President Donald J. Trump has promised that make the US a Bitcoin “superpower” and maintain its lead competitors such as China.
Trump said that if elected, he would ensure that the US government never sells the approximately 200,000 Bitcoins it holds, which represents about 1% of the total supply.
He said:
“For too long, the US government has violated the cardinal rule of Bitcoin: never sell.”
He further promised to fire SEC Chairman Gary Gensler on day one and appoint a new head for the regulator who believes in innovation and progress. He also claimed that Vice President Kamala Harris plans to appoint Gensler as Treasury Secretary if he is elected.
He said the Biden-Harris administration has waged “a war on crypto like you’ve never seen before” and that he plans to end the “crusade.” Trump added that the administration’s approach to crypto is “un-American.”
He said:
“We will end Operation Chokepoint 2.0.”
Trump also announced his intention to appoint a “presidential crypto advisor” to create a framework for the crypto industry that supports progress and innovation.
He emphasized the importance of crypto in geopolitics and promised to make the US a leader in adoption. He said:
“If we don’t adopt crypto and Bitcoin, others will….”
Trump also promised to turn the US into a Bitcoin mining powerhouse by ensuring the country has access to cheap electricity. He reiterated his intention to end the electric car mandate and generate energy through fossil fuels and nuclear power.
Trump also promised to commute Silk Road founder Ross Ulbricht’s sentence to time served.
Praise for Bitcoin
He also praised Bitcoin as an asset class, noting that in less than two decades it has become the ninth largest asset in the world by market capitalization. Trump added:
“One day it will probably take over gold… You’ve never seen anything like it.”
He acknowledged the flagship crypto’s influence across borders and its key role in driving collaboration between people around the world.
According to Trump:
“[Bitcoin] is not just a miracle of technology… it is a miracle of collaboration and human achievement.”
Editor’s note: This is a developing story and will be updated as Trump makes further announcements during his speech, which is still live at the time of writing.