Will Trump turn America into the Crypto Capital of the world?
Donald Trump is aiming to win the support of cryptocurrency investors with a bold promise to transform the United States into a “Bitcoin superpower” by drastically reducing regulation.
In a highly anticipated speech at the Bitcoin 2024 conference in Nashville, Trump captivated the audience by pledging to overhaul the current regulatory framework and to take immediate action against what he views as anti-crypto policies.
“On day one, I will fire Gary Gensler,” Trump declared to thunderous applause, referring to the current chairman of the Securities and Exchange Commission (SEC). The enthusiastic response prompted Trump to reiterate his commitment, acknowledging the crowd’s disdain for Gensler. The SEC chairman has been known for his stringent enforcement actions against the cryptocurrency market, which many in the crypto community view as overly harsh and stifling.
Trump assured attendees that Gensler would be replaced with someone more sympathetic to cryptocurrency investors and announced plans to establish a crypto advisory council to develop favorable regulatory guidelines. During his speech, the Bitcoin price initially dipped below $67,000 but quickly rallied to $69,000 as investors reacted positively to Trump’s pro-crypto stance.
In stark contrast to President Joe Biden’s regulatory approach, Trump promised to make the U.S. the global “crypto capital.” “I pledge to the Bitcoin community, the day I take the oath of office, Joe Biden’s and Kamala Harris’s anti-crypto crusade will be over. It will end. It will be done,” he proclaimed. “The moment I’m sworn in, the persecution stops and the weaponization ends against your industry.”
Trump warned that a Harris presidency would be detrimental to the crypto industry. “If Kamala wins, every one of you will be gone. They will be vicious. They will be ruthless. They will do things that you wouldn’t believe,” he said. He further described Harris as a “radical lunatic” who is vehemently opposed to cryptocurrency.
Trump’s embrace of cryptocurrency marks a significant shift from his previous stance. Just a few years ago, he was a vocal critic, calling Bitcoin a “scam” and expressing concerns about its volatility and association with illicit activities. In 2019, he stated, “I am not a fan of Bitcoin and other cryptocurrencies, which are not money, and whose value is highly volatile and based on thin air.”
However, Trump’s newfound support for cryptocurrency appears driven by a combination of wealthy donors and his relentless pursuit of the presidency. In Nashville, he positioned himself as the “crypto president,” contrasting his vision with Harris’s alleged anti-crypto sentiments. “This is the steel industry of 100 years ago,” Trump claimed. “If we don’t do it, China and others are going to be doing it. Let’s do it right. If crypto is going to define the future, I want it mined, minted, and made in the USA.”
Trump outlined a comprehensive plan to foster the growth of the cryptocurrency industry. He promised to create a framework for the expansion of stablecoins and vowed to retain and expand the U.S. government’s crypto holdings to build a “strategic national Bitcoin stockpile.” He criticized current U.S. laws as being too unclear and restrictive and pledged to end Treasury Department efforts to establish a central bank digital currency (CBDC), which he argued would compete with Bitcoin and other cryptocurrencies. “There will never be a CBDC while I’m president of the United States,” Trump asserted.
Trump’s pivot to pro-crypto policies has been bolstered by significant financial support from the crypto community. Investors have poured millions into his campaign, and Americans have sent $4 million in crypto donations. Notably, Tyler and Cameron Winklevoss, prominent figures in the crypto world, have each pledged $1 million to Trump’s campaign and an additional $250,000 to Elon Musk’s America PAC, which supports Trump.
Tyler Winklevoss, in a lengthy Twitter rant, endorsed Trump and criticized the Biden administration’s approach to cryptocurrency. “It’s time for the crypto army to send a message to Washington. Attacking us is political suicide,” he wrote. Winklevoss accused Biden of weaponizing government agencies to undermine the crypto industry, calling it an unprecedented abuse of power detrimental to innovation and the American economy.
Winklevoss also expressed frustration with Vice President Harris, who declined an invitation to speak at the Bitcoin 2024 conference. “The Biden-Harris Administration wages all-out war on the crypto industry for four years,” he tweeted. “Despite all of this, Kamala is still invited to The Bitcoin Conf[erence] in Nashville and given a chance to speak to our industry and reset the relationship. What does she do? She declines. She can’t even take the first step and show up to start mending fences. Our industry won’t forget this. We will show no mercy in November.”
With Trump’s strong pro-crypto message resonating among investors and his campaign receiving substantial financial backing from the crypto community, he is positioning himself as the champion of cryptocurrency in the 2024 presidential race. His commitment to transforming the U.S. into a Bitcoin superpower signals a new era for the crypto industry, one that could see unprecedented growth and innovation under a Trump administration.
