In a keynote speech on the third day of The Bitcoin 2024 Conference at the Music City Center, former US President Donald Trump unveiled a groundbreaking vision for America’s future in the cryptocurrency world. His ambitious plan, dubbed the “Donald Trump Crypto Plan,” aims to establish the United States as the preeminent Bitcoin superpower globally.
Bitcoin Stands for Freedom, Sovereignty, and Independence
Trump began his address by asserting that the US Government will never sell its Bitcoin holdings, invoking the “cardinal rule that every Bitcoiner knows by heart: Never sell your Bitcoin,” as quoted by CNBC. He emphasised Bitcoin’s evolution from an obscure idea on an anonymous message board to becoming the 9th most valuable asset worldwide.
“Bitcoin will be mined, minted, and made in the USA,” Trump proclaimed, adding that if Bitcoin were to “go to the moon,” it would do so from America.
Criticising the current administration, Trump accused the Biden/Harris team of waging a war on crypto by cutting off banking support. He argued that the administration’s hostility towards Bitcoin stems from its inherent values of freedom, sovereignty, and independence from governmental control. According to reports, Trump pledged that his first day back in office would mark the end of Joe Biden, Kamala Harris, and Elizabeth Warren’s anti-crypto efforts. He also vowed to dismiss Gary Gensler, Chair of the US SEC, immediately.
Trump’s Donald Trump Crypto Plan includes terminating Operation Chokepoint 2.0 and establishing a Bitcoin and Crypto Presidential Advisory Council. He promised that within 100 days, fair regulations would be crafted by individuals who genuinely support the crypto industry. He further committed to defending the right to self-custody, freedom of transaction, association, and speech, assuring that there would never be a Central Bank Digital Currency (CBDC) under his administration.
Global Savings in Bitcoin
Another key aspect of the Donald Trump Crypto Plan is the support for USD stablecoins and global savings in Bitcoin. Trump stated that the current US Government’s actions pose a greater threat to the dollar than Bitcoin itself. According to CNBC, he declared that “the US will be the crypto capital of the planet and the Bitcoin superpower of the world.”
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Trump’s strategy involves transforming the US into the world’s lowest-cost energy producer, leveraging its abundant natural resources to become a Bitcoin mining powerhouse. He also committed to preventing the US Government from selling its Bitcoin reserves, positioning these holdings as the cornerstone of a strategic national Bitcoin stockpile.
The political backing for Bitcoin doesn’t stop with Trump. Following his speech, Senator Cynthia Lummis proposed legislation to accumulate an official US federal reserve of $1 million Bitcoins over five years. This reserve, to be held for a minimum of 20 years, would be used exclusively to reduce the US debt. Additionally, Presidential candidate Robert F. Kennedy Jr. expressed his intent to push the federal government to acquire Bitcoin until the nation’s BTC holdings matched its gold reserves.
Bitcoin Price Above $69,000
The announcement of the Donald Trump Crypto Plan coincided with a surge in Bitcoin’s price. At the time of writing, Bitcoin is trading above $69,000, marking an increase of over 3% in the past 24 hours. This bullish trend comes as the US Federal Reserve prepares to announce its interest rate decision on August 1.
CME data indicates a 96% probability that the interest rate will remain unchanged, with an 85.8% likelihood of a 15bps (basis points) rate cut on September 18. This week’s announcement of the July unemployment rate is also expected to impact the market.
Trump’s vision for a Bitcoin-dominated future has set the stage for what could be a pivotal moment in the cryptocurrency world. His commitment to making the US the Bitcoin superpower reflects a significant shift in political attitudes towards digital currencies. As Trump stated, “Bitcoin represents the future of freedom, sovereignty, and independence, and under my leadership, the United States will lead that future.
Donald Trump Crypto Plan -Final Remarks
In conclusion, the Donald Trump Crypto Plan aims to reshape the US into the global leader in Bitcoin and cryptocurrency. With promises of regulatory reforms, support for USD stablecoins, and a commitment to national Bitcoin reserves, Trump’s strategy is poised to have a lasting impact on the crypto industry. As officials say, this could be the game-changer that propels the US to the forefront of the digital currency revolution. For more detailed analysis and the latest updates, stay tuned to The BIT Journal, your go-to source for comprehensive crypto news.
The price predictions and financial analysis presented on this website are for informational purposes only and do not constitute financial, investment, or trading advice. While we strive to provide accurate and up-to-date information, the volatile nature of cryptocurrency markets means that prices can fluctuate significantly and unpredictably.
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