President Trump says US will be 'world capital of artificial intelligence and crypto' in Davos speech

Macro•January 23, 2025, 11:33AM EST
UPDATED: January 23, 2025, 11:56AM EST
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President Trump says US will be 'world capital of artificial intelligence and crypto' in Davos speech

Quick Take

  • Donald Trump addressed the World Economic Forum in Davos on Thursday for the first time since being inaugurated.
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U.S. President Donald Trump has reiterated his "America-first" stance regarding cryptocurrency.

Speaking via livestream at the World Economic Forum in Davos, Switzerland, Trump touted his administration's early initiatives and said the U.S. will become "the world capital" of crypto.

“The United States has the largest amount of oil and gas of any country on Earth, and we're going to use it," Trump said Thursday morning. "Not only will this reduce the cost of virtually all goods and services, it will make the United States a manufacturing superpower and the world capital of artificial intelligence and crypto.”

Last August, Trump said in a post on X he would help "ensure that the United States will be the crypto capital of the planet" while teasing his soon-to-come crypto project. That project would ultimately become World Liberty Financial, a DeFi protocol that counts Trump as its "chief crypto advocate."

Just three days before Trump was inaugurated as the 47th president of the U.S., he launched Official Trump, a memecoin that currently has an $8 billion market cap according to The Block's TRUMP price data. So far, his only public mention of the TRUMP token came during a White House briefing with AI leaders.

"I don't know much about it other than I launched it," Trump said. "I heard it was very successful. I haven't checked."

Earlier Thursday, the price of bitcoin briefly popped to $106,000 after Sen. Cynthia Lummis teased an upcoming announcement, although that news ended up being something already known — the U.S. Senate Banking Committee voted to have crypto-friendly Lummis lead its newly created digital asset subcommittee.