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Donald Trump has hailed Bitcoin and the Bitcoin Conference 2024, held from the 25th to the 27th of July in Nashville, Tennessee. As Bitcoin 2024’s keynote speaker, former President Trump, a recently converted advocate of both Bitcoin and the crypto sector, gave a speech that proved he, or whoever is advising him, knows a great deal about the tech behind crypto, its potential, and inner-industry sentiment. He wooed the crowd with promises about greater regulatory freedom, at one point stating he would make the United States the “crypto capital of the planet” if he is re-elected, and added that he would keep all of the Bitcoin the U.S. currently holds or eventually acquires, creating a “national Bitcoin stockpile.”
In this article, we take a look at Trump’s stance on Bitcoin and crypto and how his winning the 2024 presidential race may open the floodgates for digital assets to move freely into the mainstream financial sphere.
Trump makes 5 Bitcoin-related promises
At the recent Bitcoin Conference 2024, Donald Trump outlined five key promises aimed at bolstering the cryptocurrency sector should he be re-elected as President of the United States. Firstly, the former President vowed to fire Gary Gensler, Chairman of the Securities and Exchange Commission (SEC), on his first day in office, mentioning the dissatisfaction felt within the Bitcoin industry over Gensler’s regulatory approach. He then pledged to end “Operation Choke Point 2.0”, referring to a campaign supposed to be obstructing Bitcoin companies’ access to traditional financial services and reportedly pushing many overseas.
Trump also announced plans to set up a Bitcoin Advisory Council to provide expert guidance on digital asset policy. He then promised that the U.S. government would retain its substantial Bitcoin holdings, a move intended to strengthen the nation’s position in the cryptocurrency space. Lastly, he pledged to pardon Ross Ulbricht, the creator of the Silk Road marketplace, in a gesture aimed at addressing perceived justice issues regarding Ulbricht’s life sentence. Despite the characteristic display of bravado, if kept, Trump’s promises could mark the dawn of a new era for crypto adoption and utility.
Trump’s impact on Bitcoin’s value
In his bid to “end the persecution” of Bitcoin and the crypto industry, Trump sent waves of enthusiasm through the industry that have seemingly culminated in a rise in Bitcoin’s value. Following his keynote speech at the Bitcoin Conference 2024, the cryptocurrency’s price rose by more than 3% to around $69,700, the highest it has been since early June when it was trading at around $69,800. Once a crypto skeptic, this new-found confidence in the world of decentralized finance marks a significant turnaround in Trump’s stance, signaling a broader acceptance and endorsement of digital assets.
This shift has not only garnered support from the crypto community but has also potentially influenced the market in general, proving just how influential political figures and current affairs can be on crypto prices. Democratic congressman Nickel was also quoted saying earlier at the event that Kamala Harris was taking a “forward-looking approach to digital assets and blockchain technology”. If Kamala Harris and the democratic party decide to rethink their relationship with the sector, as reported by the Financial Times, Bitcoin could see even greater surges as 2024 progresses.
Trump accepts Bitcoin donations
In a notable shift from his once crypto-skeptic stance, former President Donald Trump has fully embraced the industry by accepting Bitcoin donations for his 2024 presidential campaign. Having once expressed concerns about Bitcoin and other digital currencies, Trump’s campaign has now gathered considerable support from prominent figures in the tech and crypto sectors, including Elon Musk and the Winklevoss twins, crypto tycoons. In the two months since announcing the campaign would be accepting crypto donations, they reportedly received $25 million in donations, at least $3 million of which, according to the Wall Street Journal, came from cryptocurrency contributions in the second quarter of the year.
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