At the 2024 Bitcoin Conference in Nashville, President Donald Trump made a strong pledge to end what he described as the Biden administration’s “anti-crypto crusade” if reelected. His keynote speech emphasized support for the cryptocurrency industry and criticized the current regulatory approach.
“The Biden-Harris administration’s repression of crypto and bitcoin is wrong and it’s very bad for our country,” Trump asserted. “Let me tell you if they win this election, every one of you will be gone. They will be vicious. They will be ruthless. They will do things that you wouldn’t believe.”
Trump reassured the audience that the federal government would not sell its Bitcoin holdings. “For too long, our government has violated the cardinal rule that every Bitcoiner knows by heart: Never sell your Bitcoin,” he stressed.
He outlined his vision for the United States as a global leader in cryptocurrency. “This afternoon I’m laying out my plan to ensure that the United States will be the crypto capital of the planet and the Bitcoin superpower of the world, and we’ll get it done,” Trump declared.
The Biden administration has taken steps to regulate Bitcoin and other cryptocurrencies and has proposed the implementation of a US Central Bank Digital Currency, a move that has faced opposition from many Congressional Republicans.
Trump detailed several initiatives he would pursue if reelected. These include the immediate dismissal of Securities and Exchange Commission (SEC) Chairman Gary Gensler, who has been a strong advocate for stricter crypto regulations.
Additionally, Trump proposed creating a Bitcoin and Crypto Presidential Advisory Council. “The rules will be written by people who love your industry, not hate your industry,” he promised.
During his first presidency, Trump was skeptical of cryptocurrencies, stating in 2019 that he was “not a fan” of Bitcoin and believed its value was “based on thin air.” However, he has since changed his stance, asserting in his speech that Bitcoin “stands for freedom, sovereignty, and independence from government coercion and control.”
Trump’s address at the conference highlighted his dedication to reversing the Biden administration’s policies on digital currencies and establishing the United States as a dominant force in the global crypto industry.
