Former US President and current Republican presidential candidate Donald Trump has pledged to position the US as a leading force in the cryptocurrency world if he returns to the White House. Speaking at the Bitcoin 2024 convention on Saturday, Trump outlined his vision for making the US a “Bitcoin superpower” and pledged to establish a strategic national Bitcoin reserve, but did not hint at creating a Federal Reserve for the digital currency.
Also read: Crypto prices today: Bitcoin exceeds $69,000 on Donald Trump's pro-crypto pledge
From “It's Not Money” to the BTC Advisory Board
During his speech, President Trump announced his intention to appoint an advisory committee to develop transparent regulatory guidelines for the cryptocurrency industry, marking a major shift from his previous stance in which he characterized Bitcoin as “not money” and criticized its volatility and lack of concrete backing.
Trump's pledges include firing Securities and Exchange Commission (SEC) Chairman Gary Gensler and immediately establishing a “Presidential Advisory Commission on Bitcoin and Cryptocurrencies.”
He emphasized the importance of the United States taking the lead in the cryptocurrency space, saying, “I am laying out a plan to make America the cryptocurrency capital of the planet and the Bitcoin superpower of the world.”
Bitcoin, known for enabling secure online peer-to-peer transactions, has been gaining a lot of attention around the world. President Trump warned his audience that Bitcoin investors would face difficulties if Vice President Kamala Harris becomes president.
He expressed pride in being the first major party candidate to speak at the annual cryptocurrency conference and the first U.S. president to attend a Bitcoin event.
In addition to regulatory clarity, President Trump promised to halt all efforts to establish a central bank digital currency (CBDC), claiming that “as long as I am President of the United States, there will never be a CBDC,” and also voiced his support for self-governance in the cryptocurrency industry.
Bitcoin could surpass gold
Having reverted from his previous criticism of Bitcoin, Trump now sees potential in its growth and influence. He aims to create a framework for the safe and responsible expansion of stablecoins and increase the global dominance of the US dollar. This change in thinking has attracted attention, with Senator Cynthia Lummis introducing a bill that would direct the US Treasury to purchase 1 million Bitcoins, worth around $70 billion.
President Trump predicted that Bitcoin could surpass gold's market cap of $16 trillion, saying: “Soon… [Bitcoin] “It will surpass silver's market cap. It may even overtake gold at some point, and given where we are right now, that seems quite likely.”
As the battle for the White House intensifies, President Trump's cryptocurrency policies and promises are likely to have a major impact on the future of digital currencies in the United States.
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