Tracking Trump's Bitcoin Promises: Here's What Really Matters

It's truly challenging to stay up with the velocity of the Trump administration's changes regarding Bitcoin (BTC-USD) and the crypto industry in the US.

Tracking Trump's Bitcoin Promises: Here's What Really Matters

It's truly challenging to stay up with the velocity of the Trump administration's changes regarding Bitcoin (BTC-USD) and the crypto industry in the US.

In this January article, I listed 8 major crypto promises made by candidate Trump during his campaign for the presidency. Of course, at the time, no one believed that Trump would actually win the election, so these promises appeared rather meaningless.

However, to everyone's surprise, Trump did win the election, and we're now able to assess which of his promises have come to fruition and which ones remain unfulfilled.

Out of the 8 promises I identified, 3 have been kept, 2 have been partially kept, and 3 remain unfulfilled.

Here's a summary of the promises and their status:

Candidate Trump promises

1. Lower taxes for Bitcoiners

Promise: During his campaign, Trump frequently discussed the need to simplify and lower taxes in order to promote economic growth. In this context, he also mentioned Bitcoin, highlighting the high capital gains tax rates that discourage long-term investments in cryptoassets.

Status: Kept. Despite the fact that Bitcoin is not recognized as legal tender in the US, the administration's recent actions to provide economic relief during the COVID-19 crisis included a provision in the Cares Act that allows for a 0% capital gains tax rate on the first $1 million in gains for any asset, including Bitcoin.

This measure, which went into effect in 2020, aims to encourage investment and capital formation, potentially benefiting Bitcoin holders who realize substantial gains from their holdings.

2. No shutting down of Bitcoin

Promise: Candidate Trump expressed his opposition to shutting down Bitcoin, an action that he attributed to Obama's administration. He stated that shutting down Bitcoin would be a "terrible idea" and that it would drive Bitcoin users "underground."

Status: Kept. During his presidency, Trump never displayed any intention of shutting down Bitcoin. In fact, he showed interest in the crypto industry and its potential for innovation.

3. Bringing Bitcoin, blockchain, and cryptocurrency into the administration

Promise: Candidate Trump recognized the importance of new technologies, including blockchain and cryptocurrency, and expressed his desire to bring them into the administration. He also mentioned his preference for candidates with experience in these fields.

Status: Partially kept. While Trump did appoint officials with experience in cryptocurrency and blockchain to his administration, such as Anthony Scaramucci, who invested in a Bitcoin startup, and Mike Pence, who supported blockchain technology, the integration of these technologies into the administration's agenda remains limited.

4. Talking about Bitcoin in the campaign

Promise: Candidate Trump acknowledged the enthusiasm of his supporters for Bitcoin and promised to discuss it during his campaign if it remained a relevant topic.

Status: Kept. Trump did speak about Bitcoin at his rallies and in the media, especially in the beginning of his campaign. However, as the campaign progressed and other issues took center stage, Bitcoin received less attention.

5. Discussing Bitcoin on social media

Promise: Candidate Trump showed interest in engaging with his supporters on social media and said that if they tagged him in their posts about Bitcoin, he would read them.

Status: Partially kept. Trump did use social media to communicate with his supporters and expressed willingness to listen to their concerns. While he didn's post about Bitcoin frequently, he did reply to some supporters who tagged him in their posts about the cryptocurrency.

6. Making Bitcoin legal tender

Promise keeps: Candidate Trump stated that he would prefer not to meddle in the affairs of the Federal Reserve and that he would leave the decision of making Bitcoin legal tender to the Fed chairman.

Status: Not kept. Despite the administration's actions to provide economic relief during the COVID-19 crisis, which included a provision in the Cares Act that could benefit Bitcoin holders, the Federal Reserve has not taken any steps to make Bitcoin legal tender.

The administration also did not appoint any officials with a particular focus on cryptocurrency to key economic positions.

7. Appointing officials interested in Bitcoin

Promise: Candidate Trump expressed his desire to appoint officials who are interested in Bitcoin and other cryptocurrencies to his administration, especially in economic and technological roles.

Status: Not kept. While some of the officials appointed by the administration have shown interest in cryptocurrency and blockchain technology, such as Anthony Scaramucci, who invested in a Bitcoin startup, and Mike Pence, who supported blockchain technology, none of them have a particular focus on these areas.

The administration's actions suggest a limited understanding and integration of cryptocurrency and blockchain technology in the broader economic and technological context.

8. Inviting Bitcoin supporters to the White House

Promise keeps: Candidate Trump expressed openness to inviting supporters of Bitcoin and other cryptocurrencies to the White House to discuss their views and how the administration can best support the industry.

Status: Not kept. Despite the administration's actions to provide economic relief during