Trump showers praises on the Bitcoin Industry

At one of the biggest cryptocurrency gatherings of the year, Donald Trump declared that he would dismiss the US Securities and Exchange Commission (SEC) chairperson on the first day of office if re-elected. At Saturday's Bitcoin 2024, which brought together major players in the sector in Nashville, Tennessee, Trump gave the keynote address. The purpose of the gathering was for the Republican presidential contender to court the IT community and solicit funds for his campaign. Republicans are using cryptocurrency as a political battleground after Trump said Vice President Kamala Harris and the Democratic Party were "against crypto."

When Trump announced, "on day one I will fire Gary Gensler," the SEC head selected by current President Joe Biden, the audience became extremely excited. As soon as this statement was made, the crowd began to shout "Trump" and celebrate wildly. Mr. Gensler oversaw a purge of the cryptocurrency market and has warned that it is full of "hucksters." The "King of Crypto" Sam Bankman-Fried was charged by the SEC and given a 25-year sentence for stealing billions of dollars from users of his cryptocurrency exchange, FTX. Over the course of his 45-minute speech, Trump discussed some of his plans for the industry if he were to win the election in November. He declared that the US would become the global center of cryptocurrency.

His backing for the sector is in stark contrast to his remarks made to Fox Business in 2021, when he said he thought Bitcoin was a "scam" that would devalue the US dollar. At the gathering, Trump declared to the attendees that he would retain all Bitcoin that the US government now possesses or purchases, calling it a "national Bitcoin stockpile." In addition, the former president declared that he would "form a presidential advisory council on Bitcoin and cryptocurrency immediately." He discussed the electricity required for mining cryptocurrencies. He stated, "You need enormous amounts of electricity," and he promised to "build powerplants" and "use fossil fuels" "to get that done."

Trump mentioned accepting payments for his campaign using cryptocurrencies, claiming to have collected $25 million (£20 million) in donations in the two months since he opened up transactions. He did not, however, specify the percentage of payments made using cryptocurrencies. Using his remarks, Trump attempted to politicize cryptocurrency regulation by accusing the Biden administration of being "anti-crypto."