Summary:
- Trump promises to halt federal Bitcoin sales and support the crypto industry if re-elected.
- Pledges to end the Biden administration’s “crusade” against Bitcoin.
- Plans to fire SEC Chair Gary Gensler on his first day in office.
- Campaign has raised $4M in Bitcoin donations.
Former President Donald Trump announced at the Bitcoin 2024 conference in Nashville, Tennessee, that he would ensure the federal government never sells off its bitcoin holdings if he is returned to the White House. While he stopped short of proposing a formal federal reserve of digital currency, he made several commitments to the cryptocurrency community.
“I pledge to the bitcoin community, that the day I take the oath of office, Joe Biden and Kamala Harris’ anti-crypto crusade will be over,” Trump said, addressing the enthusiastic audience. “On day one, I will fire Gary Gensler,” he added, referring to the chair of the Securities and Exchange Commission.
As president, Trump had previously declared Bitcoin “not money” and criticized it as “highly volatile and based on thin air.” However, in a dramatic reversal, Trump now fully supports the industry and has even started accepting Bitcoin donations for his campaign, raising approximately $4 million so far.
Trump also attacked the Biden administration’s regulatory efforts, labeling them as a “war on crypto.” He vowed to make it easier for cryptocurrency mining companies to operate in the United States and announced his intent to make the country the “crypto capital of the planet” if he wins the upcoming presidential election.
Despite the cryptocurrency industry’s recent challenges and his own past reservations, Trump’s latest White House bid includes a strong embrace of the nascent industry, reflecting a significant shift in his stance on digital currencies.
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