In a dynamic and bold speech at the 2024 Bitcoin Conference, former President Donald Trump unveiled his vision for the future of Bitcoin and cryptocurrency in the United States. The audience was riveted as Trump detailed his ambitious plans to make the nation a global leader in digital currency. Here’s a recap of the key points from his speech:
Day One: Firing Gary Gensler
Trump began with a promise to dismiss current SEC Chairman Gary Gensler on his first day in office. Gensler’s strict regulatory approach to cryptocurrencies has been criticized for stifling innovation. By appointing a new SEC chairman, Trump aims to create a more crypto-friendly regulatory environment.
National Bitcoin Stockpile
Trump proposed establishing a strategic national Bitcoin stockpile. This initiative is designed to ensure that the United States holds a significant reserve of Bitcoin, cementing its role as a major player in the global digital currency market. He emphasized that the government would retain 100% of its Bitcoin, signaling a long-term commitment to the asset.
With confidence, Trump proclaimed that Bitcoin is “going to the moon.” He encouraged attendees to “never sell your Bitcoin,” predicting its value would rise exponentially. Trump even suggested that Bitcoin might one day surpass the market cap of gold, a statement that resonated with the crypto enthusiasts present.
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Trump reiterated his pledge to commute Ross Ulbricht’s sentence. Ulbricht, the founder of the Silk Road marketplace, remains a controversial figure in the crypto community. This promise aligns with Trump’s broader message of supporting freedom and independence within the crypto space.
No CBDC Under Trump
Trump firmly stated that there would never be a Central Bank Digital Currency (CBDC) during his presidency. He positioned himself as a defender of financial privacy and liberty, arguing that CBDCs represent excessive government control over individual financial transactions.
Trump predicted that Bitcoin and the broader cryptocurrency market would “skyrocket like never before” if he is elected. He claimed the current administration’s policies harm the dollar, whereas his administration would strengthen both the dollar and Bitcoin.
Bitcoin and the Dollar
Addressing concerns about Bitcoin’s impact on the US dollar, Trump asserted that Bitcoin does not threaten the dollar. Instead, he blamed the current government for destabilizing the dollar. He pledged to bolster both the dollar and Bitcoin’s positions.
Trump outlined his vision for the United States to become the “crypto capital of the planet” and the “Bitcoin superpower of the world.” He views Bitcoin as a symbol of freedom, sovereignty, and independence from government control.
In his final pledge, Trump assured the Bitcoin community that the “anti-crypto crusade” led by Joe Biden and Kamala Harris would end the day he takes office. This statement reinforced his commitment to fostering a favorable regulatory environment for cryptocurrencies in the United States.
