The United States may no longer be the manufacturing powerhouse it once was due to globalization, but that does not mean it cannot become the "Bitcoin superpower of the world," according to Donald Trump.
Speaking at the recent Bitcoin 2024 event in Nashville, the former president praised Bitcoin and those behind it for transforming the cryptocurrency "from an idea to the ninth most valuable asset in the world" in just 15 years.
"I admire what the Bitcoin community has achieved," Trump said to the audience. "It's already bigger than ExxonMobil and soon it will surpass the market cap of silver. That's a big deal."
If reelected this fall, Trump plans to end the "weaponization against Bitcoin." Trump is also promising to make sure Bitcoin is "mined, minted, and made in the USA."
"On day one, I will fire Gary Gensler and appoint a new SEC chairman," Trump added about how he plans to overhaul the markets. "I will immediately shut down Operation Checkpoint 2.0."
After that, Trump plans to create a crypto advisory council with "regulations written by industry-loving people within 100 days."
?PRESIDENT TRUMP: "I WILL KEEP 100% OF ALL THE BITCOIN HELD BY THE UNITED STATES AS PART OF THE NATIONAL BITCOIN STRATEGIC STOCKPILE." pic.twitter.com/fDNKvYe0uv
— Autism Capital ? (@AutismCapital) July 27, 2024
(Related: Trump is boasting to crowds that he "took a bullet for democracy" in Butler, Penn.)
Trump says D.C. threatens America's financial future, not crypto
As for central bank digital currencies, also known as CBDCs, Trump says "there will never be a CBDC" in America, at least while he is president.
Addressing claims by Bitcoin's opponents that Bitcoin is a threat to the U.S. dollar, which is more accurately known as the Federal Reserve Note (FRN), Trump noted that he believes the biggest threat to America's financial future comes from Washington, D.C., not crypto.
"Bitcoiners understand inflation better than anyone," Trump continued. "You all understood it first."
Once Trump revives America's domestic energy production capacity, electricity costs will plummet. This will make it cheaper than ever to mine Bitcoin, making the U.S. an industry leader in the production of Bitcoin.
"The policy of the Trump administration will be to keep 100 percent of all that it currently holds as the core of the strategic national Bitcoin stockpile," Trump said.
Another thing Trump plans to do in his second term is commute the sentence of Ross Ulbricht to time-served. After Trump's speech, the price of Bitcoin rose by a few percentage points.
Worried that they might lose votes due to Trump's statements in favor of Bitcoin, Democrats in Congress wrote a letter to the Democratic National Committee (DNC) requesting similar changes to their party platform.
"Over 52 million Americans have embraced digital assets, seeing them as a means to democratize finance, spur innovation, and create new economic opportunities," the letter states.
"Data shows that digital assets are being adopted at higher rates among Gen Z, Black and Latino Americans, and immigrant communities' key constituencies of the Democratic party compared to traditional financial products. These technologies are revolutionizing opportunities for these communities, reflecting their transformative potential."
The letter goes on to admit that the only way to ensure "victories up and down the ballot" is for candidates to embrace and push crypto and blockchain technologies, especially in swing states.
"Over 20 percent of voters in key battleground states identified crypto as a major issue in the 2024 election," the letter continues, "and it is critical that our party presents a persuasive case to crypto voters while ensuring that consumers benefit from thoughtful and appropriate regulation."
The latest news about Trump's efforts to secure another White House term can be found at Trump.news.
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