In a bid to garner the support of cryptocurrency investors, former President Donald Trump has pledged to make the United States a ‘Bitcoin superpower’ with significantly reduced regulation. Speaking at the Bitcoin 2024 conference in Nashville on Saturday, Trump revealed his intention to remove a high-profile government figure if re-elected.
“On day one, I will fire Gary Gensler,” Trump declared, referring to the current Chairman of the Securities and Exchange Commission (SEC). His announcement was met with resounding applause from the audience, prompting him to reiterate his promise. “I didn’t know he was that unpopular,” Trump added, emphasizing the crowd’s approval.
Gensler has been known for his rigorous enforcement actions against the largely unregulated cryptocurrency market. Trump assured attendees that Gensler would be replaced with someone more favorable to crypto investors and announced plans to establish a crypto advisory council to develop regulatory guidelines.
The Bitcoin price, which had initially dropped below $67,000 as Trump began his speech, quickly rallied to $69,000 within the hour as investors reacted positively to his pro-crypto stance.
Trump made several commitments to transform the US into the world’s ‘crypto capital,’ contrasting sharply with President Joe Biden’s regulatory approach. “I pledge to the Bitcoin community, the day I take the oath of office, Joe Biden’s and Kamala Harris’s anti-crypto crusade will be over. It will end. It will be done,” Trump asserted. He promised that once he is sworn in, “the persecution stops and the weaponization ends against your industry.”
He further warned that if Vice President Kamala Harris were to win, “every one of you will be gone. They will be vicious. They will be ruthless. They will do things that you wouldn’t believe.” Trump criticized Harris as being even more opposed to cryptocurrency than Biden, calling her a “radical lunatic.”
Trump’s current enthusiasm for cryptocurrency marks a significant shift from his previous stance. In 2021, he referred to Bitcoin as a “scam” and in 2019, he dismissed cryptocurrencies as “not money” and “based on thin air,” linking them to criminal activities.
However, Trump’s pivot to embrace the crypto community appears to be driven by substantial donations from wealthy crypto investors. During his speech, he framed the cryptocurrency industry as the “steel industry of 100 years ago,” urging the US to lead in its development. “If we don’t do it, China and others are going to be doing it. Let’s do it right. If crypto is going to define the future, I want it to be mined, minted, and made in the USA.”
Trump outlined his vision to create a strategic national Bitcoin stockpile and develop a regulatory framework to support the growth of stablecoins. He also pledged to halt Treasury Department efforts to create a central bank digital currency (CBDC), which he argued would compete with Bitcoin and other cryptocurrencies. “There will never be a CBDC while I’m president of the United States,” he declared.
The former president’s newfound support for cryptocurrency has attracted significant financial backing. Tyler and Cameron Winklevoss, known for their early involvement in Facebook, each pledged $1 million to Trump’s campaign and donated $250,000 to Elon Musk’s America PAC, which supports Trump.
Tyler Winklevoss criticized the Biden administration for its stance on crypto, claiming it had “openly declared war against crypto” and endorsed Trump as the candidate to support. “It’s time for the crypto army to send a message to Washington. Attacking us is political suicide,” he wrote on Twitter.
Despite the positive reception from the crypto community, tensions remain high between the industry and the current administration. Harris declined an invitation to speak at the Bitcoin conference, further straining relations. “Our industry won’t forget this. We will show no mercy in November,” Winklevoss warned.
Trump’s speech and his promises to the Bitcoin community highlight his strategic pivot towards embracing the burgeoning cryptocurrency sector, positioning himself as the ‘crypto president’ in contrast to his rivals.
