Recap on Trump’s Crypto Plans from the Bitcoin 2024 Conference
At the Bitcoin 2024 conference held in Nashville, Tennessee, former President Donald Trump unveiled his bold plan to transform the United States into the “crypto capital of the world” if elected. Speaking to a crowd of over 20,000 crypto enthusiasts, Trump declared his admiration for Bitcoin (BTC), likening it to the early days of the steel industry. He firmly believed that Bitcoin could eventually surpass gold in value, referring to it as both a “marvel of technology” and a “miracle of cooperation.”
🚨Donald Trump on crypto and Bitcoin:
“I’m laying out my plan to ensure that the United States will be the crypto capital of the planet and the Bitcoin superpower of the world! And we’ll get it done!” pic.twitter.com/0tIjGoC0F4
Trump did not shy away from criticising his political rivals, including a veiled jab at Democratic nominee Kamala Harris, describing her as having a “low I.Q.” He further stirred the pot by making controversial statements about Bitcoin’s energy use and his plans to boost fossil fuel production to support crypto mining. Additionally, Trump promised to roll back federal incentives for electric vehicles and charging stations.
In a significant policy announcement, Trump pledged to replace Securities and Exchange Commission (SEC) Chair Gary Gensler, who the crypto community has criticised for his tough stance on digital assets. Trump also committed to creating a “strategic Bitcoin reserve” and vowed not to sell any Bitcoin held by the US government. His plan includes maintaining the existing Bitcoin reserves, estimated at around 213,000 BTC, and advocating for Bitcoin mining and stablecoin development in the US.
JUST IN: 🇺🇸 Donald Trump says "on day one I will fire Gary Gensler and appoint a new SEC chairman." pic.twitter.com/mVGu68e7O3
Independent candidate Robert F. Kennedy Jr. also addressed the conference, proposing a more ambitious Bitcoin reserve plan. Kennedy’s proposal includes creating a reserve of 4 million BTC, granting the US significant control over the global Bitcoin supply. His plan aims to position the US as a dominant force in the cryptocurrency sector.
"I will sign another executive order directing the US Treasury to purchase 550 #Bitcoin daily until the US has built a reserve of at least 4 million Bitcoins." – @RobertKennedyJrpic.twitter.com/VZCKtSlNB7
Edward Snowden spoke earlier in the conference and took a markedly different stance. Snowden warned attendees against political figures who champion Bitcoin solely for electoral gain, urging caution and scepticism towards such politicians. His message highlighted concerns about the integration of cryptocurrency with partisan politics.
EDWARD SNOWDEN JUST GAVE AN EXISTENTIAL WARNING TO ALL AMERICANS 🚨
“If you stick out, you will become non-normative, an anomaly.”
Snowden warns that within 5-10 years, big data will track every aspect of our lives on the blockchain in order to create predictive behavioral… pic.twitter.com/pqa8Ewf7FC
As the US approaches the November elections, the crypto industry becomes a focal point of political debate. Trump’s comprehensive approach to cryptocurrency, including policy changes and strategic reserves, contrasts sharply with other figures’ more cautious or critical perspectives. The election’s outcome could significantly shape the future of cryptocurrency regulation and innovation in the United States.
