In his 2020 budget proposal, US President Donald Trump made no mention of cryptocurrencies and blockchain technology. Meanwhile, presidential candidate Mike Bloomberg – the media tycoon, has more support for this emerging industry.
President Trump's budget proposal, published in early February, sparked a bit of anxiety among technology investors. Including blockchain and cryptocurrency. President Trump has a strong blockchain support team and global interests in blockchain technology. Even so, this new proposal could show his ignorance of cryptocurrencies and blockchain technology.
In stark contrast, billionaire and potential presidential candidate Mike Bloomberg has called for practical actions on this new field. For example, he suggested a FinTech Sandbox (pilot area for the financial technology sector) to create new ones, as well as update cryptocurrency management principles.
President Trump ignores blockchain in his budget
President Donald Trump's cabinet, including the chief of staff office of OMB Mick Mulvaney and senior adviser and presidential son-in-law Jared Kushner are blockchain advocates. Kushner even expressed his goodwill towards Bitcoin and said he already owned the cryptocurrency. Even the Fed chairman is also a supporter of cryptocurrencies.
Moreover, Mulvaney once said that blockchain technology should be considered a special case. According to him, blockchain technology has the potential to revolutionize the financial services industry, the US economy, and provide services to the government.
However, President Trump did not include blockchain technology in his budget proposal. Instead, his focus is on focusing on the negative aspects of cryptocurrencies.
Is Bloomberg different?
However, despite Bloomberg's distinct approach, this presidential candidate may not bring much to Bitcoin.
Billionaire Bloomberg supports the creation and innovation of blockchain technology. However, his economic policies could cause the economy to decline. This can lead to creative weaknesses.
Bloomberg's more ordered salary and income structure (notably as his federal minimum wage of $ 15) could choke creativity. Which phenomenon began under Trump's freer policies.
Such an economic structure, despite its promises, will have a tremendous impact on America's foothold in the global technology sector.
Blockchain technology is still moving forward
Regardless of the candidate who won the presidency, whether Bloomberg, Trump or others, the blockchain is here. Chinese President Xi Jinping once said that blockchain may be more important than the internet.
The only question at the moment is whether America will be the world's creative hub or not. Without superficial changes, it is likely that the United States will be left behind in this booming new field.
As BeInCrypto once mentioned, among the US presidential candidates this year, billionaire Bloomberg is the most open to blockchain technology and cryptocurrency. His policies, however, are causing controversy, as they may weaken the economy.
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According to BeInCrypto
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