President Trump's speech at the United Nations could shape the outlook for Bitcoin and cryptocurrencies
President Donald Trump has concluded his long-awaited speech to world leaders at the United Nations. The pro-Bitcoin and pro-cryptocurrency US president did not make any direct statements about the digital asset industry. However, his speech will have a lasting positive impact on the Bitcoin and cryptocurrency space.
What were the main pillars of President Trump's speech at the United Nations?
In his speech at the United Nations on September 23, President Trump focused on energy production and the issue of global migration and immigration. According to President Trump, the idea of green energy is a big scam that has bankrupted countries for no good reason.
Furthermore, Trump claimed that China and surrounding countries have been responsible for a significant amount of carbon emissions over the years. However, he noted that countries that have focused on reducing carbon emissions have been hit hard by high electricity costs, led by Europe and the United States.
Trump's speech at the United Nations also stressed the importance of countries protecting their borders against illegal immigration. He reaffirmed the idea of national independence and rejected the concept of globalization.
Why is this a bullish signal for Bitcoin and cryptocurrencies?
How Bitcoin and Cryptocurrencies Will Benefit from a Shift in Energy Production
In terms of energy production, increasing the supply of cheap electricity from traditional sources will reduce the cost of Bitcoin mining. Furthermore, according to a recent report by rhnuttall, electricity production in countries that focus on green energy is much higher than countries that use traditional non-renewable energy sources.
Therefore, many Bitcoin miners in countries with clear regulations on cryptocurrencies will benefit from cheap electricity.
Migration/Impact of Migration
President Trump’s stance on immigration and migration is an indirect boost for Bitcoin and cryptocurrencies. Furthermore, Bitcoin and cryptocurrencies provide equal opportunities for everyone around the world, especially those in countries that have been hit hard by hyperinflation, war, and economic crisis.