President Donald Trump reiterated his administration's resolve to make the U.S. the "cryptocurrency capital of the world" on Wednesday.
What happened: During the Future Investment Initiative Institute conference in Miami, Trump specifically talked about the record highs clocked by Bitcoin BTC/USD after his election victory.
"Bitcoin has set multiple all-time highs because everyone knows I’m committed to making America the crypto capital," Trump stated. "We want to stay at the forefront of everything, and one of them is cryptocurrency."
See Also: US Could Sell Its Gold To Set Up Potential Bitcoin Reserve, Says Bernstein: Will It Ignite A ‘Global Race’ To Buy BTC?
Why It Matters: The cryptocurrency market has been buzzing with anticipation of a more favorable regulatory environment since Trump took office.
Within the first week, he signed executive orders, calling for the review of existing regulations and evaluating the creation of a "strategic national digital assets stockpile." A dedicated cryptocurrency task force has also been constituted by the SEC to develop a clear framework for the industry.
Meanwhile, critics have been skeptical, questioning the future of the Bitcoin reserve legislation proposed by Sen. Cynthia Lummis (R-Wy.), in Congress.
"Does anyone seriously believe that Congress, who exist to protect dollar dominance, is going to buy a trillion dollars of Bitcoin? The idea is so absurd that the only logical explanation for her persistence is fundraising and influence-peddling," Justin Bechler, a Bitcoin maximalist, said.
Trump has also attracted criticism for launching his own Official Trump TRUMP/USD meme coin, which crashed over 77% from its peak last month. A think tank has asked the Department of Justice to scrutinize the legality of the meme coin.
Price Action: At the time of writing, Bitcoin was exchanging hands at $96,910.86, up 1.78% in the last 24 hours, according to data from Benzinga Pro.
Image via Shutterstock
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