Trump's Bold Bitcoin Vision: Vows to Make U.S. Crypto Superpower

By: Eliza Bennet

In a recent speech, former President Donald J. Trump made a series of ambitious pledges aimed at positioning the United States as the leading global force in the cryptocurrency market. Trump declared his commitment to making the U.S. a Bitcoin superpower and championed policies designed to bolster the country's competitive edge over rivals like China.

Trump emphasized that if reinstated as president, he would ensure that the U.S. government retains its approximately 200,000 Bitcoin holdings, representing roughly 1% of the total Bitcoin supply. According to Trump, selling Bitcoin violates a fundamental principle of the cryptocurrency.

“Too long the US government has violated the cardinal rule of Bitcoin — never sell,” Trump stated.

The former president also expressed his intention to dismiss SEC Chair Gary Gensler on his first day in office, promising to appoint a new head who supports innovation and progress. He criticized the current administration, labeling their approach towards cryptocurrency as “un-American,” and committed to ending what he referred to as “Operation Chokepoint 2.0.”

Moreover, Trump outlined his plan to introduce a “Presidential crypto advisor” to develop a comprehensive framework designed to nurture the growth and adoption of cryptocurrencies. He noted the geopolitical importance of embracing digital currencies, advocating for the U.S. to lead in this evolving space.

“If we don’t adopt crypto and Bitcoin, others will…” Trump cautioned.

Trump also pledged to transform the U.S. into a Bitcoin mining powerhouse by providing access to affordable electricity, while planning to enhance energy production through fossil fuels and nuclear power. Acknowledging the significance of Bitcoin as a growing asset class, Trump pointed out its rise to becoming the ninth-largest asset by market capitalization globally in under two decades.

“One day it probably will overtake gold… You’ve never seen anything like it,” he noted.

Further, Trump hinted at commuting Ross Ulbricht’s sentencing, recognizing the Bitcoin pioneer’s contribution to the technology. Trump sung praises of Bitcoin’s role in fostering international cooperation and innovation.

“[Bitcoin] is not just a marvel of technology… it's a miracle of cooperation and human achievement,” he exclaimed.

Trump's statements come amidst a surge in Bitcoin prices, which briefly surpassed $69,000, largely driven by speculations over his potential support and the recent launch of Ethereum ETFs. He firmly professed that under his leadership, America would dominate the global crypto landscape, branding it as the “crypto capital of the planet.”

The 2024 presidential campaign is set to play a significant role in defining the future regulatory and economic environment for cryptocurrencies in the U.S. As the narrative unfolds, the crypto community remains alert to any policy shifts that may stem from these bold declarations.