Donald Trump Touts Crypto and Bitcoin at World’s Largest Cryptocurrency Conference
As part of his election campaign, billionaire, entrepreneur, and former U.S. President Donald Trump hosted the Bitcoin 2024 conference. The event, organized by Bitcoin CEO David Bailey, took place in Nashville.
During his speech at the conference, Trump made a promise that if he is re-elected, he will provide support for the stablecoin and mining sectors. Overall, the politician spoke out against the SEC’s efforts to tighten regulations on the cryptocurrency industry.
The former president, in particular, said:
«I am thrilled to be here in Nashville to become the first American president ever to address a Bitcoin event anywhere in the world. We must discuss Bitcoin and the extraordinary companies in this space. Our country is blessed to have the remarkable talent, energy, and genius represented in this room. It is true genius, not all of you, but many of you. This is the spirit that built America, and it is the spirit that will help us make America great again.
I stand before you today filled with respect and admiration for the accomplishments of the Bitcoin community. It is truly incredible, and I often remark to my sons about how much more aware they are of it compared to those who are a bit older. I liken the Bitcoin industry to the steel industry of a century ago – you are truly in your infancy. I look forward to seeing the transformative impact Bitcoin will have on our nation and the world.
In just 15 years, Bitcoin has evolved from a mere idea posted anonymously on an internet message board to become the ninth most valuable asset in the world. Can you believe that? It is a remarkable achievement, already surpassing the market capitalization of companies like Exxon Mobil, and soon it may even eclipse the entire value of the silver market. One can only wonder if it will one day overtake gold as well. There has never been anything quite like Bitcoin, and most people have yet to fully grasp its significance.
The reason I have come to address the Bitcoin community today can be summed up in two simple words: America first. If we do not embrace this transformative technology, China and other nations will seize the initiative. My vision is for an America that dominates the future – with the best economy, the highest standard of living, the safest and most beautiful cities. It is embarrassing to see what has happened even today, and it would never have occurred if our country had commanded the respect it deserves.
We cannot allow China to dominate the future of technology and innovation. They are already making too much progress. I want the United States to be first in technology, first in science, first in manufacturing, first in artificial intelligence, and first in space exploration. To achieve this, we must embrace crypto and Bitcoin technology without hesitation. America’s destiny is to lead the world into the future, and that future begins with mastering the incredible potential of blockchain and digital assets.
Some of you are involved with AI, but you also require something else – substantial amounts of electricity. China can achieve this much more easily, as we must overcome various bureaucratic hurdles related to environmental impact assessments. However, we intend to accomplish the impossible and provide for the generation of twice the volume of electricity currently produced in the United States. This may seem incredible, but we will do it. We will build new power plants and eliminate outdated regulatory requirements, using fossil fuels and nuclear energy through environmentally-friendly technologies. As a result, you will be begging me to halt the construction of new energy capacities, as there will be too much.
We must rapidly increase electricity production for artificial intelligence and other sectors, including those in which you work. This is necessary to compete with China and other countries. Today, I am presenting my plan to make the United States the global cryptocurrency capital and the world leader in Bitcoin. If cryptocurrencies are to define the future, then I want them to be forged (minted) in the USA. If Bitcoin is truly going to the Moon, as we say, then I want America to lead the way. You will be very pleased with me, as I am proud to be the first presidential candidate to accept donations in Bitcoin and other cryptocurrencies. Since that announcement on May 21st, we have already raised $25 million, much of it in Bitcoins and other highly promising crypto-assets.
At present, the Securities and Exchange Commission is actively working to undermine Bitcoin, the reasons for which are abundantly clear. Bitcoin represents freedom, sovereignty, and independence from government coercion. On my first day in office, I will terminate the current SEC chairman, Gary Gensler, and appoint a new leader who believes America should build the future, not obstruct it.
I was unaware of just how unpopular Gensler has become, but let me reiterate – on my first day as president, I will dismiss him and install a new SEC chairman who embraces the principles of Bitcoin and cryptocurrencies. No longer will our government stand idly by as Bitcoin-related jobs and businesses flee to other nations due to the lack of clarity and excessive rigidity in American regulatory frameworks.
Upon taking office, I will immediately shut down Operation Choke Point 2.0 – an insidious effort to strangle Bitcoin-based enterprises. This will not be tolerated. Instead, we will work to keep every single Bitcoin-related job firmly rooted within the United States of America.
Concurrently, I will establish a Presidential Advisory Council on Bitcoin and Cryptocurrencies. This council’s mandate will be to design transparent, industry-friendly regulatory guidance within the first 100 days of my administration. From now on, the rules governing this sector will be crafted by those who love the industry, not those who wish to stifle it. The goal is to create a clear, simple, straightforward, and fair regulatory environment that allows the cryptocurrency industry to thrive, not dive.
