issuer of legal tender.
They thus remember that during his campaign the president-elect made a series of promises that “you have to keep in mind to see to what extent he is going to fulfill them, and even ask for more than what he promised, especially from American citizens,” he said. Bravo.
A follow-up that must be done “not because Bitcoin needs it but because its compliance could help promote adoption at a global level,” comments Mauricio Tovar, representative of Colombia before the Ibero-American Blockchain Alliance, insisting that the community must be very critical during the new mandate.
Bitcoin puts the dollar at risk
In this way, the three bitcoiners offer their impressions on what Donald Trump’s victory means for the cryptocurrency sector, taking into account the commitment he made during the election campaign. This, after speaking out in favor of the ecosystem, ensuring that it would change anti-bitcoin policy of Joe Biden’s government.
José Antonio Bravo expresses his doubts about Trump’s understanding of Bitcoin, seeing his approach only as part of a political strategy.
Personally, I consider Trump’s alignment with Bitcoin to be tactical and circumstantial. In his Nashville speech he addressed more to the universe of cryptocurrencies than to Bitcoin specifically. Not to mention the DeFi project that his family launched taking advantage of his image. I’m not sure that Trump understands Bitcoin well, nor that those closest to him understand it well.
José Antonio Bravo, expert in cryptocurrency taxation.
For the Spanish bitcoiner, Trump’s lack of understanding of bitcoin became evident when he spoke of “bringing the immaculate Bitcoin ideology to the White House,” mainly because this promise puts the global hegemony of the dollar at riskthe most widely used US fiat currency in global trade.
“A pure Bitcoin program would mean eliminating this hegemony, and I don’t see how to square that point in the Republican program,” Bravo alleges.
On this topic, Jorajuría recalls that fiat currency is used to “export local inflation.” Think therefore that, as bitcoin continues to absorb the value of the dollar, the country’s economy will have to adapt to a reality totally different from that of “the pre-bitcoin era.”
If the currency created by Satoshi Nakamoto formally enters the presidential agenda now They will not be able to continue exporting their inflation. “It does not seem that this thorny issue is on the agenda of the new president, who has made several mentions of wanting to strengthen the dollar.”
Taking these ideas into account, looks difficult Trump declares BTC legal tender. «I don’t think the US is going to adopt it because, unlike El Salvador, the dollar is its native currency and it is also a reserve asset and global reference. That is why the United States would be the last of the countries to promote bitcoin as currency,” says Mauricio Tovar.
The Colombian bitcoiner thinks that the chances are greater that dollarized countries, whose central bank does not have a native currency, be the next to adopt bitcoin as legal tender. A concept that according to Bravo goes against individual voluntary decisions and that should be replaced by the “free use of means of exchange”, as long as the parties agree to it.
If BTC enters reserves nothing changes for Bitcoin
Regarding the possibility of the cryptocurrency pioneer being added to the strategic reserves of the United States, those consulted agree that the measure would only have repercussions on the price of BTC, which would skyrocket.
If the proposal to include bitcoin in the US reserves comes to pass, it will make other countries want to follow the example and that would encourage competition. Obviously this will increase demand, causing the price to rise, because the limited issuance of BTC would generate strong pressure in the market.
Mauricio Tovar, Ibero-American Blockchain Alliance in Colombia.
At this point, Tovar refers to the proposal that Trump made in Nashville, where supported the bill presented by Republican Senator Cynthia Lummis. Under the plan, the government would purchase one million bitcoins (5% of the currency’s total circulation) over the next five years.
“This plan also has a neutral effect for the protocol, although it may be beneficial for the price of the asset,” Bravo said, because like MicroStrategy, their “vote” is worth the same as that of anyone who has satoshis. “If they propose something and the rest of the community opposes it, it doesn’t matter how many sats they have.”
In that sense, whatever Trump’s course of action, Camilo Jorajuría affirms that governments now have the last chance to accumulate satoshis using fiat printer. The bitcoiner hopes that when fiat finishes losing its value “we will be in a hyperbitcoinized economy where both individuals and states will have accumulated BTC.” It thus anticipates that global adoption will continue to rise.
After spending their BTC they will not be able to print more money to recover the sats and they will not be able to collect by force or seize the network. Therefore, in the long term, “state adoption (as well as government attacks) would also be irrelevant to the Bitcoin network.”
This assumption also includes Bitcoin mining. Trump met with the miners and promised them that all remaining BTC would be issued in the US. An area where Tovar recommends avoiding production a high concentration of the industry in the US as a way to avoid a repeat of what happened in China.
Trump is just a politician, you can expect more control
In general terms, the vision of bitcoiners about what awaits the ecosystem with Trump is aimed at considering him just another politician. Like his opponent (Kamala Harris), promotes FATF standards and all those related to financial controlssays Camilo.
“That authoritarianism is represented by a right with a pro-business and conservative discourse (in the American sense of the word) changes little or nothing in reality with respect to the other option consisting of a progressive left-wing authoritarianism,” he adds.
However, although the Argentine expert is not sure that the president will do what he promised, he hopes that during this term he will take a fairer course of action than that of his previous government. Although he has doubts about his actions facing some critical issues.
Without prejudice to this, I wonder: What would Trump do during his term regarding whoever built and put into production a new Silk Road? Would you set him free and congratulate him on his entrepreneurial spirit? I see that as very unlikely.
Camilo Jorajuría, Bitcoin specialist.
Hence, it is considered important to take into account what the president will do with the developers. If he supports his work in freedom, he would be worthy of the title of “pro-bitcoin president.”
I would gain a point in favor Yeah Free Ross Ulbritchwho has been in prison for more than 11 years after being sentenced to several life sentences for the Silk Road case. A punishment that has been described as exaggerated.
But “there are other people, like Roman Sterlingov, who have been convicted in a trial without due guarantees for alleged use of BTC for money laundering,” alleged José Antonio Bravo, fearing that these persecutions will continue. He also cited the developers of Samourai Wallet, Keonne Rodríguez and William Lonergan Hill, pending trial for considering that a tool is a business subject to anti-money laundering regulations.
“If developers are not shielded by including free software development in the scope of freedom of expression, we are doomed to new arbitrariness in the interpretation of the particularities of certain tools,” he concluded.