Trump Advocates for Bitcoin, Vows to Sack Gensler and Create Strategic Crypto Reserve

At the Bitcoin 2024 conference in Nashville, former President Donald Trump made a series of bold announcements, cementing his position as a staunch supporter of Bitcoin. Addressing an enthusiastic crowd, Trump outlined his vision for the United States to become the global leader in cryptocurrency.

“This afternoon, I’m laying out my plan to ensure that the United States will be the crypto capital of the planet and the Bitcoin superpower of the world and we’ll get it done,” Trump declared.

To roaring approval from the 5,000-strong audience, Trump pledged to dismiss Gary Gensler, Chairman of the Securities and Exchange Commission (SEC), on his first day in office. He vowed to end what he described as Joe Biden and Kamala Harris’s “anti-crypto crusade.”

Crypto-Friendly Regulations

Trump emphasized the need for regulations crafted by those who support the industry, stating, “We will have regulations, but from now on, the rules will be written by people who love your industry, not hate your industry.” He criticized current enforcement activities by US financial regulators and likened the crypto community’s struggles to his own legal battles.

He also announced plans to establish a crypto industry presidential advisory council and assured that the Federal Reserve would be prohibited from creating a central bank digital currency (CBDC).

Strategic National Bitcoin Stockpile

Trump proposed creating a “strategic national bitcoin stockpile” using the 210,000 BTC currently held by the Department of Justice. However, he did not specify whether the government would purchase additional Bitcoin or seize it from criminals.

He urged the public, “Never sell your bitcoin,” predicting that Bitcoin could surpass gold in market capitalization. This statement aligns with the long-held view of Bitcoin as “digital gold.”

Senator Cynthia Lummis and Other Developments

Senator Cynthia Lummis of Wyoming also attended the conference, revealing she is drafting a bill for the government to accumulate a stockpile of 1 million BTC over five years, to be held for a minimum of 20 years and used to pay down national debt.

Financial services giant Cantor Fitzgerald announced a $2 billion lending program to finance Bitcoin, with CEO Howard Lutnick highlighting the firm’s significant Bitcoin holdings.

Political and Market Reactions

While the crypto community largely supports Trump, the response from the markets was more subdued. Bitcoin briefly surged above $69,000 but settled back to $67,380. This reflects uncertainty about the political landscape and the upcoming election’s outcome.

Democratic lawmaker Wiley Nickel called for a crypto-friendly shift within his party, despite facing mixed reactions at the conference. Trump’s remarks have stirred both excitement and skepticism within the crypto community and beyond.