Former President Donald Trump spoke at the Bitcoin 2024 conference in Nashville, Tennessee on Saturday. In his speech, he highlighted his crypto-related policies if re-elected and called for the support of crypto advocates.
The crowd began chanting his name when President Trump promised to fire Securities and Exchange Commission (SEC) Chairman Gary Gensler on his first day in office. Here are some of President Trump's key remarks from the meeting:
Bitcoin is “a miracle of cooperation and human achievement”
Trump called Bitcoin a “technological marvel” that epitomizes collaboration and accomplishment, adding that Bitcoin is already bigger than Exxon Mobil and its growth rate puts it comparable to “the steel industry 100 years ago.”
Trump also emphasized the rare “camaraderie” that exists among Bitcoin leaders and developers despite the competition.
After praising 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, or any BTC it acquires in the future.
He added that after he takes office, the government's holdings of BTC will be converted into a National Strategic Bitcoin Reserve. As a reserve, it will become the property of the American people, Trump said.
Harris is 'against cryptocurrency'
President Trump called the current Joe Biden administration a “fascist regime” and said Bitcoin is the only way to achieve independence from government coercion and control. Bitcoin represents freedom and sovereignty, he said.
Trump also slammed Vice President Kamala Harris, calling her worse than Biden and an “extremist.”
“The Biden-Harris Administration's crackdown on cryptocurrencies and Bitcoin is wrong and very bad for our country.”
Trump said Harris is “against cryptocurrency” and is “very against it.”
“I'm telling you, if they win this election, you will all be gone. They will be brutal, they will be ruthless, and they will do things you will never believe.”
Trump's comments came a day after a number of Democratic lawmakers acknowledged in a letter that the American public views Democrats as anti-cryptocurrency. They warned that cryptocurrencies will have a “significant impact” on the November election and suggested Democrats take a “proactive approach” to cryptocurrencies.
The Democratic coalition also recommended that Harris choose a crypto-friendly SEC chair and vice presidential candidate.
Build Bitcoin mining farms and fossil fuel based power plants for AI
Artificial intelligence (AI) and bitcoin mining both require large amounts of electricity, and in an effort to turn the United States into a “bitcoin mining powerhouse,” President Trump plans to build fossil fuel-based power plants to meet the demand.
“We're going to keep drilling, quite simply,” Trump said, noting that fossil fuels will be used in an “environmentally friendly way.”
If re-elected, President Trump has said he aims to have the United States have “the lowest energy and electricity costs of any country on Earth” by the end of his term, but it's worth noting that President Trump has previously called AI “dangerous.”
At time of writing 3:13 PM, July 28, 2024 (UTC)Bitcoin ranks first by market capitalization, price is falling 1.87% As of the last 24 hours, Bitcoin's market cap is $1.34 trillion, with a 24-hour trading volume of $34.17 billion. Learn more about Bitcoin ›
At time of writing 3:13 PM, July 28, 2024 (UTC)the entire cryptocurrency market is valued at $2.42 trillion with a 24-hour trading volume of $70.3 billion. Bitcoin dominance is currently at 55.46%. Learn more about the cryptocurrency market ›
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