The post GOP backs Bitcoin mining and self-custody rights appeared on BitcoinEthereumNews.com.

The Republicans have taken their perceived love of Bitcoin a step further by backing Americans’ right to own and mine Bitcoin. According to the 2024 GOP platform draft, they are committed to making America a global crypto hub. The 2024 election and Bitcoin They plan to end the Democrats’ crackdown on crypto, which they label as “unlawful and unAmerican.” The righties promise to make sure every single American has the right to self-custody their digital assets. They mention that they do not wish to spy on or be in control of citizens’ finances. Source: The Republican National Committee With the presidential election fast approaching, the crypto community is getting increasingly hopeful of a bipartisan crypto policy. Traders and analysts believe a victory for Donald Trump will likely pull Bitcoin out of its current slump.  Expectations of Bitcoin breaking all-time high if Trump wins are sky high. The man has convinced us that he is the pro-crypto candidate, and has even made the bold promise of mining the rest of all Bitcoins in America if he is elected. Donald Trump with Tyler and Cameron Winklevoss. Credits: Tyler Winklevoss From hosting Bitcoin miners at Mar-a-Lago, to accepting crypto for his campaign’s donations, to promising to support crypto companies, and hanging out with the industry’s elites, Trump has left no stone unturned. So it makes sense that everyone expects a strong Republican presence in Congress to lead to clear and favorable crypto policies, once and for all. Economic impact and market expectations Some of Trump’s policies, like tougher immigration criterias, more tariffs on foreign goods, and tax cuts, will increase the deficit and spike up inflation and Treasury yields.  Standard Chartered believes the policies will end up creating a “fiscal dominance,” whereby deficit and debt grow so large that the Federal Reserve becomes…

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Filed under: News - @ July 8, 2024 8:18 pm