Next, I will immediately direct the Treasury Department and other federal agencies to cease and desist any and all efforts to establish a central bank digital currency (CBDC). There will be no CBDC on my watch – I will steadfastly defend the fundamental right of individuals to self-custody their digital assets.
Under my leadership, the United States will once again be a nation that protects property rights, privacy, freedom of transaction, freedom of association, and freedom of speech. We will shift away from the current trajectory of self-destruction and return to our roots as a country that builds, rather than one that consumes itself from within.
As part of our mission to provide regulatory clarity, we will create a framework to enable the safe and responsible expansion of stablecoins. This will allow us to extend the global dominance of the US dollar into new frontiers. America will emerge wealthier, and the world will be better off, as billions are brought into the cryptocurrency economy – with their savings securely stored in Bitcoin.
Those who claim Bitcoin poses a threat to the US dollar have it precisely backwards. The true danger to our financial future does not come from cryptocurrency, but from the reckless behavior of the current government in Washington DC. This includes trillions in wasteful spending, rampant inflation, open borders policies that provide welfare and free healthcare to millions of illegal aliens, and the printing of hundreds of billions to fund endless overseas wars, while our own cities devolve into combat zones.
We aim to restore common sense to this discourse on Bitcoin and cryptocurrency. These digital assets will soar to unprecedented heights, far exceeding even the most optimistic projections. As we put an end to the war on crypto, we will promptly set about rebuilding our economy. For when America prospers, Bitcoin will rise in tandem.
Under the previous Trump administration, we experienced the greatest economic boom in recent memory. Median household incomes rose by $6,000 per year, as Americans accumulated more savings than they had in decades. During my four years in office, Bitcoin itself surged by an astounding 3,900% – from $898 on the day I took office, to $35,900 by the time I departed. This was likely the most dramatic growth seen in any industry over that period.
In stark contrast, the current Biden-Harris administration has presided over a mere 50% increase in Bitcoin’s value, adjusted for inflation. While 50% may sound respectable in isolation, it pales in comparison to the near-4,000% surge we witnessed previously. Moreover, this modest gain has occurred against a backdrop of crippling inflation – leaving many struggling to afford basic necessities like groceries and rent, with little left over to invest in Bitcoin or other assets.
When we reclaim the White House, we will swiftly replace the current economic stagnation with a bold new era of Trumpian prosperity. You can expect a tremendous economic boom, fueled by our unwavering support for the cryptocurrency industry. Our people will be empowered to build wealth, save, and participate in the digital economy like never before.
Many Americans are unaware that the United States government is among the largest holders of Bitcoin. Indeed, the federal government owns nearly 210,000 Bitcoins, which is around 1% of the total future supply of this cryptocurrency. However, for far too long, our government has violated the cardinal rule known to every Bitcoiner: never sell your Bitcoin.
Therefore, as the concluding part of my plan, I am announcing that if I am elected, the policy of my administration will be to retain 100% of all the Bitcoin currently or in the future held by the U.S. government. This will form the foundation of the Strategic National Bitcoin Reserve.
The majority of the Bitcoin currently owned by the U.S. government was obtained through law enforcement actions – essentially confiscated from citizens. However, the time has now come to put an end to this pernicious practice. Instead, we will transform this vast wealth into a permanent national asset that will serve the benefit of all Americans.
By taking these steps, we will make America and Bitcoin bigger, better, stronger, richer, freer, and more magnificent than ever before. I wish you the best in your endeavors with Bitcoin and other cryptocurrencies – we will make this industry one of the greatest in the world». (с)
The cryptocurrency community is hopeful for positive changes in the industry if Trump were to regain the presidency, despite attempts to ban digital assets during his previous term in office.
The enthusiastic reception from the conference attendees, as well as the significant financial boost to Trump’s campaign, suggest that the cryptocurrency community sees the former president as a potential ally. Following the event, Trump’s donation fund exceeded $21 million.
Support for Trump in the tech sector has been growing in recent months. The founder of Tesla and Space X, Elon Musk, expressed sympathy for him. He also became a candidate for cryptocurrency tycoons, the Winklevoss twin brothers, who also attended the Bitcoin 2024 conference in Nashville, Tennessee.
However, his past skepticism towards Bitcoin raises questions about the sincerity and longevity of his newfound crypto-friendly stance.
Nonetheless, Trump’s pivot towards embracing the cryptocurrency industry represents a notable shift in the political landscape and could have significant implications for the future of digital assets in the United States, depending on the outcome of the 2024 presidential election.
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