Donald Trump Vows To Never Allow CBDC, Reduce Life Sentence of Silk Road Founder

7Ary...USep

26 May 2024

Former President Donald Trump announced that he would commute the life sentence of Silk Road founder Ross Ulbricht to time served if he is re-elected. He also spoke about the right to self-custody.

HIGHLIGHTS

Donald Trump vowed to support the right of self-custody of crypto users.
He also said that he would never allow CBDC which would conflict with the core ethos of Bitcoin and crypto.
Unlike the Biden administration, Donald Trump vows to make America the leader in the crypto space.

Republican Presidential candidate Donald Trump doubled down on his crypto protection policy stating that he would ensure a healthy crypto ecosystem to foster in the United States. During his speech in Washington D.C. on Saturday, May 25, Trump said that he would take every measure to ensure the future of crypto is safe. This development comes within a week of the former US President announcing the acceptance of crypto donations.

Donald Trump Vows to Protect Crypto Ecosystem

During his speech on Saturday, Donald Trump pledged to ensure that Bitcoin and other cryptocurrencies remain integral to the U.S. financial landscape. He emphasized his support for the right to self-custody, stating, “I will support the right to self-custody.”
Trump also took a firm stance against Senator Elizabeth Warren and her regulatory efforts, declaring, “I will keep Elizabeth Warren and her goons away from your Bitcoin.” Furthermore, he assured his supporters that he would never allow the creation of a central bank digital currency.
While the Federal Reserve has been toying with the idea of the Digital Dollar, it hasn’t made much progress in this regard so far. Many crypto market enthusiasts have rejected the idea of a CBDC since it functions against Bitcoin’s decentralized nature. It seems that Presidential candidate Trump is hitting the right note to sway crypto enthusiasts.

Dropping Life Imprisonment for Silk Road Founder

Former President Donald Trump announced that he would commute the life sentence of Silk Road founder Ross Ulbricht to time served if he is re-elected. In a recent statement, Trump expressed his positive outlook and support for the cryptocurrency industry, stating, “I am very positive and open minded to cryptocurrency companies, and all things related to this new and burgeoning industry. Our country must be the leader in the field. There is no second place.”
Trump criticized President Joe Biden’s approach to the cryptocurrency sector, claiming, “President Joe Biden wants [the cryptocurrency industry] to die a slow and painful death. That will never happen with me!” This declaration underscores Trump’s commitment to fostering growth and innovation in the U.S. cryptocurrency market.

Bitcoin ETFs End The Week With 15K BTC Inflow, Michael Saylor Hails Milestone

The Spot Bitcoin ETFs recorded an inflow of over 15,000 BTC over the past week, which scooped up more than a month's worth of new BTC mined and could lead to a supply shock if the robust flows continue.

HIGHLIGHTS

U.S. Spot Bitcoin ETFs snapped up more than 15,400 BTC last week.
Michael Saylor spotlighted the robust flows as the global ETF reserve neared 1 Nakamoto.
This week's inflows bought Bitcoin worth more than new BTC mined over a month.

The Spot Bitcoin ETF market witnessed significant investor activity over the past week, marked by consistent net inflows and notable performances from major ETFs. These ETFs clocked over 15,000 BTC in inflows, which significantly outpaces a month’s worth of new BTC mined.
Also Read: Bitcoin ETF Inflows Spike Again, BlackRocks Leads Scooping $182 Million

Spot Bitcoin ETF Weekly Inflows

The week started strong with U.S. Spot Bitcoin ETFs registering inflows of over $241 million on Monday, May 20. Grayscale’s ETF GBTC saw an influx of $9.35 million despite the resignation of CEO Michael Sonnenshein, marking the fifth consecutive day of net inflows for GBTC. ARKB, managed by Ark Invest and 21Shares, attracted $68.28 million, while BlackRock’s IBIT saw inflows of $66.35 million.
On Tuesday, the momentum continued with Spot Bitcoin ETF flows totaling $305.7 million. Furthermore, BlackRock’s iShares Bitcoin Trust (IBIT) led the surge, recording an impressive $290 million in inflows, per Farside UK data. Fidelity’s FBTC also contributed significantly with $25.8 million. However, Grayscale’s GBTC saw no inflows on this day. Conversely, the Bitwise Bitcoin ETF (BITB) and VanEck’s HODL experienced outflows of $4.2 million and $5.9 million, respectively.
Bitcoin ETFs maintained their positive trajectory with net inflows of $154 million on Wednesday, extending the streak to eight consecutive days. Moreover, BlackRock’s IBIT continued to attract significant investment with $91.95 million in inflows. Fidelity’s FBTC also performed well, registering $74.57 million in inflows. However, Grayscale’s GBTC faced an outflow of $16.09 million.
In addition, the market’s demand for Bitcoin ETFs remained robust with a net inflow of $107 million on Thursday, marking nine consecutive days of positive inflows. BlackRock’s IBIT led again with $89 million in inflows. Fidelity’s FBTC reported $19.12 million, while VanEck’s HODL accounted for $9 million. Both Ark 21Shares’ ARKB and Invesco Galaxy’s BTCO recorded net inflows of $2 million each. Grayscale’s GBTC, however, saw an outflow of $13.72 million.
The week concluded with a total net inflow of $252 million on Friday, May 24, extending the inflow streak to ten consecutive days. In addition, BlackRock’s IBIT recorded a strong inflow $182 million. Fidelity’s FBTC also saw a significant inflow of $43.7083 million. Grayscale’s GBTC had a neutral day with neither inflows nor outflows.

Michael Saylor Lauds Robust Inflows

Moreover, BlackRock has continued to dominate the Bitcoin ETF market, steadily closing the gap with Grayscale. As of now, BlackRock’s IBIT holds 284,526 Bitcoins worth $19.32 billion, while Grayscale’s GBTC holds 289,257 Bitcoins valued at $19.64 billion.
Furthermore, MicroStrategy CEO Michael Saylor has commended the robust performance of these ETFs. Moreover, he also lauded the global BTC ETF market. In a post on X, he wrote, “Bitcoin held by 28 Spot ETFs is approaching 1 Nakamoto.” Hence, we could soon witness 1 million BTC locked into these investment products.
According to the latest update, the U S. Bitcoin ETFs hold a massive reserve of 855,702 BTC. Whereas, the global ETFs hold a stash of 991,336 BTC, which suggests that within the next week, the stack could surge past 1 million BTC.
Moreover, it could be very bullish for the Bitcoin price. These ETFs bought 15,421 BTC this week, which is much higher than 13,500 BTC mined in a month. This could lead to a supply crunch as the Bitcoin exchange reserve is also diminishing due to significant whale accumulation.
Also Read: Grayscale’s Bitcoin Dominance Threatened As Blackrock’s IBIT Eyes Top Spot