Trump Promises to Make US a Bitcoin Superpower if Re-Elected
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Support from Crypto Firms
Trump is vying for support from cryptocurrency holders, competing with independent presidential candidate Robert F. Kennedy Jr. Notably, three major crypto firms have invested around $150 million to elect pro-crypto candidates in congressional races. Trump touted his campaign's success in raising $25 million in cryptocurrency donations over the past two months.
Strategic Initiatives
Trump laid out plans for sweeping deregulation and proposed the establishment of a “strategic national bitcoin stockpile.” He promised that the US would protect property rights, privacy, freedom of transaction, and freedom of speech. Additionally, he pledged to halt efforts by the US government to create a central bank digital currency and to form a “bitcoin and crypto presidential advisory council” to draft new, industry-friendly regulations.
Regulatory Criticism and Support
Trump criticized the Biden administration's regulatory measures, highlighting the actions of the Securities and Exchange Commission (SEC) under Gary Gensler, who has imposed fines and lawsuits on crypto firms. Trump pledged to fire Gensler on his first day in office, a promise that was met with enthusiastic cheers from the audience.
Legislative Support
Following Trump’s speech, Senator Cynthia Lummis (R-Wyo.) introduced legislation for a national bitcoin stockpile, requiring the US government to purchase 1 million bitcoins over five years. This move aims to secure roughly 5% of the total bitcoin supply, valued at tens of billions of dollars at current exchange rates.
Kennedy’s Critique
Kennedy, who addressed the conference a day before Trump, suggested that Trump’s newfound support for cryptocurrencies is politically motivated. He criticized Trump's past comments describing bitcoin as a “scam against the dollar” and highlighted his administration’s restrictive policies on cryptocurrency.
As Trump continues to court the crypto community, his promises of deregulation and strategic initiatives could significantly influence the future landscape of the cryptocurrency market in the United States.