Former President Donald Trump addressed the Bitcoin 2024 conference in Nashville, Tennessee, setting forth an ambitious and Bitcoin-friendly agenda that electrified the crowd.
With thousands of attendees in person and many more tuning in via livestream, Trump’s speech marks a significant shift in his stance on digital currencies and outlines a bold vision for the future of Bitcoin in America.
Trump Nashville Speech 2024
One of the most resounding promises from Trump’s speech was his commitment to remove Securities and Exchange Commission (SEC) Chair Gary Gensler if he is elected president again.
This pledge drew thunderous applause from the audience, who see Gensler as an adversary to the Bitcoin industry.
“On day one, I will fire Gary Gensler and appoint a new SEC Chair,” Trump declared, to which the crowd responded with cheers and a standing ovation. “I didn’t know he was that unpopular! Wow,” he remarked, seemingly surprised by the intensity of the reaction. He added:
“I will appoint a new SEC chairman who believes America should build the future, not block the future.”
Trump’s speech also included a promise to prevent the sale of the U.S. government’s bitcoin holdings and to establish a strategic national bitcoin stockpile.
The U.S. government currently holds over 210,000 BTC, worth nearly $14.5 billion. Trump proposed that this reserve be kept intact to serve as a national asset.
“It will be the policy of my administration to keep 100% of all the bitcoin the U.S. government currently holds or acquires into the future. This will serve as the core of the strategic national bitcoin stockpile,” Trump stated.
This idea was echoed by Senator Cynthia Lummis (R-Wyo.), who announced a bill to create a bitcoin strategic reserve that would eventually hold 1 million BTC.
Trump assured the audience that under his administration, the regulatory landscape for Bitcoin would change dramatically. He promised to create a presidential advisory council to develop transparent and fair regulatory guidelines within his first 100 days in office.
“We will have regulations, but from now on, the rules will be written by people who love your industry, not hate your industry,” Trump said. This sentiment was welcomed by the attendees, many of whom believe that current regulations are overly restrictive and stifle innovation.
A significant part of Trump’s speech was dedicated to his opposition to the development of Central Bank Digital Currencies (CBDCs). He argued that such government-controlled digital assets could undermine financial freedom and autonomy.
He added:
“There will never be a CBDC while I’m president of the United States […] I will always defend the right to self-custody.”
Trump’s vision for Bitcoin also includes ramping up bitcoin production and mining within the United States. He emphasized the need for increased electricity production, using all available sources, including fossil fuels and nuclear energy, to support this goal.
“If we don’t embrace Bitcoin and cryptocurrency, China will,” Trump warned. “I want it to be mined, minted, and made in the USA. And if Bitcoin is going to the moon, as we say, I want America to be the nation that leads the way.”
In a nod to the more controversial aspects of the Bitcoin community, Trump reiterated his commitment to commute the sentence of Ross Ulbricht, the founder of the underground market website Silk Road.
Ulbricht is currently serving a life sentence, which many in the community view as excessive.
“They took it away from you,” Trump said, referring to the U.S. government’s seizure of bitcoin. “As I take steps to transform that vast wealth into a permanent national asset to benefit all Americans, today I repeat my promise to commute the sentence of Ross Ulbricht.”
The reaction from the Bitcoin community was overwhelmingly positive. Attendees, many of whom wore red “MAGA” hats, cheered and applauded throughout the speech.
The general sentiment in the room was one of optimism and support for Trump’s vision of a Bitcoin-friendly future.
“I’m thrilled to be the first American president ever to address a Bitcoin event,” Trump told the crowd, which included many prominent figures in the industry.
Despite the enthusiasm, some experts urged caution. Digital-assets lawyer David Lesperance reminded the industry that campaign promises often differ from actual policies implemented in office.
“There is a world of difference between campaign promises and what the winner will actually do when in office,” Lesperance said.
Trump’s speech comes at a time when Bitcoin and digital assets are becoming a major issue in U.S. politics.
The Biden administration has been criticized for its regulatory approach to Bitcoin, and Trump used this to his advantage, contrasting his support for the industry with what he described as the Biden administration’s “hostility.”
“Because of me, they are leaving you alone,” Trump told the crowd, claiming that the Biden administration had eased its pressure on the industry following his support for Bitcoin.
While there is skepticism about the feasibility of his promises, the speech has undoubtedly positioned Bitcoin as a key issue in the upcoming presidential election.
As the 2024 election approaches, the Bitcoin community will be watching closely to see how these promises evolve into concrete policies and what impact they will have on the future of digital currencies in the United States.
Whether or not Trump’s vision becomes a reality, his speech has already left a lasting impression on the landscape of American politics and digital assets.
