29th July 2024
Republican nominee Donald Trump has declared his intention to champion Bitcoin and cryptocurrency if elected president, a notable shift from his previous skepticism. Speaking at a conference in Tennessee, Trump criticized the current administration’s stance on cryptocurrency, describing it as detrimental to the nation.
“The Biden-Harris administration’s repression of crypto and bitcoin is wrong, and it’s very bad for our country,” Trump said to enthusiastic applause. He compared the rise of cryptocurrencies to the growth of the steel industry a century ago, asserting that “Bitcoin stands for freedom, sovereignty, and independence from government coercion and control.”
Trump’s proposal includes retaining the U.S. government’s Bitcoin holdings as part of a “strategic national bitcoin stockpile.” This idea contrasts with a more ambitious plan proposed by third-party candidate Robert F. Kennedy Jr., who suggested creating a stockpile of 4 million bitcoins.
“If we don’t embrace crypto and bitcoin technology, China will, other countries will, they’ll dominate, and we cannot let China dominate,” Trump warned. He emphasized his desire for the U.S. to lead in crypto development and mining.
Addressing concerns about cryptocurrency mining costs, Trump vowed to make U.S. energy the cheapest globally by increasing fossil fuel production and expanding nuclear energy. He also promised to fire Gary Gensler, the chairman of the U.S. Securities and Exchange Commission (SEC), on his first day in office. Gensler has faced criticism from the cryptocurrency community for his cautious regulatory approach.
The crowd responded positively to Trump’s proposal, with many cheering and applauding. Trump humorously noted Gensler’s unpopularity, saying, “I didn’t know he was that unpopular.”
Trump also criticized Vice President Kamala Harris, who is set to lead the Democratic ticket following President Joe Biden’s unexpected exit from the campaign. “On the day I take the oath of office, Joe Biden and Kamala Harris’s anti-crypto crusade will be over,” Trump pledged.
Election Update: 100 Days to Go
With just 100 days remaining until the U.S. presidential election, the race has gained momentum following President Biden’s withdrawal and the rise of Vice President Kamala Harris as the Democratic nominee. Harris’s campaign has reportedly raised $200 million since Biden’s endorsement of her, with new polls showing a tightening race. According to a Wall Street Journal survey, Harris has narrowed Trump’s lead from six points to just two, reflecting increased support among Black, Latino, and young voters.
Republican pollster David Lee cautioned that despite the tightening race, Trump still holds an advantage due to the Electoral College system, which played a pivotal role in his 2016 victory despite losing the popular vote.