Trump Plays The Bitcoin Card Hard To Gain Voters For Upcoming US Election 

Former President Donald Trump declared that if re-elected, he would ensure the federal government never sells its bitcoin holdings. This bold statement was made during his keynote speech at the Bitcoin Conference in Nashville, the largest Bitcoin conference of the year. 

“For too long our government has violated the cardinal rule that every bitcoiner knows by heart: Never sell your bitcoin. I want it to be mined, minted, and made in the U.S.,” Trump said. He spoke to over 3,000 attendees. He outlined a comprehensive crypto policy covering stablecoin regulation and the right to self-custody of one’s Bitcoin.

Trump’s Big Support for Cryptocurrencies

Trump’s comments shed light on Bitcoin’s rise from obscure online forums to the fore of US politics. Bitcoin, formerly demonised as the preferred money for darknet markets, is now playing a big role in Trump’s campaign.

Despite his previous misgivings and the current controversy, Trump has welcomed the potential of the crypto market. According to a source acquainted with his fundraising, his campaign has already received donations of almost $4 million in Bitcoin, according to CNN.

The Biden administration’s regulation initiatives have drawn criticism from Trump, who called them a “war on crypto” and neglected to address the significant fraud schemes that have undermined public confidence in digital currencies. He pledged to make things easier for American cryptocurrency mining companies if re-elected.

The cryptocurrency industry has welcomed Trump’s support. Leaders and investors have donated millions to his campaign and related political committees. They championed his candidacy to their substantial online audiences and provided him with a platform to address the anticipated 20,000 attendees at the Bitcoin Conference.

Trump’s 180 Degree Turn on Bitcoin

During the Bitcoin 2024 convention in Nashville, Trump presented himself as the presidential candidate who supports cryptocurrencies. Unlike Vice President Kamala Harris, who is anticipated to be his Democratic opponent, he pledged to make the United States a global leader in cryptocurrencies and to support more lenient rules.

U.S. Senator Cynthia Lummis (R-WY) introduced a bill to order the U.S. Treasury to buy 1 million bitcoins valued at almost $70 billion, in response to Trump’s vow to establish a “strategic national bitcoin reserve” and his forecast that bitcoin’s market capitalisation could surpass that of gold, which is currently valued at $16 trillion, Forbes reported. 

Will Fire SEC Chairman Gary Gelnser on Day 1, Says Trump

As part of his crypto policy, Trump intends to “on day one” remove Gary Gensler, the chair of the U.S. Securities and Exchange Commission, and form a “Bitcoin and crypto presidential advisory council.” “The moment I’m sworn in, the weaponization against your industry ends and the persecution ceases,” he declared. I’ll name a new chairman of the SEC who shares my belief that America should create the future, not obstruct it.”

Trump’s remarks and proposed policies hint at a possible change in how the US government views cryptocurrencies. His acceptance of Bitcoin is a substantial shift in his position and paves the way for virtual currencies to play a crucial part in the next election.

Trump’s crypto-friendly plan has the potential to drastically alter the financial and technological landscape in the United States if the industry supports him.

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