Donald Trump, widely referred to as the first US Bitcoin president, has triggered excitement in the crypto community with his recent Bitcoin Truth Social post.
Trump shared what he called the “greatest Bitcoin explanation of all time” on Sunday, eliciting reactions from crypto enthusiasts. The video in the Truth Social post was a speech from Peter Van Valkenburgh, the head of research at Coin Center.
Trump Shares GOATED Bitcoin Speech
Notably, Trump’s support for Bitcoin and cryptocurrencies has been massive, particularly during his current tenure. Amid the support, his recent post seeks to explain to those who do not share his newfound sentiment on why Bitcoin is a revolutionary technology.
In the trending video, Van Valkenburgh told the Senate Committee on Banking, Housing, and Urban Affairs in 2018 that Bitcoin is the world’s first digital asset. The cryptocurrency utilizes blockchain technology to enable users to transfer value without the need for an intermediary.
Furthermore, he explained that Bitcoin’s digital property makes it the most effective public payment infrastructure. Its decentralized nature also means everyone can create an address and transact BTC regardless of their location, age, gender, or creditworthiness at no cost.
Van Valkenburgh also highlighted several additional advantages of Bitcoin over existing payment rails, one of which is the avoidance of corporate intermediary failures. For context, he mentioned a few cases where hackers gained access to sensitive customer information, defrauded these private systems, and laundered billions of dollars.
Notably, the Coin Center executive’s convincing yet straightforward explanation of Bitcoin and why the United States needs to adopt the technology went viral at the time, and even Trump remains a fan to date. The US president suggested that his speech was GOATED.
Crypto Is Good for the Dollar: Trump
Meanwhile, Trump identified that cryptocurrencies have had a massive impact on the US dollar. In his speech after signing the GENIUS Act on Friday, he emphasized that digital assets have made the dollar “really good, strong, and powerful.”
The president also stressed that the industry would continue to strengthen the dollar’s dominance on the global stage, spurred by the recent regulatory milestone. For the uninitiated, Trump signed the first federal crypto bill last week, creating a clear framework for mainstream adoption of stablecoins.
Interestingly, many have tipped the stablecoin bill to sustain the dollar’s position as the world’s reserve currency. David Sacks, the crypto and AI czar, had highlighted earlier that the stablecoin sector would not only create a better payment rail but also increase the global utility of the US dollar.
Sacks also emphasized that the stablecoin adoption will attract trillions of dollars in liquidity to the US economy, specifically to the US Treasury bill. Recall that this is one of the requirements for stablecoin issuers in the recently passed GENIUS Act legislation.
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