Trump Embraces Cryptocurrency in Presidential Bid
August 1, 2024 – Former President Donald Trump has taken a surprising turn in his political career by positioning himself as a pro-cryptocurrency candidate for the 2024 presidential election. Speaking at the Bitcoin 2024 conference in Nashville, Tennessee, Trump declared his commitment to making the United States a leader in the digital currency space. “If crypto is going to define the future, I want [it] to be mined, minted and made in the USA,” he told an enthusiastic crowd of bitcoin enthusiasts.
In a significant policy shift, Trump announced that if elected, his administration would retain 100% of the bitcoin currently held or acquired by the U.S. government. This marks a notable departure from his previous stance in 2019 when he dismissed cryptocurrency as “highly volatile and based on thin air.” The former president’s newfound enthusiasm for digital assets comes after his involvement in the space, including profiting from the sale of NFTs and reportedly holding a cryptocurrency portfolio worth nearly $8 million.
A New Era for Trump and Crypto
Trump’s embrace of cryptocurrency aligns with his selection of JD Vance as his vice presidential nominee. Vance’s connections to Silicon Valley and the tech industry have already bolstered Trump’s campaign, evidenced by a recent $12 million fundraiser attended by prominent tech investors like Peter Thiel and David Sacks.
The former president also made a series of promises during his keynote speech, including establishing a crypto and bitcoin presidential advisory council and creating a “strategic bitcoin stockpile.” Trump pledged to fire SEC Chairman Gary Gensler on his first day in office, drawing cheers from the crowd. Gensler has been a controversial figure in the crypto community due to his strict regulatory stance on digital assets.
A Mixed Reception
While many attendees at the conference welcomed Trump’s pro-crypto stance, reactions were mixed. Some, like crypto investor Adam Patterson, appreciated his comments on Gensler, while others expressed concern over his racially charged remarks during the speech. Julie Kennis, a podcaster and media professional, praised Trump’s clear policy on easing regulations but voiced her unease about his other statements.
The price of bitcoin experienced fluctuations during and after Trump’s speech, briefly surpassing $70,000 before dropping more than 4%. The dip was attributed to the U.S. government’s transfer of seized bitcoin to a new wallet.
As the 2024 presidential race heats up, Trump’s shift towards cryptocurrency could have significant implications for the industry’s future in the United States. With promises of making America a “bitcoin superpower,” Trump is betting on digital assets as a key component of his campaign platform. Whether this strategy will resonate with voters remains to be seen.
Source: sandhillsexpress
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