Trump, in his speech at the Bitcoin 2024 conference, highlighted several interesting subjects.
He mentioned Bitcoin's growth and speculated that we might be seeing the cryptocurrency beat gold in value.
Trump says that the US needs to move ahead of countries like China.
He plans to establish a Bitcoin Presidential Advisory Council and fire the current SEC Chair, Gary Gensler, on day one.
Donald Trump, the US Republican Party candidate, addressed a crowd at the Bitcoin 2024 conference in Nashville, Tennessee, on Saturday, 27 July.
During the speech, Trump further courted the crypto community and laid out plans for crypto policies if he beats Democratic Party presidential nominee Kamala Harris in the November elections.
Most of these promises and plans involved the crypto community, significant reforms to the SEC, and plans to make Bitcoin and America "bigger, better, stronger."
Let’s go over what Trump had to say about crypto in general, as well as the SEC Chair Gary Gensler, Presidential nominee Kamala Harris and anti-crypto senator Elizabeth Warren.
"You are the modern-day Edisons and Wright brothers and Carnegies and Henry Fords, and what you do in your lifetime stands a chance to outlive us all," Trump began by telling the crypto crowd.
The presidential candidate marvelled at Bitcoin's rapid growth rate, comparing it to the steel industry over a century ago.
"In just 15 years, Bitcoin has gone from merely an idea posted anonymously on an internet message board to being the ninth most valuable asset anywhere in the world." Trump says, "Can you believe that? Is that right? That's a big deal. Think of that. It's already bigger than Exxon Mobil."
Trump also went further to mention Bitcoin's potential to beat traditional assets like gold, stating, "One day it probably will overtake gold, but based on the way it's going now, it could very well be a possibility."
Trump also touched on the “Bitcoin for America” theme, hammering on the need for the US to become the “major” crypto country.
He also emphasized on why the US needs to move quickly and embrace Bitcoin and crypto, to prevent other countries like China from taking over. "If we don't embrace crypto and Bitcoin technology, China will, other countries will, they'll dominate, and we cannot let China dominate."
Aside from Bitcoin, Trump also outlined that he expects the US to lead the rest of the world in several other fields, including crypto, AI and space exploration. "I want China to be successful, but we have to be the most successful. I want the United States to be first in technology, first in science, first in manufacturing, first in artificial intelligence and first in space."
Trump also addressed the infrastructure needs of the Bitcoin industry and promised to meet the needs of miners by burning a combination of fossil and nuclear fuels.
“We'll be having power plants built at the [bitcoin] sites. We'll be using nuclear. We'll be doing it in an environmentally friendly way, but you'll be saying, Please, please, President, we don't want any more electricity. We can't stand it.”
Trump also touched on the subject of regulatory clarity in the US, announcing plans to establish a Bitcoin and crypto Presidential Advisory Council.
According to the Presidential Candidate, this council will be established within 100 days of his administration to create a more transparent landscape for crypto regulation. "We will have regulations, but from now on, the rules will be written by people who love your industry, not hate your industry."
Trump also vowed to “fire” the current SEC chair and put an end to the ongoing “Operation Choke Point 2.0."
“I didn't know he was that unpopular” Trump said “Let me say it again: on day one, I will fire Gary Gensler. I will appoint a new SEC chairman who believes America should build the future, not block the future."
About anti-crypto senator Elizabeth Warren, Trump says “The moment I'm sworn in, the persecution stops and the weaponization ends. Elizabeth Warren and her goons, she hates everything about you. We'll keep their hands off Bitcoin. On day one, I will fire Gary Gensler."
Trump also highlighted Bitcoin as a symbol of freedom from governmental control.
He went ahead and criticized the current administration’s stance on crypto, promising to end what he described as the "anti-crypto crusade."
“The Biden-Harris administration's repression of crypto and Bitcoin is wrong, and it's very bad for our country. It's really quite un-American." Trump says.
He further vowed to protect property rights, privacy, and freedom of transaction and enforce the importance of self-custody.
"I will always defend the right to self-custody. You're going to have a great industry, and we're going to be fuel for your industry, not demolish your industry."
He also drew a link between the success of Bitcoin and the success of the US as a whole.
He also promised to cut unnecessary regulations and create an environment where businesses can thrive. "I will cut unnecessary and burdensome regulations. Fight every day to make America the best place on earth to build a business, including a crypto business."
He finished with a promise to restore growth to the US economy, stating, "Bitcoin and crypto will skyrocket like never before, even beyond your expectations, and you are the people that are doing it."
Following Trump's speech, Bitcoin responded with a 3% price increase on Monday.
The cryptocurrency's price hit a high of $69,800 on 29 July and is now aiming for a break above the $70,000 zone.
According to analysts and experts from all over the market, Bitcoin's rally is inevitable, with analyst Titan of Crypto even stating, "Bitcoin $110,000 is programmed."
The analyst highlighted a cup and handle formation on the Bitcoin chart, stating that the cryptocurrency is "breaking out from the handle of the cup" and that investors should fasten their seatbelts.
Ultimately, should Trump keep his promises to "be the pro-innovation and pro-Bitcoin president that America needs", Bitcoin might be set for brighter days ahead.
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