Trump Secures $25 Million at Bitcoin 2024 Conference
Trump Promises National Crypto Reserve and Regulatory Overhaul
In a groundbreaking move, former President Donald Trump delivered a keynote speech at the Bitcoin 2024 Conference in Nashville on July 27, promising a significant shakeup in the crypto world. During his address, Trump pledged to establish a national crypto reserve for the United States, should he be elected.
This proposed reserve would be a strategic stockpile of Bitcoin, Ethereum, XRP, Solana, and Cardano's ADA, according to Trump. The aim is to legitimize these digital assets alongside traditional assets like gold, forming a "digital asset stockpile" with Bitcoin and Ethereum at its core.
Trump also expressed his desire for all crypto mining to occur within U.S. territory, boosting economic opportunities and national security. He stated, "If crypto is going to define the future, I want it to be mined, minted, and made in the USA."
In addition to these promises, Trump signed an executive order on January 23 directing the creation of a crypto working group to explore regulatory frameworks. The order also banned research and development of a U.S. central bank digital currency (CBDC), focusing instead on stablecoin regulations. Trump has committed to hosting a White House crypto summit to bring together industry leaders and regulators to develop crypto policy.
The Bitcoin 2024 Conference in Nashville raised $25 million for Trump's campaign, making it his second-highest-ever fundraiser across all three of his presidential campaigns, according to David Bailey, the CEO of Bitcoin Magazine and Bitcoin Conference.
Trump also promised to fire SEC chair Gary Gensler on day one, should he be elected. Unlike the German government, which sold billions of dollars worth of Bitcoin seized from hackers and fraudsters, causing the BTC/USD price to plummet, Trump stated that he will not sell any Bitcoin already seized by the government.
The roster of speakers at the Bitcoin 2024 Conference in Nashville included representatives from various spheres of the industry. Two more Bitcoin conferences are scheduled for Amsterdam and Abu Dhabi before the end of the year. The Bitcoin 2024 Conference in Nashville is being defined as the biggest one yet.
This news about Trump's fundraising and promises regarding Bitcoin was shared by David Bailey on X. Trump's vision, if implemented, could potentially transform the crypto market, ushering in institutional adoption and significantly moving crypto markets. His social media influence has already been noted for causing substantial Bitcoin price swings.
As the U.S. government transfers $2 billion worth of Bitcoin from the Silk Road dark web to an unknown wallet, the race to establish a national crypto reserve heats up. Trump's promises to make the U.S. a leader in the crypto space by creating a diversified national crypto reserve, promoting domestic crypto mining, and instituting supportive regulatory frameworks could set the stage for a competitive global crypto market.
[1] Source: CoinDesk [2] Source: Bloomberg [3] Source: Forbes [4] Source: Decrypt [5] Source: The Block
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