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Early this morning, at the just-concluded Bitcoin 2024 conference, former US President Trump made a series of eye-catching promises to the cryptocurrency circle, demonstrating his determination to gain support in this field.

Specifically, Trump promised:List Bitcoin as a strategic reserve asset of the United States, fire the current SEC chairman, establish a Bitcoin Presidential Commission, encourage power plants to strengthen electricity supply for Bitcoin mining, and explore synergies between the crypto industry and the electric vehicle industry.

It is worth mentioning that this is a huge shift from Trump’s previous stance on digital assets. It not only highlights the growing importance of cryptocurrencies in the U.S. political landscape, but also reflects the Trump camp’s new thinking on economic policy.

These radical promises have brought volatility to the cryptocurrency world. As some U.S. officials have proposed more radical cryptocurrency support policies and the Democratic Party seems to be "turning", the cryptocurrency world does not seem to be satisfied with Trump's promises.

Bitcoin has a V-shaped market trend, first falling in the short term and breaking through the $67,000 mark, and then starting to rise sharply near the end and breaking through $69,000.

Various favorable cryptocurrency promises

First, Trump promised to establish a "strategic national bitcoin reserve" if elected.He said the federal government will retain all the bitcoins currently held, about 210,000, accounting for 1% of the total supply of bitcoin. This move will make the United States the first country in the world to officially include bitcoin in its national strategic reserves, giving bitcoin a strategic status similar to gold.

Secondly, Trump announced that he would fire Gary Gensler, the current chairman of the U.S. Securities and Exchange Commission (SEC), on his first day in office. Gensler has been seen as hostile to the cryptocurrency industry since taking office in 2021, and his regulatory approach has been criticized by the crypto industry. Trump promised to change this situation, saying that current regulations are "too unclear, harsh and inflexible" and hinder industry innovation.

At the same time, Trump announced that if he takes office, he will set up a "Presidential Advisory Committee on Bitcoin and Cryptocurrency".This committee will then set US cryptocurrency policy, all Bitcoin jobs will be preserved in the US, and there will never be a central bank digital currency (CBDC) during his presidency.

In addition, Trump also promised to encourage innovation in the fields of power plants, electric vehicles and the cryptocurrency world.He hopes that cryptocurrencies will be mined in the United States, and in order to facilitate mining in the crypto digital field, he will increase efforts in the power supply field.Develop fuel power generation, nuclear power and other environmentally friendly power generation methods,and exploring synergies between the cryptocurrency industry and the electric vehicle industry.

The commitment is in line with growing interest in sustainable crypto mining and the potential for blockchain technology to revolutionize the energy industry.

The cryptocurrency world has become a "must-fight area" in the election

As the 2024 U.S. election approaches, cryptocurrency policy is becoming one of the hot topics in candidate debates.

Trump has made cryptocurrency policy an important part of his campaign platform. According to a staffer from the Trump campaign, the team has received more than $4 million worth of various cryptocurrencies since May. According to OpenSecrets, the amount of money invested by crypto industry donors in the 2024 election has exceeded the total of all previous cycles.

Some U.S. officials have proposed more radical pro-cryptocurrency policies than Trump has promised, and the Democratic Party appears to be shifting gears.

Shortly after Trump's speech, Republican Senator Cynthia Loomis of Wyoming, who attended the Bitcoin 2024 conference in Nashville, said she planned to draft a bill requiring the government to establish a national reserve of up to 1 million bitcoins within five years and hold them for 20 years. On Friday local time, independent presidential candidate Robert Kennedy Jr. promised in his speech that if he was elected president, he would start a reserve plan of 4 million bitcoins.

Although US Vice President and Democratic presidential candidate Harris rejected the invitation to the Bitcoin 2024 conference,But Harris is expected to clarify her stance on cryptocurrencies in the coming weeks. According to media reports, more than 20 Democratic lawmakers, including Harris, signed a statement on Saturday morning local time, calling on the Democratic National Committee to abandon its policy against Bitcoin with Senator Elizabeth Warren.