Everything You Need To Know About Donald Trump’s Momentous Bitcoin 2024 Speech In Nashville
When historians look back on Donald Trump’s speech at the Bitcoin 2024 conference in Nashville on Saturday, they will surely conclude that it was a momentous turning point for the crypto industry.
After dissing digital assets when he was president, the would-be successor to Joe Biden, and thus potentially soon again the most powerful man on earth, was suddenly all-in crypto.
”Never sell your Bitcoin,” he said to rapturous applause. “On day one, I will fire Gary Gensler,” he added, repeating it for good effect as the gathered crypto faithful erupted to the idea of the demise of the securities regulator who is probably the most hated man to ever interact with the industry.
Trump was, of course, playing to the crowd, and not least because he wanted their votes to help him regain the White House in November.
Trump is a former harsh Bitcoin critic, and a man who has been known to backtrack or U-turn on policy plans almost as quickly as he pivots to new ones. But his enthusiastic, all-in embrace of crypto seemed too sweeping this time for it not to be a watershed moment for digital assets.
So sweeping, indeed, that the Financial Times was soon reporting that the Democratic Party’s de facto nominee for president, Kamala Harris, had her advisers reaching out to senior industry figures at entities including Coinbase, Ripple Labs, and Circle to try to rebuild strained relations with the sector.
Bitcoin is now rifling towards $70k, its highest level since mid-June, after rising more 1.3% in the past 24 hours. Bitcoin Cash (BCH) has soared 12% to trade at $446.75 as of 10.32 a.m. EST.
Here are the key takeaways from Trump’s watershed speech:
America Should Dominate The Future Of Crypto
Trump said that his vision is for America to dominate the future of the cryptocurrency industry, and to prevent countries like China from taking it over.
“If we don’t embrace crypto and Bitcoin technology, China will, other countries will, they’ll dominate, and we cannot let China dominate,” he stated.
He added that China, which has banned crypto mining and trading, was making too much progress in crypto.
His remarks came barely two weeks after he said that the crypto industry was still in its infancy, and he would not be responsible for allowing another country to dominate the sphere.
The US Will Hold A Strategic Bitcoin Reserve
If elected president, Trump pledged never to sell the Bitcoin held by the US government. Instead, these coins would be the “core of the strategic national Bitcoin stockpile.”
He noted that the US government-owned 210,000 BTC, equivalent to 1% of the total Bitcoin supply in assets seized by aw enforcement agents. According to Trump, the seized coins will be converted into a permanent national asset that will benefit all Americans.
President Donald J. Trump confirmed he has diamond hands and will never sell #bitcoin at The Bitcoin Conference 💎🙌
Watch the full keynote here: https://t.co/xvuUTxF6px
— Bitcoin Magazine (@BitcoinMagazine) July 27, 2024
America Will Be A Bitcoin Mining Powerhouse
The Republican presidential contender said he would lead the US to become “the world’s undisputed Bitcoin mining powerhouse.”
He acknowledged that Bitcoin mining required large amounts of electricity and to meet this demand said he plans to increase the electricity supply in an environmentally friendly way.
Trump also noted that he would ensure Bitcoin miners are not subjected to “certain ridiculous requirements.”
Fire Gary Gensler
If elected president, Trump said he’d replace Gary Gensler as the Chair of the US Securities and Exchange Commission (SEC).
“On day one, I will fire Gary Gensler,” Trump said.
He added that he would appoint a new SEC Chair who believes the US “should build the future, not block the future.”
Following numerous lawsuits filed by the SEC against crypto companies, Gensler has often been seen as an enemy of the crypto industry.
His anti-crypto stance has even led investors like Shark Tank investor Mark Cuban to say that Gensler would cost the Democrats the presidency.
Set Up a Crypto And Bitcoin Advisory Council
Also on Trump’s to-do lists if he takes office is setting up a Bitcoin and Crypto Presidential Advisory Council.
This council will be tasked with developing transparent regulatory guidelines for the industry. These guidelines will be “clear, simple, straightforward, and fair,” he said.
“We will have regulations, but from now on the rules will be written by people who love your industry, not hate your industry,” he said.
He further announced that he would order the US Treasury Department to halt the creation of a Central Bank Digital Currency (CBDC).
Shut Down Operation Choke Point 2.0
Trump’s speech also included a plan to “shut down Operation Choke Point 2.0.”
Operation Choke Point 2.0 entails an alleged plan by the US government to cripple crypto businesses. Trump stated that if elected, the US government will not sit and watch as crypto jobs and businesses are pushed to other countries.
The former US President argued that the SEC under Gensler aimed to obliterate Bitcoin, and said that was “un-American.”
Trump also stated that US President Joe Biden and Kamala Harris were running an anti-crypto crusade which will be over as soon as Trump takes over.
Trump said Harris is worse than Biden when it came to crypto. “She’s against crypto, by the way. She’s against it, very big,” he said.
Bitcoin Will Probably Overtake Gold
Trump expressed his admiration for Bitcoin’s rapid growth in just 15 years, which has made it the ninth most valuable asset in the world.
He noted that Bitcoin, with a market cap of over $1.3 trillion, could soon overtake Silver’s $1.5 trillion market cap.
“It’s already bigger than Exxon Mobil,” Trump said. Soon, it will surpass the entire market cap of silver… One day, it probably will overtake gold.”
Trump dismissed claims that Bitcoin threatened the US dollar, calling them “backward” and adding that the policies of the Biden US administration are the real threat to the dollar.
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