Bitcoin has reached its highest price in over six weeks, climbing to about $69,745. This increase follows a speech by former President Donald Trump at the Bitcoin 2024 conference in Nashville, where he promised major changes for the cryptocurrency if he wins the upcoming US presidential election.
Trump’s plan for cryptocurrency
At the conference, Trump made a bold pledge to support cryptocurrency. “When I become president, I will end Joe Biden and Kamala Harris’s attack on crypto,” Trump said. He promised to make the U.S. the top country for cryptocurrency and criticized the current administration’s approach.
Trump warned that if the U.S. doesn’t embrace crypto, other countries like China will take the lead. “China is making too much progress, and we can’t let them dominate,” he said.
Major policy promises
One of Trump’s biggest promises was to fire Gary Gensler, the chair of the Securities and Exchange Commission (SEC), on his first day back in office. Gensler is known for his critical stance on cryptocurrencies, which has upset many in the crypto community. Trump’s audience cheered loudly at this announcement.
Trump also proposed creating a national “Strategic Bitcoin Stockpile.” This would involve keeping all the Bitcoin that the U.S. government currently holds or acquires in the future. He urged, “Never sell your Bitcoin,” showing his commitment to keeping these assets.
Criticism of the current administration
Trump didn’t hold back in his criticism of President Joe Biden and Vice President Kamala Harris. He called their administration “fascist” and said their policies were harmful to the crypto industry. Trump claimed that Harris is particularly against cryptocurrency and warned that if the Democrats win, they would impose even stricter rules.
In addition, Trump talked about boosting Bitcoin mining in the U.S. by building new fossil fuel-based power plants. He believes this will help provide cheap energy for mining and other tech industries. Trump aims to make the U.S. the lowest-cost producer of energy worldwide, although he has previously called AI a “dangerous thing.”
The impact
Trump’s speech seems to have had a positive effect on Bitcoin’s price. As of the latest update, Bitcoin is still the top cryptocurrency by market value, though it has dropped slightly by 1.87% over the past 24 hours.
With the presidential election approaching, Trump’s promises could have a big impact on the future of cryptocurrency. The crypto market is currently optimistic about the possibility of more supportive regulations.
Featured image credit: Donald Trump NFTs
