news

한어Русский языкEnglishFrançaisIndonesianSanskrit日本語DeutschPortuguêsΕλληνικάespañolItalianoSuomalainenLatina

Cailianshe News, July 28 (Editor: Niu Zhanlin)On Saturday, Eastern Time, former U.S. President Trump said that if he could return to the White House, he would ensure that the government retains 100% of its Bitcoin and would list Bitcoin as a U.S. strategic reserve asset.

At the Bitcoin 2024 conference held in Nashville, Tennessee, Trump attended and delivered a keynote speech to actively win over voters in the cryptocurrency industry and raise campaign funds.

During his speech, Bitcoin experienced a V-shaped trend, first falling by $1,200 in the short term, breaking the $67,000 mark; by the end of the speech, it rose violently again, recovering all the losses. As of press time, Bitcoin has exceeded $69,000 per coin.

“This afternoon, I will lay out my plan to ensure that the United States becomes the Cryptocurrency Capital and Bitcoin Superpower of the Earth, and we will get it done,” Trump said.

But compared to other proposals at the meeting, Trump’s pledge to maintain the U.S. government’s current bitcoin holdings is less radical for cryptocurrency investors.

For example, US independent presidential candidate Robert Kennedy Jr. promised in his speech on Friday that if he is elected president, he will launch a 4 million bitcoin reserve plan and will require the government to purchase 550 bitcoins every day until the reserve reaches 4 million.

Shortly after Trump's speech, Wyoming Republican Senator Cynthia Loomis said she planned to draft a bill that would require the government to build a national reserve of up to 1 million bitcoins over five years and hold them for 20 years. During those 20 years, the national reserve of bitcoins could only be used to reduce the national debt.

Trump claims that the Biden-Harris administration's crackdown on cryptocurrencies and Bitcoin is wrong and very detrimental to the United States.

Various favorable promises

He listed a series of promises to the cheering Bitcoin supporters in the audience, first of which was to reverse the Biden administration's persecution of the crypto industry. "I will fire SEC Chairman Gensler on the first day of my election." Gensler is reported to have taken a positive attitude towards cryptocurrency regulation.

The former president also promised to appoint a Bitcoin Presidential Advisory Commission to formulate U.S. cryptocurrency policy, and that there will never be a central bank digital currency (CBDC) during his presidency.

Zachary Bradford, co-founder of Bitcoin miner Cleanspark, described Trump's speech as a "historic moment." Trump mentioned mining several times and said that "the United States will become the undisputed Bitcoin mining power in the world."

Trump also said that the market value of Bitcoin will surpass that of gold in the future. Since its birth, the market value of Bitcoin has been increasing, and it has become the ninth largest asset in the world by market value. It will soon surpass silver and will surpass gold in the future.

On Saturday, Trump also held a small fundraising event in Nashville, with participation thresholds ranging from $60,000 to $840,000. David Bailey, CEO of Bitcoin Magazine, which organizes the Bitcoin 2024 conference, promised to raise $100 million in donations for Trump and mobilize more than 5 million voters to support Trump.

According to Trump campaign staff, the team has received more than $4 million worth of various cryptocurrencies since May, with donors from 12 states, including some battleground states.

During his presidency, Trump harshly criticized cryptocurrencies, calling them a “scam.” Trump’s change of attitude also reflects that cryptocurrency users have become a growing political force during this election.

Paul Veradittakit, partner at Pantera Capital Management, commented that Trump’s series of promises are very positive for the cryptocurrency industry and he is very optimistic about the future of the industry. The most exciting thing is that Trump hopes the United States will become the capital of cryptocurrency.