Donald Trump took the stage at Bitcoin 2024 in Nashville, delivering a keynote speech that many of us have been eagerly waiting for. Would he come up with something unexpected other than announcing a Bitcoin strategy? Here’s what he had to say.
Support for the Bitcoin Community
Trump started by expressing his admiration for the Bitcoin community’s achievements. “I stand before you today filled with respect and admiration for what the Bitcoin Community has achieved,” he began, comparing Bitcoin’s growth to that of the steel industry a century ago. He highlighted Bitcoin’s journey from an anonymous internet idea to becoming the ninth most valuable asset globally that it is today.
National Bitcoin Reserve Plan
In a major announcement, Trump unveiled his plan for a national Bitcoin reserve. He proposed that his administration would keep all the Bitcoin the U.S. government currently holds or acquires in the future. “This will serve, in effect, as the core of the strategic national Bitcoin stockpile,” he explained.
Economic Potential and Growth
Highlighting Bitcoin’s rapid growth, Trump noted, “Think of that, it’s already bigger than ExxonMobil, soon will be surpassing the entire market cap of silver.” He even suggested that Bitcoin might one day surpass gold, that just recently reached a new all-time high price.
Technological Marvel
Describing Bitcoin as a technological marvel, Trump said, “Bitcoin is not just a marvel of technology, as you know, it’s a miracle of cooperation and human achievement.” His praise reflects his recognition of the innovation and collaboration within the Bitcoin community.
Global Leadership in Bitcoin
Trump stressed the importance of the U.S. embracing Bitcoin technology to avoid falling behind other countries like China. “If we don’t embrace crypto and Bitcoin technology, China will, other countries will, they’ll dominate,” he warned. His vision includes making the U.S. first in technology, science, manufacturing, artificial intelligence, and space.
Regulatory Changes and Pro-Bitcoin Policies
On the regulatory front, Trump promised significant changes. He pledged to fire SEC Chair Gary Gensler on his first day in office and appoint a new chairman supportive of Bitcoin. Criticizing the current administration’s approach, he said, “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.”
Bitcoin Donations
Trump proudly mentioned being the first major party nominee to accept Bitcoin donations. “Since we made that announcement on May 21st, we have already raised $25 million, much of it in Bitcoin and crypto,” he shared, highlighting the strong support from the crypto community.
Central Bank Digital Currency (CBDC) Opposition
Firmly opposing the creation of a central bank digital currency (CBDC), Trump declared, “There will never be a CBDC while I’m president of the United States.” He then stressed how important it is to protect the right to self-custody for Bitcoin users.
Bitcoin as a National Asset
Proposing to keep all U.S. government-held Bitcoin, Trump stated, “If I am elected, it will be the policy of my Administration to keep 100% of all the Bitcoin the US government currently holds or acquires into the future.” He aimed to transform this into a national asset, forming the core of the strategic national Bitcoin stockpile.
Economic Impact and Inflation
Linking Bitcoin’s rise to his administration’s economic policies, Trump noted a 3,900% increase during his term. He contrasted this with the current administration’s handling of inflation, criticizing their economic policies. “Our excitement about the future of Bitcoin and crypto could not be more different from the approach of our opponents. They’ve caused the biggest inflation in the history of our country,” he stated.
Future Plans for Bitcoin and Crypto
Looking ahead, Trump outlined his vision for making the U.S. the “crypto capital of the planet” and the leading Bitcoin superpower. He also announced plans to form a Bitcoin and crypto presidential advisory council to create clear and beneficial regulations for the industry.
Trump’s speech laid out a comprehensive vision for the future of Bitcoin in the U.S., emphasizing support, growth, and global leadership. How do you feel about these plans? Share your thoughts with us!