When historians look back on Donald Trump’s speech at the Bitcoin 2024 conference in Nashville on Saturday, they will surely conclude that it was a momentous turning point for the crypto industry.<\/p>\n
After dissing digital assets when he was president, the would-be successor to Joe Biden, and thus potentially soon again the most powerful man on earth, was suddenly all-in crypto.<\/p>\n
”Never sell your Bitcoin,” he said to rapturous applause. “On day one, I will fire Gary Gensler,” he added, repeating it for good effect as the gathered crypto faithful erupted to the idea of the demise of the securities regulator who is probably the most hated man to ever interact with the industry.<\/p>\n
Trump was, of course, playing to the crowd, and not least because he wanted their votes to help him regain the White House in November.<\/p>\n
Trump is a former harsh Bitcoin critic, and a man who has been known to backtrack or U-turn on policy plans almost as quickly as he pivots to new ones. But his enthusiastic, all-in embrace of crypto seemed too sweeping this time for it not to be a watershed moment for digital assets.<\/p>\n
So sweeping, indeed, that the Financial Times was soon reporting that the Democratic Party’s de facto nominee for president, Kamala Harris, had her advisers reaching out to senior industry figures<\/a> at entities including Coinbase, Ripple Labs, and Circle to try to rebuild strained relations with the sector.<\/p>\n Bitcoin is now rifling towards $70k, its highest level since mid-June, after rising more than 1.3% in the past 24 hours. Bitcoin Cash (BCH) has soared 12% to trade at $446.75 as of 10.32 a.m. EST.<\/p>\n Here are the key takeaways from Trump’s watershed speech:<\/p>\n Trump said that his vision is for America to dominate the future of the cryptocurrency industry, and to prevent countries like China from taking it over.<\/p>\n “If we don’t embrace crypto and Bitcoin technology, China will, other countries will, they’ll dominate, and we cannot let China dominate,” he stated.<\/p>\n He added that China, which has banned crypto mining and trading, was making too much progress in crypto.<\/p>\n His remarks came barely two weeks after he said<\/a> that the crypto industry was still in its infancy, and he would not be responsible for allowing another country to dominate the sphere.<\/p>\n If elected president, Trump pledged never to sell the Bitcoin held by the US government. Instead, these coins would be the “core of the strategic national Bitcoin stockpile.”<\/p>\n He noted that the US government-owned 210,000 BTC, equivalent to 1% of the total Bitcoin supply in assets seized by aw enforcement agents. According to Trump, the seized coins will be converted into a permanent national asset that will benefit all Americans.<\/p>\n President Donald J. Trump confirmed he has diamond hands and will never sell #bitcoin<\/a> at The Bitcoin Conference 💎🙌<\/p>\n Watch the full keynote here: https:\/\/t.co\/xvuUTxF6px<\/a><\/p>\n — Bitcoin Magazine (@BitcoinMagazine) July 27, 2024<\/a><\/p><\/blockquote>\nAmerica Should Dominate The Future Of Crypto<\/h2>\n
The US Will Hold A Strategic Bitcoin Reserve<\/h2>\n
\n