In a speech at the Bitcoin Conference this weekend, Donald Trump made strong statements in favor of bitcoin and cryptocurrency, including that he intends to build a comprehensive strategic bitcoin reserve for the United States. The price of bitcoin surges as a result.
On the sidelines of a major crypto conference in Nashville, Tennessee, which Donald Trump attended in person, he said that cryptocurrencies “represent freedom and innovation”. In the same speech, he also accused Kamala Harris and the Biden administration of trying to “strangle that progress” with excessive regulations.
– I pledge to the bitcoin community that the day I take the oath of office, Joe Biden and Kamala Harris’ anti-crypto crusade will be over. The moment I’m sworn in, the persecution stops and the weaponization ends against your industry, Trump said to cheers from the crowd.
Trump emphasized that he intends to keep the reserve of bitcoin that the U.S. government already owns, mainly as a result of funds confiscated in connection with legal proceedings. This is one of the largest accumulations of bitcoin in the world, amounting to 210,000 bitcoins.
According to him, Kamala Harris lacks an understanding of the potential of cryptocurrencies and risks hampering US economic growth.
– The Biden-Harris administration’s repression of crypto and bitcoin is wrong, and it’s very bad for our country.
🇺🇸 Donald Trump 2024 Bitcoin Conference Speech Recap:
• On day one I will fire Gary Gensler and appoint a new SEC chairman.
• Create a US Government strategic national Bitcoin stockpile if elected.
• US Government will keep 100% of Bitcoin it owns
• Bitcoin is going to… pic.twitter.com/HHgd0NZubX
— Watcher.Guru (@WatcherGuru) July 27, 2024
“A way forward”
Trump described cryptocurrencies as “a way forward for economic freedom” and criticized government attempts to impose stricter regulations, which Trump further described as “harmful” and “stifling innovation”.
– We will have regulations, but from now on the rules will be written by people who love your industry, not hate your industry, Trump promised.
In previous statements, Kamala Harris has emphasized the need to “protect consumers” and “financial stability”, which she believes requires significant regulation in the cryptocurrency market.
Bitcoin price on the rise
In the aftermath of the announcement, the cryptocurrency debate in the US has been hotter than usual. Among other things, analysts predict that cryptocurrency could become a central issue in future election campaigns, with a focus on economic policy and technological innovation.
Following Trump’s announcement, the price of bitcoin reached its highest level since mid-June, at nearly $70,000 per bitcoin at the time of writing. Expectations of interest rate cuts by the Federal Reserve are thought to have further boosted investor sentiment.
Prices of smaller currencies have also been pushed up, including the popular culture meme favorite Dogecoin.
It should be added that in his speech, Donald Trump also rejected central bank digital currency, a proposed technocratic system that would open up new possibilities for much more detailed control of the economy, including private transactions.
Here you can see the world's bitcoin holdings
Bitcoin Treasures publishes statistics on bitcoin ownership. The top league of known bitcoin holders can be found here.