Everything You Need To Know About Donald Trump’s Momentous Bitcoin 2024 Speech In Nashville

When
historians
look
back
on
Donald
Trump’s
speech
at
the
Bitcoin
2024
conference
in
Nashville
on
Saturday,
they
will
surely
conclude
that
it
was
a
momentous
turning
point
for
the
crypto
industry.

After
dissing
digital
assets
when
he
was
president,
the
would-be
successor
to
Joe
Biden,
and
thus
potentially
soon
again
the
most
powerful
man
on
earth,
was
suddenly
all-in
crypto.

”Never
sell
your
Bitcoin,”
he
said
to
rapturous
applause.
“On
day
one,
I
will
fire
Gary
Gensler,”
he
added,
repeating
it
for
good
effect
as
the
gathered
crypto
faithful
erupted
to
the
idea
of
the
demise
of
the
securities
regulator
who
is
probably
the
most
hated
man
to
ever
interact
with
the
industry.

Trump
was,
of
course,
playing
to
the
crowd,
and
not
least
because
he
wanted
their
votes
to
help
him
regain
the
White
House
in
November.

Trump
is
a
former
harsh
Bitcoin
critic,
and
a
man
who
has
been
known
to
backtrack
or
U-turn
on
policy
plans
almost
as
quickly
as
he
pivots
to
new
ones.
But
his
enthusiastic,
all-in
embrace
of
crypto
seemed
too
sweeping
this
time
for
it
not
to
be
a
watershed
moment
for
digital
assets.

So
sweeping,
indeed,
that
the
Financial
Times
was
soon
reporting
that
the
Democratic
Party’s
de
facto
nominee
for
president,
Kamala
Harris,
had
her
advisers

reaching
out
to
senior
industry
figures
at
entities
including
Coinbase,
Ripple
Labs,
and
Circle
to
try
to
rebuild
strained
relations
with
the
sector.

Bitcoin
is
now
rifling
towards
$70k,
its
highest
level
since
mid-June,
after
rising
more
than
1.3%
in
the
past
24
hours.
Bitcoin
Cash
(BCH)
has
soared
12%
to
trade
at
$446.75
as
of
10.32
a.m.
EST.

Here
are
the
key
takeaways
from
Trump’s
watershed
speech:

America
Should
Dominate
The
Future
Of
Crypto

Trump
said
that
his
vision
is
for
America
to
dominate
the
future
of
the
cryptocurrency
industry,
and
to
prevent
countries
like
China
from
taking
it
over.

“If
we
don’t
embrace
crypto
and
Bitcoin
technology,
China
will,
other
countries
will,
they’ll
dominate,
and
we
cannot
let
China
dominate,”
he
stated.

He
added
that
China,
which
has
banned
crypto
mining
and
trading,
was
making
too
much
progress
in
crypto.

His
remarks
came
barely
two
weeks
after
he

said that
the
crypto
industry
was
still
in
its
infancy,
and
he
would
not
be
responsible
for
allowing
another
country
to
dominate
the
sphere.

The
US
Will
Hold
A
Strategic
Bitcoin
Reserve

If
elected
president,
Trump
pledged
never
to
sell
the
Bitcoin
held
by
the
US
government.
Instead,
these
coins
would
be
the
“core
of
the
strategic
national
Bitcoin
stockpile.”

He
noted
that
the
US
government-owned
210,000
BTC,
equivalent
to
1%
of
the
total
Bitcoin
supply
in
assets
seized
by
aw
enforcement
agents.
According
to
Trump,
the
seized
coins
will
be
converted
into
a
permanent
national
asset
that
will
benefit
all
Americans.

President
Donald
J.
Trump
confirmed
he
has
diamond
hands
and
will
never
sell

#bitcoin
at
The
Bitcoin
Conference
????????

