Trump Promises to End War on Crypto if Elected
Trump’s Big Announcement at Bitcoin 2024 Conference
Former United States president and current Republican candidate, Donald Trump, announced his plans to make the United States the “crypto capital of the world” if he is elected in November. He made this declaration at the Bitcoin 2024 conference in Nashville, Tennessee.
Trump arrived an hour late but received a warm welcome from the crowd. He expressed great respect for the Bitcoin community, comparing its early stages to the steel industry when it was young. “This is like the steel industry,” Trump said, emphasizing the potential he sees in Bitcoin and cryptocurrencies.
Bitcoin’s Future According to Trump
Trump predicted that one day, Bitcoin would overtake gold in value. He called Bitcoin a “marvel of technology” and a “miracle of cooperation and human achievement.” His strong support for Bitcoin was clear throughout his speech, as he referred to it as the future of the economy.
Trump’s Political Rivals and Energy Plans
Not wasting any time, Trump took a shot at his political rivals. He mentioned a “low I.Q. opponent,” hinting at Democratic candidate Kamala Harris. Trump then discussed energy usage for Bitcoin and AI, promising to use fossil fuels to generate more electricity. “We will create so much electricity that you’ll be saying, ‘please, President sir, we have too much electricity,'” he proclaimed. He also spoke about his plans to roll back federal incentives for electric vehicles and charging stations.
Trump’s Vision for Cryptocurrency in America
Trump assured the audience that he is the best candidate for the cryptocurrency and Bitcoin communities. He promised that if he becomes president, “you’ll be so happy, you’ll be so happy.” He stressed that if crypto is going to define the future, it should be “mined, minted, and made in America.” He also expressed a desire for America to lead the way if Bitcoin is going “to the Moon.”
Robert F. Kennedy Jr.’s Bitcoin-Friendly Policy
At the same conference, Independent presidential candidate Robert F. Kennedy Jr. presented his own Bitcoin-friendly policy. He promised to sign an executive order requiring the U.S. Justice Department to transfer the 204,000 BTC held by the Federal Reserve into a strategic reserve. Additionally, he said the Treasury Department would purchase 500 BTC daily until the reserve reaches at least four million BTC. Kennedy believes this would give the U.S. a dominant position in the global Bitcoin market.
Edward Snowden’s Caution on Political Bitcoin Support
In contrast to Trump and Kennedy, Edward Snowden, a key speaker at the conference, had a different message. He warned the cryptocurrency community not to blindly support politicians who use Bitcoin as a tool to gain votes. “Cast a vote, but don’t join a cult,” he advised. Snowden emphasized that the community should be cautious and not fully trust politicians, even if they support Bitcoin.
Pro-Crypto Statements by Trump at Bitcoin 2024
During his speech, Trump made twelve pro-crypto statements:
- “If I am elected, it will be the policy of my administration to keep 100% of all the bitcoin the U.S. government currently holds. This will serve as the core of the strategic bitcoin stockpile.”
- “On Day 1, I will fire Gary Gensler.”
- “I will immediately shut down Operation Choke Point 2.0.”
- “I will immediately appoint a bitcoin and Crypto Presidential Advisory Council.”
- “We will design transparent regulatory clarity in the first 100 days. Clear, simple, straightforward, and fair.”
- “There will never be a CBDC while I am president.”
- “I will always defend the right to self-custody.”
- “We will create a framework to enable the safe, responsible expansion of stablecoins.”
- “We will stop the war on crypto.”
- “We will become the world’s number one bitcoin mining powerhouse.”
- “I will commute the sentence of Ross Ulbricht.”
- “I will be the pro-bitcoin president that America needs.”
Energy and Mining Focus
Trump’s vision includes using fossil fuels to generate more electricity, which he believes is essential for Bitcoin mining. He aims to make America the number one Bitcoin mining powerhouse in the world. This involves creating a framework for the safe and responsible expansion of stablecoins and ensuring transparent regulatory clarity within the first 100 days of his presidency.
Regulatory Clarity and Self-Custody Rights
Trump promised to provide clear, simple, and fair regulatory clarity. He assured the right to self-custody for cryptocurrency users, meaning they can hold and manage their own digital assets without relying on third parties. His administration would stop the war on crypto and ensure no Central Bank Digital Currency (CBDC) is introduced while he is president.
Plans to Fire Gary Gensler and End Operation Choke Point 2.0
One of Trump’s first actions as president would be to fire Gary Gensler, the current chair of the Securities and Exchange Commission (SEC). He also plans to end Operation Choke Point 2.0, a government initiative that targets industries like cryptocurrency. By doing so, Trump hopes to create a more favorable environment for the crypto industry.
Establishment of a Crypto Presidential Advisory Council
Trump intends to establish a Crypto Presidential Advisory Council. This council would consist of experts in the cryptocurrency field who would advise his administration on matters related to Bitcoin and other digital currencies. This council’s goal would be to promote the growth and stability of the crypto market in the United States.
Ross Ulbricht Commutation
Trump also stated his intention to commute the sentence of Ross Ulbricht, the founder of Silk Road, an online black market. Ulbricht is currently serving a life sentence without parole for his involvement in the website. Trump believes commuting Ulbricht’s sentence would show his administration’s support for the cryptocurrency community.
Kennedy’s Ambitious Bitcoin Plans
Robert F. Kennedy Jr.’s ambitious plans include the daily purchase of Bitcoin by the Treasury Department and the establishment of a significant Bitcoin reserve. Kennedy believes this strategy would give the United States a dominant position in the global Bitcoin market, making it difficult for other countries to compete.
Snowden’s Warning to the Crypto Community
Edward Snowden’s speech provided a sobering contrast to the political promises. He cautioned the cryptocurrency community against blindly trusting politicians who support Bitcoin for their gain. Snowden’s message was clear: remain vigilant and ensure that the community’s interests are prioritized over political agendas.
The Future of Crypto in America
Trump’s vision for the future of crypto in America is ambitious. He aims to make the United States the leader in Bitcoin mining and ensure that all cryptocurrency activities are conducted within the country. By creating a favorable regulatory environment and supporting the rights of crypto users, Trump hopes to foster innovation and growth in the industry.
Conclusion
The Bitcoin 2024 conference in Nashville, Tennessee, showcased differing views on the future of cryptocurrency in America. Trump and Kennedy presented bold plans to support and grow the industry, while Snowden offered a cautious perspective, urging the community to remain wary of political agendas. As the 2024 election approaches, the future of cryptocurrency in America remains a hot topic, with significant implications for the global crypto market.
