During a recent appearance at the World Economic Forum in Davos, Switzerland, US President Donald Trump promised to position the United States as the “global hub” for both artificial intelligence (AI) and cryptocurrency. This announcement marked one of his first public addresses since assuming office.
Addressing the forum virtually from Washington, DC, on January 23, Trump emphasized the role of US energy production, particularly from oil and gas, in potentially lowering the costs of goods and services. He proposed that this would enable the US to become a “manufacturing powerhouse,” although he provided few specifics on how deregulation of the energy sector would facilitate this transformation.#
Trump’s remarks mirrored statements he made during his 2024 presidential campaign, where he vowed to turn the US into the “crypto capital of the world” and elevate Bitcoin’s status on the global stage.
After his inauguration on January 20, many in the cryptocurrency sector remained uncertain about his commitment to those promises. His inaugural address did not mention blockchain or digital assets, and his administration’s early policy priorities omitted any direct reference to crypto. Furthermore, at the time of publication, no executive orders had been issued that might signal a shift in policy regarding the sector.
One of Trump’s notable actions post-inauguration was the commutation of Silk Road founder Ross Ulbricht’s prison sentence. Ulbricht had served over a decade in prison, and Trump’s decision followed earlier campaign promises. Reports suggested that this move might have been aimed at garnering support from libertarian voters, following discussions with the Libertarian Party in 2023.
In addition to his political promises, Trump now holds a personal stake in the cryptocurrency market. On January 17, he launched the Official Trump (TRUMP) token. However, this venture has drawn criticism from some lawmakers, crypto enthusiasts, and industry leaders, who argue that it risks becoming a cash grab, leveraging the office of the presidency for personal gain and potentially exposing the project to foreign influence.
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