KEYTAKEAWAYS
- Trump pledges to reverse the current administration's crypto policies, fire SEC chair Gensler, and establish a Presidential Advisory Council for Bitcoin and cryptocurrencies.
- He proposes keeping 100% of government-held Bitcoin as a strategic national reserve, transforming it into a permanent asset for Americans.
- Trump aims to make America the world's Bitcoin mining powerhouse through low-cost energy policies and protect the industry from overregulation.
CONTENT
Trump’s 2024 Bitcoin Conference speech outlines a pro-crypto vision for America, promising regulatory reforms, Bitcoin as a national asset, and policies to make the US a global crypto leader.
Last Saturday, July 27th, the cryptocurrency world witnessed a significant event as former President Donald Trump took the stage at the 2024 Bitcoin Conference in Nashville. This appearance marked a dramatic shift in Trump’s stance on digital currencies and sent ripples through the crypto markets.
Trump’s speech, originally scheduled for 3:00 PM Eastern Time, was delayed due to the arrival of a “special guest,” causing Bitcoin’s price to dip by $900, falling below $68,000. As Trump began speaking, the price continued to decline, breaking the $67,000 threshold. However, the market saw a swift reversal following Trump’s announcement of a Bitcoin strategic reserve plan, with the price surging nearly $1,400 to $68,221.16.
(Source: TradingView)
The following is a summary of key points from Trump’s speech about the crypto industry:
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EMBRACING CRYPTOCURRENCY AS THE FUTURE OF FINANCE
Donald Trump’s speech at the 2024 Bitcoin Conference marked a significant shift in his stance on cryptocurrencies. He positioned himself as a champion for the crypto industry, promising to make the United States a leader in this emerging field. Trump emphasized the importance of keeping crypto innovation within American borders:
“If crypto is going to define the future, I want it to be mined, minted, and made in the USA. It’s going to be…it’s not going to be made anywhere else. And if Bitcoin is going to the moon, as we say…it’s gone to the moon. I want America to be the nation that leads the way.”
Trump also highlighted the rapid growth of Bitcoin during his previous administration:
“As a result, during my four years in office, Bitcoin surged by 3,900% from $898 the day I took office to $35,900 the day I left. That was the biggest jump, I guess, in just about any industry.”
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CRITIQUING THE CURRENT ADMINISTRATION’S APPROACH TO CRYPTO
Trump heavily criticized the Biden-Harris administration’s stance on cryptocurrencies, painting it as hostile to innovation and detrimental to America’s economic interests:
“The Biden-Harris administration’s repression of crypto and Bitcoin is wrong, and it’s very bad for our country. It’s really quite un-American. For three and a half years, the current administration has waged a war on crypto and Bitcoin like nobody’s ever seen before.”
He accused the current administration of targeting banks, choking off financial services, and slandering those in the crypto industry as criminals. Trump promised a complete reversal of this approach:
“I pledge to the Bitcoin community, that the day I take the oath of office, Joe Biden and Kamala Harris’s anti-crypto crusade will be over. It will end. It’ll be done.”
Read more: 2024 U.S. Presidential Election Series
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COMPREHENSIVE REGULATORY REFORMS AND INDUSTRY PROTECTION
Trump outlined several policy changes he would implement to foster crypto growth and protect the industry:
“On day one, I will fire Gary Gensler and appoint a new SEC chair… I will appoint a new SEC chairman who believes America should build the future, not block the future.”
He promised to establish a Bitcoin and Crypto Presidential Advisory Council to design “transparent regulatory guidance for the benefit of the entire industry” within 100 days of taking office. Trump also vowed to shut down Operation Choke Point 2.0, which he claimed was designed to “choke out” crypto businesses.
Additionally, Trump committed to preventing the creation of a Central Bank Digital Currency (CBDC):
“There will never be a CBDC while I’m President of the United States. And I will always defend the right to self-custody.”
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BITCOIN AS A STRATEGIC NATIONAL ASSET
In a bold move, Trump announced plans to treat Bitcoin as a strategic national reserve:
“If I am elected, it will be the policy of my administration, the United States of America, to keep 100% of all the Bitcoin the U.S. Government currently holds or acquires into the future. This will serve, in effect, as the core of the strategic national Bitcoin stockpile.”
He noted that the U.S. government currently holds about 210,000 Bitcoin, or 1% of the total supply that will ever exist. Trump argued that this approach would transform “that vast wealth into a permanent national asset to benefit all Americans.”
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ECONOMIC VISION, INFLATION CONTROL, AND ENERGY POLICY
Trump linked the success of cryptocurrencies to overall economic prosperity and inflation control:
“When America is prospering, Bitcoin is soaring and it will go up with it… As we stop the war on crypto, we will immediately, and we’ll do this very quickly, begin to build our economy.”
He praised the crypto community for recognizing the dangers of inflation early:
“The Bitcoiners…and I say to you that you recognize the dangers of inflation long before most others did. You understood inflation, frankly, better than anybody else.”
Trump also outlined an energy policy to support crypto mining:
“I have set the ambitious goal that by the end of my term, the United States will be the number one lowest cost of energy and electricity of any nation on Earth. We can make it so inexpensively. And with low energy costs, America will become the world’s undisputed Bitcoin mining powerhouse.”
In conclusion, Trump’s comprehensive speech positioned him as a pro-crypto candidate, promising to foster innovation, protect the industry from overregulation, integrate cryptocurrencies into America’s economic strategy, and leverage America’s energy resources to dominate the global Bitcoin mining landscape. His vision aims to cement the United States’ position as the world’s cryptocurrency and Bitcoin superpower.
You can visit here if you want to know the full transcript.
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