In a surprise move, Donald Trump has pledged to be a “pro-bitcoin president” if elected in November. The former US President made the declaration at a conference in Tennessee, where he lashed out at the current administration’s handling of cryptocurrency regulation.
Trump likened the growth of cryptocurrencies to the steel industry of 100 years ago, stating that “Bitcoin stands for freedom, sovereignty, and independence from government coercion and control.”
US Bitcoin holdings
He vowed to prevent the US government from selling its bitcoin holdings and instead create a strategic national bitcoin stockpile. “Never sell your Bitcoin! The federal government holds 210,000 $BTC. If elected, my administration will keep a hundred percent of all Bitcoin the US owns.” – Trump stated
The proposal was met with cheers from the audience, with Trump also announcing his intention to increase fossil fuel production and nuclear energy to make US energy the cheapest in the world. This move would, in turn, make the US an attractive location for cryptocurrency mining operations.
Trump also targeted Gary Gensler, chairman of the Securities and Exchange Commission (SEC), who has been a thorn in the side of the cryptocurrency industry due to his cautious approach to regulations. Trump vowed to fire Gensler on his first day in office.
The crowd erupted in approval as Trump announced his intention to tackle Vice President Kamala Harris’s anti-crypto stance. “The day I take the oath of office, Joe Biden, Kamala Harris’s anti-crypto crusade will be over,” he said.
The election is now just 100 days away, with both parties engaged in a heated campaign. The Democratic Party has consolidated behind Vice President Harris after President Joe Biden’s surprise exit from the race, with Harris’s candidacy reinvigorating her party’s campaign. The Republican Party is buoyed by Trump’s sudden shift on cryptocurrency, which could potentially win over supporters from the crypto community.
Despite the recent tightening of the polls, many experts caution against getting carried away. “Donald Trump is in a far better position in this election when compared to a similar time in the 2020 election,” said Republican pollster David Lee. With the Electoral College system still favoring Trump, it remains unclear how this shift will impact the outcome of the election.
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