US to lead global Bitcoin market under Trump’s new plan
Trump addresses the Bitcoin 2024 event in Nashville, Tennessee on July 27, 2024 (Reuters Photo)
US Republican presidential candidate Donald Trump on Saturday unveiled his plan to position the United States as the global leader in cryptocurrency and Bitcoin. Speaking at the Bitcoin Conference in Nashville, Tennessee, Trump laid out his vision to transform the US into the crypto capital of the world and a Bitcoin superpower.
“If crypto is going to define the future, I want it mined, minted and made in the USA,” Trump declared to an enthusiastic crowd. “It is not going to be made anywhere else.”
Potential of bitcoin
Trump emphasized the significant potential of Bitcoin, asserting that “Bitcoin is going to the Moon and I want America to be the nation that leads the way.” He noted his pride in being the first major party nominee in American history to accept donations in Bitcoin and other cryptocurrencies.
Comparing Bitcoin to the steel industry of a century ago, Trump highlighted its rapid rise in value over the past 15 years. “In 15 years, Bitcoin has become the most valuable asset anywhere in the world, it is already bigger than ExxonMobil,” he said, referencing the largest energy company in the US.
Trump arrived on the Bitcoin2024 stage at 2:57 p.m., nearly an hour behind schedule. The crowd of thousands cheered and sang along to “God Bless The USA,” which played over the speakers as Trump made his entrance. Hundreds of attendees who could not see the speech live gathered in overflow rooms nearby, watching the livestream on screens throughout the Music City Center.
“This is the kind of spirit that built America,” Trump told the crowd. “This is the spirit that’s going to help us make America great again. I stand here today filled with respect and admiration for what the Bitcoin community has achieved. This is the steel industry of 100 years ago. It’s the 9th most valuable asset anywhere in the world.”
Trump stressed the importance of keeping the US ahead of China and other countries in cryptocurrency innovation. “The reason I’ve come to address the Bitcoin community today can be summed up in two simple words: America first. If we don’t do it, China and others are going to be doing it. Let’s do it and do it right. If crypto is going to define the future I want it to be mined, minted and made in the USA.”
Trump to fire SEC chairman
Promising to fire SEC Chairman Gary Gensler “on day one,” Trump drew raucous applause from the audience. He also pledged to appoint a crypto adviser to “design transparent regulatory guidance” within 100 days of taking office.
“We cannot let China dominate. I want the US to be first in technology, science, manufacturing, artificial intelligence (AI) and space,” Trump said. He addressed concerns about the high energy consumption of Bitcoin mining by asserting that the US will produce more electricity in the future than its own total consumption.
As the first American president to address a Bitcoin event, Trump reiterated his commitment to making the US the foremost nation in the cryptocurrency arena. “Bitcoin is going to the moon, as we say,” he concluded. “You’re going to be very happy with me.”
