Trump promised to fire SEC Chair Gary Gensler on day one, keep all 210,000 bitcoins the U.S. government holds, and commute Ross Ulbricht's sentence. He also pledged to shut down banking restrictions on crypto and make the U.S. a bitcoin-mining hub with cheap electricity.
Questions this video answers
July 27, 2024, at the Bitcoin 2024 conference in Nashville, Tennessee.
Almost 210,000 bitcoin.
About 1% of the total supply.
Fire Gary Gensler on day one.
The administration would keep 100% of all bitcoin the U.S. government currently holds or acquires.
Chapters
On day one, I will fire Gary Gensler and appoint a new SEC chairman.
At the Bitcoin 2024 conference in Nashville, Tennessee, on July 27, Trump addressed a crowd of bitcoiners who had waited for more than an hour to hear the former president speak. The Republican candidate laid out a plan for crypto policies should he win in November, which included removing U.S. securities and Exchange Commission Chair Gary Gensler on day one and appointing a bitcoin crypto Presidential Advisory Council. Here are the major statements made by Trump. During his speech, Trump spoke about Bitcoin being the 9th most valuable asset in the world and how it could overtake the market cap of gold.
In just 15 years, Bitcoin has gone from merely an idea posted anonymously on an Internet message board to being the 9th most valuable asset anywhere in the world. Can you believe that? Is that right? That's a big deal. Think of that. It's already bigger than ExxonMobil. Soon it will be surpassing the entire market cap of silver. It's not bad. How about gold? How about gold? Let's go gold. And one day it probably will overtake gold. But based on the way it's going now, it could very well be a possibility. There's never been anything like it, and I don't think you've ever seen anything like it. And most people have no idea what the hell it is. You know that, right? So what happens when they figure it out? That's going to really be something.
Trump vows to never sell any bitcoin held by the US Government.
Many Americans do not realize that the United States government is among the largest holders of bitcoin. Does anyone know that? How about that? The federal government is almost 210,000 bitcoin, or 1% of the total supply that will ever exist. But for too long, our government has violated the cardinal rule that every bitcoiner knows by heart. Never sell your bitcoin. Right. Never sell your bitcoin. And so, as the final part of my plan, today I am announcing that if I am elected, it will be the policy of my administration, United States of America, and to keep 100% of all the Bitcoin the US government currently holds or acquires into the Future. We'll keep 100%. I hope you do well. Please. This will serve, in effect, as the core of the strategic national bitcoin stockpile.
Trump plans to shut down Operation Chokepoint 2.0 and presented his way forward for crypto regulations in the U.S. a bond taking office.
I will immediately appoint a bitcoin and crypto Presidential Advisory Council. As president, I will immediately shut down operation choke point 2.0. They want to choke you. They want to choke you out of business. We're not going to let that happen. And no longer will your government sit by and watch as bitcoin jobs and businesses flee to other countries because America's laws are too unclear and too tough and too angry and too stiff. We will keep each and every bitcoin job in the United States of America. That's what we're going to be doing.
He also pledged to commute the sentence of Ross Ulbricht.
Today, I repeat my pledge to commute the sentence of Ross Ulbricht to a sentence of time, sir. It's enough. It's enough.
Trump claimed he will provide cheap electricity to bitcoin miners.
I have set the ambitious goal that by the end of my term, the United States will be the number one lowest cost of energy and electricity of any nation on earth. We can make it so inexpensively and with low energy costs, America will become the world's undisputed bitcoin mining powerhouse. You'll be a bitcoin mining powerhouse. You will not have to move your family to China. You will not be moving to China.
Trump reminded everyone what bitcoin really stands for, much to the excitement of the crowd.
The reason could not be more clear because bitcoin stands for freedom, sovereignty, and independence from government, coercion and control.
Trump had a lot of positive things to say about bitcoin and cryptocurrencies in the US but it remains to be seen if any of his claims were just to be nice to the crypto community in order to get their votes in the upcoming election, or whether he will actually bring positive change to the industry street if elected. Thanks for watching our roundup of Trump's Bitcoin 2024 speech. Please remember to like and subscribe for more great.
