Will Indian investors become impacted if the US became the world’s Bitcoin superpower?
Donald Trump, former US President and GOP presidential nominee delivered his speech at the Bitcoin 2024 conference, it soon made headlines all across the world. Trump reiterated his plan to establish his country as the “Crypto Capital” and “Bitcoin Superpower” of the world — providing much hope to American crypto enthusiasts.
Since Bitcoin was released, it has grown rapidly to become the top new asset class in the world. While world governments did not perceive it as a financial changemaker asset at first, the significant adoption rates globally have forced them to think otherwise. For instance, the US government did not have a high opinion of BTC and other cryptocurrencies in the past decade, but the scenario has changed drastically since then as Trump pledged to create a “strategic reserve” of Bitcoin for the US government. Additionally, Trump raised a significant amount of Bitcoin campaign funding which helped to bolster his claims as BTC price soared thereafter.
However, while this may be a strategic decision on Trump’s part to woo crypto investors, turning it into reality will be very difficult. This is largely because the US has one of the highest crypto taxes in the world, which defeats the purpose on the investors’ part. Going away with the tax will not be easy for any administration, however, adopting a liberal approach towards the crypto ecosystem could have a significant impact on global investors, especially in India.