Watch
the
full
keynote
here:

https://t.co/xvuUTxF6px

—
Bitcoin
Magazine
(@BitcoinMagazine)

July
27,
2024

America
Will
Be
A
Bitcoin
Mining
Powerhouse

The
Republican
presidential
contender
said
he
would
lead
the
US
to
become
“the
world’s
undisputed
Bitcoin
mining
powerhouse.”

He
acknowledged
that
Bitcoin
mining
required
large
amounts
of
electricity
and
to
meet
this
demand
said
he
plans
to
increase
the
electricity
supply
in
an
environmentally
friendly
way.

Trump
also
noted
that
he
would
ensure
Bitcoin
miners
are
not
subjected
to
“certain
ridiculous
requirements.”

Fire
Gary
Gensler

If
elected
president,
Trump
said
he’d
replace

Gary
Gensler
as
the
Chair
of
the
US
Securities
and
Exchange
Commission
(SEC).

“On
day
one,
I
will
fire
Gary
Gensler,”
Trump
said.

He
added
that
he
would
appoint
a
new
SEC
Chair
who
believes
the
US
“should
build
the
future,
not
block
the
future.”

Following
numerous
lawsuits
filed
by
the
SEC
against
crypto
companies,
Gensler
has
often
been
seen
as
an
enemy
of
the
crypto
industry.

His
anti-crypto
stance
has
even
led
investors
like
Shark
Tank
investor
Mark
Cuban
to

say
that
Gensler
would
cost
the
Democrats
the
presidency.

Set
Up
a
Crypto
And
Bitcoin
Advisory
Council

Also
on
Trump’s
to-do
lists
if
he
takes
office
is
setting
up
a
Bitcoin
and
Crypto
Presidential
Advisory
Council.

This
council
will
be
tasked
with
developing
transparent
regulatory
guidelines
for
the
industry.
These
guidelines
will
be
“clear,
simple,
straightforward,
and
fair,”
he
said.

“We
will
have
regulations,
but
from
now
on
the
rules
will
be
written
by
people
who
love
your
industry,
not
hate
your
industry,”
he
said.

He
further
announced
that
he
would
order
the
US
Treasury
Department
to
halt
the
creation
of
a
Central
Bank
Digital
Currency
(CBDC).

Shut
Down
Operation
Choke
Point
2.0

Trump’s
speech
also
included
a
plan
to
“shut
down
Operation
Choke
Point
2.0.”

Operation
Choke
Point
2.0
entails
an
alleged
plan
by
the
US
government
to
cripple
crypto
businesses.
Trump
stated
that
if
elected,
the
US
government
will
not
sit
and
watch
as
crypto
jobs
and
businesses
are
pushed
to
other
countries.

The
former
US
President
argued
that
the
SEC
under
Gensler
aimed
to
obliterate
Bitcoin,
and
said
that
was
“un-American.”

Trump
also
stated
that
US
President
Joe
Biden
and
Kamala
Harris
were
running
an
anti-crypto
crusade
which
will
be
over
as
soon
as
Trump
takes
over.

Trump
said
Harris
is
worse
than
Biden
when
it
came
to
crypto.
“She’s
against
crypto,
by
the
way.
She’s
against
it,
very
big,”
he
said.

Bitcoin
Will
Probably
Overtake
Gold

Trump
expressed
his
admiration
for
Bitcoin’s
rapid
growth
in
just
15
years,
which
has
made
it
the
ninth
most
valuable
asset
in
the
world.

He
noted
that
Bitcoin,
with
a
market
cap
of
over
$1.3
trillion,
could
soon
overtake
Silver’s
$1.5
trillion
market
cap.

“It’s
already
bigger
than
Exxon
Mobil,”
Trump
said.
Soon,
it
will
surpass
the
entire
market
cap
of
silver…
One
day,
it
probably
will
overtake
gold.”

Trump
dismissed
claims
that
Bitcoin
threatened
the
US
dollar,
calling
them
“backward”
and
adding
that
the
policies
of
the
Biden
US
administration
are
the
real
threat
to
the
dollar.

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