2024-7-29 00:41 |
Nashville, TN — Former U.S. President Donald Trump captivated attendees at the Bitcoin 2024 conference in Nashville with a pledge to establish and maintain a “strategic national bitcoin reserve” without selling the government’s accrued Bitcoin holdings. This announcement, which came amid widespread speculation and hopes within the crypto community, firmly positioned Trump as a leading proponent of cryptocurrency in an election year.
Trump’s late arrival did little to dampen the enthusiasm as he likened the bitcoin sector to the nascent steel industry, praising its potential and vitality. “Bitcoin is not just a marvel of technology; it’s a miracle of cooperation and human achievement,” Trump declared, suggesting that Bitcoin might one day surpass gold in value. “Bitcoin can possibly overtake the market cap of gold. what do you think will happen when people figure that out?” he said.
In a hallmark of his characteristic rally style, Trump quickly shifted gears to criticize his political opponents, specifically targeting the presumptive Democratic nominee, Kamala Harris, with derogatory remarks about her intelligence. He then broadened his attack to include the Democratic stance on energy, promising to boost fossil fuel production to generate excessive electricity, in stark contrast to current federal incentives for electric vehicles and renewable energy.
He emphasized that a Democratic victory in the upcoming election would spell disaster for the cryptocurrency industry, accusing them of potentially ruthless and harmful regulatory actions.
Adding to his campaign promises, Trump vowed to dismantle the current regulatory framework overseen by SEC Chair Gary Gensler, whom he plans to dismiss immediately upon reelection, eliciting applause from the crowd. Trump was clearly taken aback at the crowd’s reaction when he made the announcement.
“On day one, I will fire Gary Gensler and appoint a new SEC chairman,” Trump said as the crowd went nuts. “I didn’t know he was that unpopular. Let me say it again. On day one, I will fire Gary Gensler.”
Source: X
He further promised to establish a “Bitcoin and crypto advisory council,” signaling a comprehensive policy shift favorable to digital assets. Laying out his vision for America’s crypto future, Trump told the overjoyed crowd, “If crypto is going to define the future, it’s going to be mined, minted, and made in America. If Bitcoin is going to the Moon, I want America to send it there.”
Trump’s appearance at the Bitcoin 2024 conference not only underscored his transformed stance towards cryptocurrency—following a history of skepticism—but also marked a significant moment in the intersection of U.S. politics and the burgeoning digital asset industry. With thousands of supporters and crypto enthusiasts in attendance, Trump’s commitment to making the U.S. the global hub for cryptocurrency if re-elected has energized a substantial and influential voter base within the crypto community.
The Bitcoin Markets had a mixed response to the speech, dumping from $69,000 to $67,000 before almost immediately recovering the move.
Democrats to Soften Crypto StanceRecognizing the growing influence of the crypto vote, over a dozen Democratic U.S. House Representatives and numerous congressional candidates are urging their national committee to embrace a pro-crypto posture, according to a letter delivered on Saturday.
The letter, signed by lawmakers such as Rep. Josh Gottheimer (D-N.J.), Ro Khanna (D-Calif.), Wiley Nickel (D-N.C.), and Ritchie Torres (D-N.Y.), calls on the Democratic National Committee to adopt a “forward-looking approach” to digital assets. They propose incorporating supportive language into the party’s official platform, selecting a vice-presidential candidate who is pro-crypto, and advocating for the replacement of SEC Chair Gary Gensler with a more crypto-supportive agency head.
“We believe this technology is non-partisan, and the Democratic Party should also champion these innovations to help reaffirm the U.S.’s position as the leader in the global digital economy,” the letter states. Authored by 14 current lawmakers and 14 congressional hopefuls, the letter was also highlighted at the Bitcoin 2024 event in Nashville, Tenn.
The Democrats are particularly critical of the SEC’s Gensler, urging party leaders to support a “pro-innovation” SEC chair who would promote a regulatory approach that encourages innovation, secures American competitiveness globally, fosters financial inclusion, and safeguards consumers.
Colin McLaren, the engagement director for the Cedar Innovation Foundation, a crypto industry advocacy group, expressed pride in the Democratic leaders’ unified stance. “With the Democratic Party undergoing a historic moment of generational change, it’s inspiring to see these leaders and future leaders come together in support of innovation and the next evolution of financial services,” he said.
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