Donald Trump Woos Bitcoin Community: “Make US Crypto Capital of the World”

Donald Trump, the 45th President of the United States and Republican nominee for the 2024 presidential election, attended the widely anticipated largest Bitcoin event, the Bitcoin 2024 Conference, today (Saturday). In a lengthy speech in Nashville, Tennessee, Trump lured the crypto community with many promises, including firing the Securities and Exchange Commission (SEC) Chair Gary Gensler if re-elected.

In a livestream by Sky News on YouTube, Trump lauded Bitcoin, saying, “It is not just a marvel of technology; it is a miracle of cooperation and human achievement. A lot of relationships are formed. Obviously,
there is competition, but there are relationships. There is a friendship that
is developed.”

Highlighting contrast with China, Trump is pushing for the adoption of Bitcoin if re-elected. The 78-year-old politician said: “If we don’t embrace crypto and Bitcoin technology, China
will, other countries will. They will dominate. We cannot let China dominate;
they are making too much progress. And we want them to be successful. We want
China to be successful, but we want to be the most successful.” Ironically, China has imposed several bans on crypto over nearly a decade now.

During the event, Trump criticized Gary Gensler, the SEC Chair, who has been long accused of not providing clear regulations for digital assets. The Republican promised the crypto community a new SEC boss: “On day one, I will fire Gary Gensler and appoint a new SEC Chairman. (Cheers). I did not know he was that unpopular. We’re going to build the future, not block it, which is what they are doing.”

Interestingly, Trump, who once dismissed Bitcoin as “based on thin air,” is now a prominent supporter of gracing this largest annual conference. This change of stance comes as the former president campaigns for another term in the White House,
eying the support of the crypto community. The presidential hopeful also plans to end Central Bank Digital Currencies (CBDCs).

In 2019, Trump declared Bitcoin “not money,” citing its volatility and potential for facilitating illegal activities. Instead, he emphasized the strength of the U.S. dollar as the nation’s only true currency. Fast-forward to today: Trump’s campaign accepts Bitcoin
donations and has reportedly amassed approximately $4 million in cryptocurrency
contributions.

Bitcoin 2024: Presidential Campaign with Crypto Twist

The three-day event, supported by companies and projects actively building on the Bitcoin blockchain, brought together top Bitcoin maximalists in the industry, among them Ark Invest‘s Cathie Wood, Michael Saylor, and Edward Snowden. Also
among them were the US political bigwigs, including Senator Cynthia Lummis.

Trump effect is already being felt in Bitcoin prices. At the
time of this publication, the crypto asset was trading at $68,599.42,
representing a 1.79% increase in the past 24 hours and a 1.73% boost in the
past week.

Trump’s support is more evident with his choice of J.D.
Vance, the Republican Senator from Ohio, as a running mate, Finance Magnates reported. Renowned for his populist stances and critical views on Wall Street, Vance has elicited a positive sentiment, especially with his Bitcoin holdings. The choice of Vance as the potential vice president elicited a positive response
among the crypto community.

Donald Trump, the 45th President of the United States and Republican nominee for the 2024 presidential election, attended the widely anticipated largest Bitcoin event, the Bitcoin 2024 Conference, today (Saturday). In a lengthy speech in Nashville, Tennessee, Trump lured the crypto community with many promises, including firing the Securities and Exchange Commission (SEC) Chair Gary Gensler if re-elected.

In a livestream by Sky News on YouTube, Trump lauded Bitcoin, saying, “It is not just a marvel of technology; it is a miracle of cooperation and human achievement. A lot of relationships are formed. Obviously,
there is competition, but there are relationships. There is a friendship that
is developed.”

Highlighting contrast with China, Trump is pushing for the adoption of Bitcoin if re-elected. The 78-year-old politician said: “If we don’t embrace crypto and Bitcoin technology, China
will, other countries will. They will dominate. We cannot let China dominate;
they are making too much progress. And we want them to be successful. We want
China to be successful, but we want to be the most successful.” Ironically, China has imposed several bans on crypto over nearly a decade now.

During the event, Trump criticized Gary Gensler, the SEC Chair, who has been long accused of not providing clear regulations for digital assets. The Republican promised the crypto community a new SEC boss: “On day one, I will fire Gary Gensler and appoint a new SEC Chairman. (Cheers). I did not know he was that unpopular. We’re going to build the future, not block it, which is what they are doing.”

Interestingly, Trump, who once dismissed Bitcoin as “based on thin air,” is now a prominent supporter of gracing this largest annual conference. This change of stance comes as the former president campaigns for another term in the White House,
eying the support of the crypto community. The presidential hopeful also plans to end Central Bank Digital Currencies (CBDCs).

In 2019, Trump declared Bitcoin “not money,” citing its volatility and potential for facilitating illegal activities. Instead, he emphasized the strength of the U.S. dollar as the nation’s only true currency. Fast-forward to today: Trump’s campaign accepts Bitcoin
donations and has reportedly amassed…