Is Australia entering its Bitcoin era? Trump's love for crypto leaves us little choice

The election of Donald Trump as US president has raised hopes for wider acceptance of cryptocurrencies, including in Australia.

The United States could be headed for a "crypto era" following the election of Donald Trump as president, which would also have implications for Australia.

During his time in office, Trump expressed interest in cryptocurrencies and appointed officials to oversee their development, potentially paving the way for broader acceptance of crypto in the US and, consequently, Australia.

The former president's administration also began the process of creating new regulations for the cryptocurrency industry, which is currently largely unregulated in most major economies.

Despite Australia's early involvement in cryptocurrency, the country has lagged behind in terms of regulation compared to other developed nations. However, Trump's administration is now pushing for the US to become the global "crypto capital", which would likely force Australia's hand.

Despite his administration's efforts to integrate crypto into the mainstream financial system, Trump himself has never shown any interest in investing in crypto.

Earlier this year, Trump's administration appointed former PayPal CEO Bill Harris as the U.S. 'crypto czar,' tasked with guiding the administration's strategy for digital assets.

The administration also began working on a framework for a central bank digital currency (CBDC), following an executive order from Trump in March 2023.

The order directed relevant agencies, including the Treasury Department and the Federal Reserve, to coordinate on issues related to CBDCs, crypto regulation, and the potential risks and opportunities of digital assets.

The administration's actions come amid growing interest in cryptocurrency around the world. China, for example, has been investing heavily in blockchain technology, while Japan has already approved several crypto exchanges.

As the U.S. administration pushes for the country to become the world's "crypto capital," it remains to be seen how these efforts will unfold and what impact they will have on the global cryptocurrency market.