Trump Vows to Make America the Superpower of Bitcoin, Fire Gensler on Day 1

He emphasized the importance of crypto in geopolitics and promised to make the US a leader in adoption.

Former President Donald Trump addressed a crowd of attendees at the Bitcoin 2024 conference in Nashville, Tennessee, on Saturday. During his speech, Trump highlighted his crypto-related policies if re-elected and attempted to rally crypto voters.

The audience began chanting Gensler's name after Trump promised to fire the Securities and Exchange Commission (SEC) chairman on his first day back in office. Here are some other key points from Trump's speech at the conference:

Bitcoin is a ‘miracle of cooperation and human achievement’

Trump described Bitcoin as a ‘marvel of technology’ that showcases the pinnacle of cooperation and achievement. He added that Bitcoin is already larger than ExxonMobil and, given its growth rate, he likened it to the ‘steel industry 100 years ago.’

Trump also highlighted that Bitcoin leaders and developers have a rare ‘camaraderie,’ a friendship that exists despite competition.

Following his praise of Bitcoin and its community, Trump announced that if re-elected, he would never allow the government to sell the 210,000 BTC it currently holds, and any acquired in the future.

He added that under his presidency, this government holding of BTC will be turned into a Strategic National Bitcoin Stockpile. As a stockpile, it will serve as an asset to all Americans, Trump said.

Harris is “against crypto”

Calling the current administration of President Joe Biden a “fascist regime,” Trump said that Bitcoin is the only way to gain independence from government coercion and control. Bitcoin stands for freedom and sovereignty, he said.

Trump went on to berate Vice President Kamala Harris, calling her worse than Biden and a “radical.” He added:

“The Biden-Harris Administration’s repression of crypto and Bitcoin is wrong and it’s very bad for our country.”

Trump stated that Harris is “against crypto” and she's “against it very big.” He said:

“Let me tell you, if they win this election, every one of you will be gone. They will be vicious. They will be ruthless. They will do things that you wouldn’t believe.”

Trump's comments came just a day after a large number of Democrats admitted in a letter that Americans consider the party to be anti-crypto. The politicians warned of crypto having an “outsized impact” on the November elections and suggested that the party take a “forward-looking approach” to crypto.

The consortium of Democrats also advised that Harris should select a crypto-friendly SEC chair and Vice Presidential candidate.

Build fossil fuel-based power plants for Bitcoin mining farms and AI

Both artificial intelligence (AI) and Bitcoin mining require a large supply of electricity. To make the U.S. a “Bitcoin mining powerhouse,” Trump plans to satisfy the demand by building fossil fuel-based power plants.

“We will very simply drill baby drill,” said Trump, noting that the fossil fuels will be used in an “environmentally friendly way.”

It is Trump’s ambition to ensure that the U.S. has the “lowest cost of energy and electricity of any nation on Earth” by the end of his new term if re-elected. It is worth noting, however, that Trump has called AI a “dangerous thing” in the past.

Bitcoin Market Data

At the time of press 3:13 pm UTC on Jul. 28, 2024, Bitcoin is ranked #1 by market cap and the price is down 1.87% over the past 24 hours. Bitcoin has a market capitalization of $1.34 trillion with a 24-hour trading volume of $34.17 billion. Learn more about Bitcoin ›

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Crypto Market Summary

At the time of press 3:13 pm UTC on Jul. 28, 2024, the total crypto market is valued at at $2.42 trillion with a 24-hour volume of $70.3 billion. Bitcoin dominance is currently at 55.46%. Learn more about the crypto market ›

Mentioned in this article

Monika Ghosh

In 2020, Monika immersed herself in crypto, maintaining skepticism yet firmly believing blockchain could address key issues like financial disparity and transparency. A book-lover, she's also a passionate food enthusiast.

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