Washington:

Former President Donald Trump has promised to make the US a “Bitcoin superpower” if returned to the White House and said that he will appoint an advisory council to design transparent regulatory guidance for the benefit of the entire industry.

But Trump, the Republican nominee, stopped short of proposing a formal federal reserve of digital currency.

Trump made a series of cryptocurrency-friendly policy commitments during remarks at a Bitcoin convention Saturday, including promising to fire Securities and Exchange Commission Chair Gary Gensler and creating a “strategic national Bitcoin stockpile.” “I’m laying out my plan to ensure that the United States will be the crypto capital of the planet and the Bitcoin superpower of the world,” Trump, 78, said.

Bitcoin is the world’s first widely adopted cryptocurrency — it allows for secure and seamless peer-to-peer transactions on the internet.

He also warned that Bitcoin investors in the audience will be “crushed” if Vice President Kamala Harris is elected as president.

“They (Democrats) want to choke you. They want to choke you out of business. We’re not going to let that happen. And no longer will your government sit by and watch as Bitcoin jobs and businesses flee to other countries because America’s laws are too unclear and too tough and too angry and too stiff. We will keep each and every Bitcoin job in the United States of America,” Trump said in his address to the Bitcoin2024 Conference, the cryptocurrency industry’s largest annual gathering, in Nashville’s Music City Center.

Trump is the first major party candidate to address the annual cryptocurrency conference.

Trump also promised to “immediately” establish a “Bitcoin and crypto presidential advisory council,” which he said would provide “transparent regulatory guidance” for the cryptocurrency sector. “I am proud to be the first American president to address a Bitcoin event anywhere in the world. If crypto is going to define the future, I want it to be mined, minted and made in the USA,” he said.

“We will have regulations, but from now on, the rules will be written by people who love your industry, not hate your industry. People who want to make it clear and simple, straightforward and fair. People that want to see your industry thrive, not dive,” he said.

Trump also said he would end efforts by the US government to create a central bank digital currency (CBDC), an initiative that cryptocurrency enthusiasts have long been critical of.

“I will immediately order the treasury department and other federal agencies to cease and desist all steps necessary because there’s a thing going on in your industry. They want to move the creation of a central bank digital currency. It’s over. Forget it. There will never be a CBDC while I’m President of the United States. I will always defend the right to self-custody. You’re going to have a great industry, and we’re going to be fuel for your industry,” he said.

As president, Trump has declared Bitcoin “not money” and criticised it as “highly volatile and based on thin air.” But Saturday marked the culmination of a total reversal on the issue during the former president’s latest White House bid. Indian-American entrepreneur-turned-politician Vivek Ramaswamy is a key advisor to Trump on cryptocurrency.

Trump announced that as part of his effort to provide regulatory clarity, his administration will create a framework to enable the safe and responsible expansion of stable coins allowing them to extend the dominance of the US dollar to new frontiers all around the world.

“America will be richer, the world will be better, and there will be billions and billions of people brought into the crypto economy and storing their savings in Bitcoin. Those who say that Bitcoin is a threat to the dollar have the story backwards. Bitcoin is not threatening the dollar. The behaviour of the current US government is really threatening the dollar,” he said.

“The danger to our financial future does not come from crypto. It comes from trillions of dollars in waste, rampant inflation and open borders while giving welfare and free healthcare to all of the illegal aliens that are pouring into our country by the millions and millions and millions. It comes from printing hundreds of billions of dollars to fund endless wars overseas while our cities are like combat zones here at home,” he alleged.

Trump America under him will become the world’s undisputed Bitcoin mining powerhouse.

“You’ll be a Bitcoin mining powerhouse. You will not have to move your family to China. You will not be moving to China. As we implement these reforms, Bitcoin and crypto will grow our economy, cement American financial dominance and strengthen our entire country long into the future,” he said. PTI LKJ NSA NSA

(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)

Cryptocurrency Bitcoin is witnessing a boom and the coin managed to gain 2.19 per cent and traded at $30,543.48 on Monday. The value of the largest cryptocurrency by circulation went up by over 9.5 per cent in the past seven days and is nearing the $31,000 mark now.

Bitcoin price witnessed sluggish growth and lost significant value in the crypto crashes in recent years. Bitcoin managed to attain an all-time high of $68,789.63 on November 10, 2021, before it started dropping in value. The tables have turned now owing to the recent surge rally in the crypto domain.

At the time of writing, Bitcoin held a market capitalization of $596.19 billion, up by 2.2 per cent, according to CoinMarketCap statistics. In addition, the 24-hour trade volume saw a substantial hike of 22.5 per cent and was recorded at $16.14 billion. In the past month, the cryptocurrency behemoth gained 14.91 per cent in value.

October has proven to be a lucky month for Bitcoin, aka BTC, and the entire crypto market. In October, Bitcoin price shot up by about 12.7 per cent.

The recent Bitcoin surge can be attributed to several key factors. At first, the market for crypto rallied on October 21 and led to the liquidation of about $64 million in short positions in the span of 24 hours. This liquidation, including a staggering figure of $2.53 million on the crypto trading app Binance forced short-sellers to cover their positions, thereby adding to the Bitcoin demand.

In addition, US Federal Reserve Chair Jerome Powell’s hints of possible suspension of interest rate hikes may have also had an immediate effect on Bitcoin price.

According to a report by Coinpedia, on October 19, Bitcoin surged by about 3.7 per cent after Powell’s remarks.

