Trump’s Bitcoin Commitments
During the Bitcoin 2024 conference in Nashville on Saturday, former President Donald Trump made various commitments to the Bitcoin community if he wins the election in 2024. Most prominently, Trump stated he would establish a strategic national reserve of Bitcoin as a vital economic resource.
“I assure the Bitcoin community that on the day I take the oath, the anti-crypto campaign led by Joe Biden and Kamala Harris will come to an end,” Trump asserted. “The United States will emerge as the crypto capital of the globe and the world’s Bitcoin superpower.”
Additionally, Trump reiterated his intention to grant a pardon to Silk Road founder Ross Ulbricht on his first day in office. Ulbricht is currently serving a double life sentence plus 40 years without the chance of parole. Trump argued that Bitcoin does not endanger the dollar; instead, “the existing U.S. government threatens the dollar.”
As Bitcoin becomes a pivotal topic on the 2024 campaign trail, Trump is evidently courting the increasing Bitcoin and crypto factions within the GOP. Judging by the enthusiastic response in Nashville, this tactic seems effective in securing the Bitcoin vote. For Australian crypto advocates, this development merits close observation, as shifts in U.S. policy could reverberate through global markets, including Australia.
“Bitcoin symbolizes freedom, autonomy, and independence from government manipulation and control,” Trump remarked. “If I am elected president, Bitcoin and crypto will soar like never before.”
Public Reactions and Market Effects
Independent presidential candidate Robert F. Kennedy Jr. also addressed the conference, expressing his commitment to creating a 4 million Bitcoin reserve if elected. Although Trump’s proposal is less extensive, it still marks a noteworthy acceptance of Bitcoin by the Republican nominee. This rivalry among U.S. political figures to appeal to the Bitcoin community could foster broader acceptance and potentially elevate the value of Bitcoin and other cryptocurrencies.
Source: bitcoinmagazine.com
Trump promised to dismiss SEC Chairman Gary Gensler on his inaugural day and appoint a new chairman who is more supportive of Bitcoin and cryptocurrencies. He also indicated that the government would retain 100% of its existing Bitcoin holdings instead of selling it, gradually establishing a national reserve.
After Trump’s address, Bitcoin experienced a rise of over 3%, reaching its highest price in six weeks. This swift market response highlights the considerable influence political leaders can exert on the fluctuating crypto market. For Australian investors, this may indicate an emerging bullish trend in the cryptocurrency sector, especially if similar views are supported by other international leaders.
The former president’s statements were positively received by the predominantly libertarian audience. Attendee Andrew Campbell expressed to Wired that he plans to vote for Trump this time after previously opting out in 2016 and 2020. “I believe we have drifted too far left, and it’s time to regain our center,” he remarked.
