The Republican presidential candidate promised to make America the top country in cryptocurrency technology.
Trump Promises to Make America a Leader in Bitcoin
NASHVILLE, Tenn. — At the annual Bitcoin Conference in Nashville, Republican presidential nominee Donald Trump promised to make America the top country in bitcoin and other digital currencies if he is elected. He compared the growth of crypto to “the steel industry of 100 years ago” and spoke to a packed audience, pledging to make America “the crypto capital of the planet and bitcoin superpower of the world.”
Trump positioned himself as a strong supporter of cryptocurrencies, contrasting his stance with the Biden administration and other Democrats, who he said have not been friendly to the crypto community.
Trump’s Bold Plan for the Future of Crypto
In his speech, Trump received enthusiastic applause when he declared that he would fire the current Securities and Exchange Commission Chair, Gary Gensler, whom the crypto world views as a significant opponent due to his rulings on digital tokens and lawsuits against bitcoin exchanges. Trump pledged, “I will appoint an SEC chair who will build the future, not block the future.”
Endorsements from high-profile bitcoin advocates like Tesla CEO Elon Musk and the Winklevoss twins, founders of the Gemini cryptocurrency exchange, bolster Trump’s embrace of crypto. His remarks are likely to strengthen his growing alliance with other right-leaning tech figures. Although Trump admitted he is still learning about crypto, he praised the audience as “geniuses” and quipped, “Most people have no idea what the hell it is. So, what happens when everyone figures it out? That’ll be something.”
Proposing a National Bitcoin Stockpile
Trump introduced a proposal to create a national bitcoin “stockpile,” describing it as a “permanent national asset.” While he did not provide many details, the idea has quickly gained traction among bitcoin supporters. Independent presidential candidate Robert F. Kennedy Jr. recently suggested a similar concept, proposing that the Treasury purchase 4 million bitcoins, worth approximately $272 billion at current prices.
Following Trump’s speech, Sen. Cynthia Lummis, R-Wyo., announced she would introduce a bill to create the bitcoin reserve. However, the price of bitcoin fell slightly after Trump’s remarks, possibly reflecting traders’ unmet expectations for a more detailed commitment on the reserve idea.
Reference: NBC News