Apart from the above mentioned factors, the crypto market sentiment was further boosted by a drop in charges against Ripple executives in the XRP vs SEC lawsuit. The XRP price rose over 8 per cent on Thursday and likely affected Bitcoin’s price as well, considering that cryptocurrency is an integrated market.

Ferrari’s Chief Marketing and Commercial Officer Enrico Galliera said cryptocurrencies had made efforts to reduce their carbon footprint through the introduction of new software and a larger use of renewable sources.
| Photo Credit: Reuters

Ferrari has started to accept payment in cryptocurrency for its luxury sports cars in the U.S. and will extend the scheme to Europe following requests from its wealthy customers, its marketing and commercial chief told Reuters.

The vast majority of blue-chip companies have steered clear of crypto as the volatility of bitcoin and other tokens renders them impractical for commerce. Patchy regulation and high energy usage have also prevented the spread of crypto as a means of payment.

These include electric carmaker Tesla, which in 2021 began to accept payment in bitcoin, the biggest crypto coin, before CEO Elon Musk halted it because of environmental concerns.

Ferrari’s Chief Marketing and Commercial Officer Enrico Galliera told that Reuters cryptocurrencies had made efforts to reduce their carbon footprint through the introduction of new software and a larger use of renewable sources.

“Our target to reach for carbon neutrality by 2030 along our whole value chain is absolutely confirmed,” he said in an interview. Ferrari said the decision came in response to requests from the market and dealers as many of its clients have invested in crypto.

“Some are young investors who have built their fortunes around cryptocurrencies,” he said. “Some others are more traditional investors, who want to diversify their portfolios.”

While some cryptocurrencies, such as the second-largest, ether, have improved their energy efficiency, bitcoin still attracts criticism for its energy-intensive mining. Ferrari shipped more than 1,800 cars to its Americas region, which includes the U.S., in the first half of this year.

Mr. Galliera did not say how many cars Ferrari expected to sell through crypto. He said the company’s order portfolio was strong and fully booked well into 2025, but the company wanted to test this expanding universe.

“This will help us connect to people who are not necessarily our clients but might afford a Ferrari,” he said.

The Italian company, which sold 13,200 cars in 2022, with prices starting at more than 2,00,000 euros ($2,11,000) and going up to two million euros, plans to extend the crypto scheme to Europe by the first quarter of next year and then to other regions where crypto is legally accepted. ($1 = 0.9495 euros)

Europe, the Middle East and Africa (EMEA) is Ferrari’s largest region, accounting for 46% of its total car shipments in the first half of this year.

“Interest is the same in the U.S. and Europe, we don’t see huge differences,” Mr. Galliera said. Countries where cryptocurrencies are restricted include China.

Ferrari has turned to one of the biggest cryptocurrency payment processors, BitPay, for the initial phase in the U.S., and will allow transactions in bitcoin, ether and USDC, one of the largest so-called stable coins. Ferrari might use other payment processors in different regions.

“Prices will not change, no fees, no surcharges if you pay through cryptocurrencies,” Mr. Galliera said. Bitpay will immediately turn cryptocurrency payments into traditional currency on behalf of Ferrari’s dealers, so they are protected from price swings.

“This was one of our main goals: avoiding, both our dealers and us, to directly handle cryptocurrencies and being shielded from their wide fluctuations,” Mr. Galliera said.

As the payment processor, BitPay will ensure that the virtual currencies come from legitimate sources and not derived from criminal activity or to be used to launder the proceeds of crime or evade tax.

Ferrari’s marketing and commercial chief said that the majority of its U.S. dealers have already signed up, or are about to agree, to the scheme. “I am confident others will join soon,” Mr. Galliera said.

FILE PHOTO: Celsius Network logo and representations of cryptocurrencies are seen in this illustration
| Photo Credit: REUTERS

Cryptocurrency lender Celsius Network said Bitcoin mining is key to the company’s restructuring efforts at a U.S. bankruptcy court hearing on Monday in Manhattan.

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New Jersey-based Celsius received approval from U.S. Bankruptcy Judge Martin Glenn to spend $3.7 million in construction costs at a new Bitcoin mining facility and $1.5 million on customs and duties on imported Bitcoin mining rigs. Patrick Nash, a lawyer for Celsius, told Glenn that Bitcoin mining could provide a way for the company, which halted other business operations like its cryptocurrency lending, to repay customers, whose assets its froze in the weeks leading up to its bankruptcy filing.

“In a world where the crypto market rebounds, the mining business has the potential to be quite valuable,” Nash said.

Celsius filed for Chapter 11 protection on July 13, listing a $1.19 billion deficit on its balance sheet. Crypto lenders’ business model came under scrutiny following a sharp crypto market sell-off spurred by the collapse of major tokens TerraUSD [UST] and LUNA in May.

Celsius’ assets shrank amid the extreme volatility, and its freezing of customer accounts was an attempt to stem losses and stabilise its business, Nash said.

Celsius hopes the mining effort will help it repair its relationship with customers, some of whom sent threats and hate mail to some company employees in the weeks before the Chapter 11 filing.

But a group of equity investors previewed a possible fight for control over the Bitcoin mining operations. Dennis Dunne, the investors’ lawyer, said they may argue that the newly mined coins should be considered property of the UK subsidiary that raised the funds for the mining operation, rather than being distributed for the benefit of all Celsius creditors.

Customers might also object to Celsius’ spending on Bitcoin mining vendors at a time when their own recovery is in doubt, the U.S. Department of Justice’s bankruptcy watchdog said.