Donald Trump Talks Big About Crypto at Bitcoin 2024 Conference, Nashville

Former President Donald Trump made waves at the Bitcoin 2024 conference in Nashville, Tennessee, with a series of bold promises and policy proposals aimed at making the United States a global leader in cryptocurrency.

Donald Trump announced plans to create a strategic national Bitcoin stockpile if elected president. He pledged that his administration would retain 100% of all Bitcoin currently held or acquired by the U.S. government in the future. This move would potentially involve over 210,000 Bitcoins worth approximately $14 billion, which were seized from illegal operations like the Silk Road dark market and the BitConnect Ponzi scheme.

The former president also promised to appoint a Bitcoin and crypto advisory council within his first 100 days in office. This council would be tasked with designing transparent regulatory guidance to benefit the crypto industry.

Trump vowed to fire current Securities and Exchange Commission (SEC) chair Gary Gensler on his first day in office, a promise that received enthusiastic applause from the audience. The speech included plans to create a framework for the safe expansion of stablecoins, with the goal of extending the dominance of the U.S. dollar globally.

He reaffirmed his stance against Central Bank Digital Currencies (CBDCs), stating emphatically that there would never be a CBDC while he is president.

Furthermore, he also promised to implement regulations friendly to crypto mining operations in the U.S., aiming to prevent miners from relocating to countries like China.

Donald Trump reiterated his pledge to free Ross Ulbricht, who is currently serving a life sentence for his involvement with the Silk Road marketplace.

Trump’s enthusiastic embrace of cryptocurrency marks a significant shift from his previous skepticism. During his presidency, he had described Bitcoin as seeming “like a scam,” but he now portrays himself as “good” with crypto.

Following Donald Trump’s speech, Senator Cynthia Lummis of Wyoming announced draft legislation for a Bitcoin reserve bill. The proposed bill aims to accumulate 1 million Bitcoins over five years, representing 5% of the world’s Bitcoin supply, to be held for a minimum of 20 years with the goal of reducing national debt.

While the speech was met with enthusiasm from the crypto community, its immediate impact on Bitcoin’s price was limited. The cryptocurrency’s value remained relatively stable, hovering around $68,400 shortly after Trump’s address.

His speech at the Bitcoin 2024 conference represents a significant moment in the intersection of U.S. politics and cryptocurrency. If implemented, these proposals could dramatically reshape the regulatory landscape for digital assets in the United States and potentially cement the country’s position as a global crypto leader.

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