Bold promises for Bitcoin and crypto industry
Former President Donald Trump has pledged to transform the United States into a “Bitcoin superpower” if re-elected. Speaking at the Bitcoin2024 Conference in Nashville, Trump promised to implement cryptocurrency-friendly policies, including the creation of a “strategic national Bitcoin stockpile.”
“I’m laying out my plan to ensure that the United States will be the crypto capital of the planet and the Bitcoin superpower of the world,” Trump, 78, declared.
Trump announced his intent to appoint an advisory council to craft clear regulatory guidance for the crypto industry. He criticized the current regulatory environment as too restrictive and promised to replace Securities and Exchange Commission Chair Gary Gensler.
“We will keep each and every Bitcoin job in the United States of America,” Trump assured attendees, emphasizing the need for regulations that support the industry’s growth.
Opposition to central bank digital currency
In a significant policy shift, Trump vowed to halt efforts to establish a central bank digital currency (CBDC). He pledged to order federal agencies to cease any steps toward creating a CBDC, a move that has been a point of contention among cryptocurrency enthusiasts. “There will never be a CBDC while I’m President of the United States,” he stated.
Trump, who once criticized Bitcoin as “highly volatile and based on thin air,” has reversed his stance, now advocating for its growth. He emphasized the economic benefits of embracing cryptocurrency, promising regulatory clarity and support for stablecoins. “America will be richer, the world will be better, and there will be billions and billions of people brought into the crypto economy,” Trump said.
Vision for America’s financial future
Trump highlighted the potential of Bitcoin and crypto to strengthen the American economy and asserted that the real threat to the dollar comes from government mismanagement. He criticized current fiscal policies and promised that under his leadership, America would become a global Bitcoin mining powerhouse. “Bitcoin and crypto will grow our economy, cement American financial dominance and strengthen our entire country long into the future,” Trump concluded.
Advisory support from Vivek Ramaswamy
Indian-American entrepreneur-turned-politician Vivek Ramaswamy, a key advisor to Trump on cryptocurrency, supports the former president’s vision for the industry. With this strategic plan, Trump aims to position the United States at the forefront of the global crypto economy.
Trump’s ambitious promises at the Bitcoin2024 Conference mark a significant shift in his stance on cryptocurrency. His commitment to making the US a leader in the crypto industry has the potential to reshape the regulatory landscape and drive economic growth. Whether these promises will translate into action remains to be seen, but for now, Trump’s vision has captured the attention of the crypto community and beyond.