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Former U.S. President Donald Trump recently unveiled his ambitious plan to transform the United States into a global hub for cryptocurrency, aiming to establish the country as the “crypto capital of the planet and the bitcoin superpower of the world.” This resounding endorsement of the cryptocurrency industry represents a significant departure from traditional political stances.
Trump delivered these groundbreaking remarks during his keynote address at the Bitcoin 2024 Conference in Nashville, Tenn. alongside his running mate J.D. Vance. Eager to garner support and donations, the duo emphasized a commitment to lighter crypto regulations, countering the current Biden administration’s stringent policies.
“The reason I’ve come to address the bitcoin community today can be summed up in two very simple words – America first. Because if we don’t do it, China’s going to be doing it, others are going to be doing it. Let us do it and do it right,” Trump emphasized during the Conference, highlighting his patriotic fervor.
Emphasizing the importance of domestic crypto production, Trump declared, “If crypto is going to define the future, I want it to be mined, minted and made in the USA. It’s not going to be made anywhere else. And if bitcoin is going to the moon, as we say, I want America to be the nation that leads the way.”
Setting new precedents, Trump became the first major U.S. party nominee to accept donations in bitcoin and other crypto assets. Since this groundbreaking decision, he proudly announced raising over $25 million, with a significant portion contributed in various cryptocurrencies.
In a bold move, Trump criticized the U.S. Securities and Exchange Commission (SEC) for its stringent stance on the crypto sector, vowing to replace the current SEC chairman, Gary Gensler, if re-elected. The former President promised swift action, outlining plans to establish a bitcoin and crypto presidential advisory council tasked with formulating transparent regulatory guidelines within 100 days of his inauguration.
Rejecting the idea of a central bank digital currency, Trump promised to shore up the value of the U.S. dollar through fostering the safe expansion of stablecoins. “Those who claim bitcoin threatens the dollar have it all wrong. The real threat to our financial future emanates not from crypto, but from Washington, D.C.,” he asserted.
Drawing a stark contrast with the current administration, Trump pledged to hold bitcoin in a strategic national stockpile should he secure another term in office. This strategic positioning underscores his commitment to leveraging cryptocurrencies for national interests and economic growth.
At the time of the announcement, bitcoin was trading approximately 1% higher, reaching $68,667.74, reflecting the market’s response to Trump’s endorsements.
For investors looking to delve into the crypto space, various exchange-traded funds are available for tracking, including bitcoin-backed ETFs such as IBIT, ARKB, GBTC, BRRR, BTCO, HODL, BTCW, FBTC, BITB, and EZBC, alongside blockchain-focused options like BITQ, DAPP, BKCH, BLOK, CRPT, and IBLC.
Dear readers: As politics increasingly intertwines with financial affairs, we welcome you to explore the intriguing crossover by joining the political discourse.