Trump’s Vision for America as the Crypto Capital of the World
During The Bitcoin Conference, Trump presented his plan to make the USA the crypto capital of the planet. He promised that the US Government will never sell its holdings of Bitcoin.
Trump’s Speech at The Bitcoin Conference 2024
On July 27, former US President Donald Trump delivered a keynote speech on the third day of The Bitcoin Conference 2024 at the Music City Center in Nashville, Tennessee. During his speech, Trump pledged to ensure that the US Government will never sell its holdings of Bitcoin, citing the cardinal rule that every Bitcoiner knows by heart: Never sell your Bitcoin.
Trump mentioned Bitcoin’s journey from an idea on an anonymous forum to becoming the 9th most valuable asset in the world. He went on to say that Bitcoin will be mined, monetized, and produced in the USA, and if the currency were to reach the moon, it would do so from America.
Bitcoin Symbolizes Freedom, Sovereignty, and Independence
Trump’s endorsement of Bitcoin as a symbol of freedom, sovereignty, and independence reinforces his vision for America as a global leader in the crypto space. By pledging to hold onto the country’s Bitcoin holdings, Trump aims to solidify the USA’s position as the crypto capital of the world.
The Trump Administration’s Stance on Crypto
The Trump administration has been vocal about its support for cryptocurrencies, highlighting their importance in promoting freedom, sovereignty, and independence from government control. In contrast, the Biden/Harris administration has been waging a war against crypto by restricting banking support.
Trump’s Plans for Crypto
Upon taking office, Trump has promised to end the anti-crypto crusade led by Biden, Harris, and Warren. He has pledged to dismiss Gary Gensler, the chairman of the SEC, on his first day in office. Additionally, he plans to shut down Operation Chokepoint 2.0 and establish a Presidential Advisory Council for Bitcoin and Crypto to ensure fair regulations are implemented within 100 days.
Trump has also emphasized the importance of self-custody rights and the need for regulations that are favorable to the crypto community. He believes that individuals with a genuine interest in crypto should be involved in shaping these regulations for the benefit of all.
Global Savings in Bitcoin
During his speech, Trump also mentioned that he will support stablecoins in USD and global savings in Bitcoin. According to him, the current behavior of the US Government is the real threat to the dollar, not Bitcoin.
Bitcoin – Strong Political Support
After Trump’s speech, Senator Cynthia Lummis read a proposal promising that under his administration, there will never be a CBDC.
He also pledged to make the US the world’s crypto capital and Bitcoin superpower. The former US president promised to make the US the world’s lowest-cost energy producer, given its natural resources, and to turn it into a power in Bitcoin mining.
He also promised to stop the US Government from selling its Bitcoin reserves, which would serve as the core of the national strategic Bitcoin reserve.
US Government Plans to Accumulate $1 Million in Bitcoin
The US government is planning to accumulate a federal reserve of $1 million in Bitcoin over a period of five years. This reserve will be held for a minimum of 20 years and can be used to reduce the US debt.
Support from Political Figures
Along with strong support from Trump, presidential candidate Robert F. Kennedy Jr. has also discussed Bitcoin. He has stated that he will push the federal government to buy Bitcoin until the holdings of BTC equal the nation’s gold reserves.
Bitcoin Price Surpasses $69,000
As of the writing of this article, Bitcoin is trading above $69,000, up over 3% in the last 24 hours.
Bitcoin Price Movement
Bitcoin started the week with upward movements, ahead of key decisions in the US. This week, the US Federal Reserve will announce the interest rate decision on August 1st.
Market Update: Interest Rates and Unemployment Rate
The unchanged interest rate is currently at approximately 96%, but there is an 85.8% probability of a 15bps (basis points) reduction in the rate on September 18th. Additionally, the US will announce the unemployment rate for the month of July later this week.