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.
Bitcoin Is a Marvel of Technology
In a YouTube livestream by Sky News, 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."
While highlighting the contrast with China, Trump promised Bitcoin enthusiasts that he would push for the adoption of Bitcoin if re-elected. The 78-year-old billionaire 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 also 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."
JUST IN: Crowd goes absolutely nuts after Donald Trump vows to fire SEC Chairman Gary Gensler during the Bitcoin Conference in Nashville, Tennessee.Trump was clearly taken aback at the crowd's reaction when he made the announcement."On day one, I will fire Gary Gensler and… pic.twitter.com/0CyOMaY6FY
— Collin Rugg (@CollinRugg) July 27, 2024
Interestingly, Trump, who once dismissed Bitcoin as "based on thin air," is now a prominent supporter, CNN reported. This change of heart 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 US 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, including Ark Invest's Cathie Wood, Michael Saylor, and Edward Snowden. US political bigwigs, including pro-crypto Republican Senator Cynthia Lummis, also attended the conference.
The convergence between Bitcoin - and AI could transform the way companies organize, causing a collapse in costs and an explosion in productivity. I was blown away by the possibilities these brilliant entrepreneurs are creating. Look for this podcast on Thursday! https://t.co/kPW92CuhFQ
— Cathie Wood (@CathieDWood) September 2, 2023
The 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.
Besides that, Trump’s support for crypto is 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.
This article was written by Jared Kirui at www.financemagnates.com.
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