Key Points
- During The Bitcoin Conference, Trump laid out his plan to make the US the crypto capital of the planet.
- He promised that the US Government would never sell its Bitcoin holdings.
On July 27, the former US President, Donald Trump, gave a keynote speech on the third day of The Bitcoin 2024 Conference at Music City Center, in Nashville, Tennessee.
During his speech, Trump promised to make sure that the US Government never seels its Bitcoin holdings, bringing up the “cardinal rule that every Bitcoiner knows by heart: Never sell your Bitcoin,” as quoted by CNBC.
Trump mentioned Bitcoin’s trajectory from an idea on an anonymous message board to becoming the 9th most valuable asset in the world. He continued and said that Bitcoin would be mined, minted, and made in the USA, and if the coin were to go to the moon, it would go there from America.
Bitcoin Stands for Freedom, Sovereignty, and Independence
Trump also detailed how the Biden/Harris administration waged the war on crypto for the past years, by choking off banking support.
He highlighted how the current US administration has been against Bitcoin because it stands for freedom, sovereignty, and independence from government coercion and control.
Trump said that the day he takes the oath of office, Joe Biden, Kamala Harris, and Elizabeth Warren’s anti-crypto crusade days would be over, mentioning that he would also fire Gary Gensler, Chair of the US SEC, on day one.
Also, the former US President committed to immediately shutting down Operation Chokepoint 2.0 and creating a Bitcoin and Crypto Presidential Advisory Council. He said that in 100 days, fair rules would be written by people who have crypto’s best interest at heart.
Trump also addressed defending the right to self-custody, freedom of transaction, association, and speech, promising that under his administration, there will never be a CBDC.
Global Savings in Bitcoin
During his speech, Trump also said that he would support USD stablecoins and global savings in Bitcoin. According to him, the current US Government behavior is the real threat to the dollar, not Bitcoin.
As CNBC also noted, Trump said he’d make sure that “the US will be the crypto capital of the planet and the Bitcoin superpower of the world.”
The former US President pledged to make the US the lowest-cost energy producer in the world, given its natural resources, and turn it into a Bitcoin mining powerhouse.
He also promised to stop the US Government from selling its Bitcoin reserves, which would serve as the core of the strategic national Bitcoin stockpile.
Bitcoin Sees Strong Political Support
After Trump’s speech, Senator Cynthia Lummis read out her legislative proposal to amass an official US federal reserve of $1 million Bitcoins over five years.
According to her, it will be held for a minimum of 20 years and it can be used for one purpose: to reduce the US debt.
Apart from Trump’s strong support, Bitcoin was a subject addressed also by Presidential candidate Robert F. Kennedy Jr. who said that he’d push the federal government to buy Bitcoin until the size of BTC holdings matched the nation’s gold reserves.
Bitcoin Price Above $69,000
Regarding Bitcoin‘s price today, at the moment of writing this article, the coin is trading above $69,000, up by over 3% in the past 24 hours.
Bitcoin began the week with bullish moves, ahead of important US decisions. This week, the US Federal Reserve will announce its interest rate decision, on August 1.
CME shows that the probability of keeping the interest rate unchanged is about 96%, but the probability of a rate cut of 15bps (basis points) on September 18 is 85.8%. Also, the US will announce the July unemployment rate this week.
