By Samuel Timothy
Former President Donald Trump, once a skeptic of cryptocurrency, has promised to be a “pro-bitcoin president” if elected in November. The Republican nominee is courting support from an industry disillusioned by current US regulations.
At a conference in Tennessee, Trump criticized the Biden-Harris administration’s approach to cryptocurrency. “The Biden-Harris administration’s repression of crypto and bitcoin is wrong, and it’s very bad for our country,” he declared to an enthusiastic crowd. Comparing cryptocurrencies to the growth of the steel industry a century ago, Trump emphasized, “Bitcoin stands for freedom, sovereignty, and independence from government coercion and control.”
Trump vowed that if he returns to the White House, he would prevent the US government from selling its bitcoin holdings, describing this reserve as the foundation of a strategic national bitcoin stockpile. His proposal is less ambitious than that of third-party candidate Robert F. Kennedy Jr., who suggested creating a stockpile of 4 million bitcoins.
Highlighting global competition, Trump stated, “If we don’t embrace crypto and bitcoin technology, China will, other countries will, they’ll dominate, and we cannot let China dominate.” He underscored the importance of making the US a leader in cryptocurrency production and mining, promising to make US energy the cheapest globally by boosting fossil fuel and nuclear energy production.
“We’ll be doing it in an environmentally friendly way,” Trump assured, “but we will be creating so much electricity that you’ll be saying, ‘please, please, Mr. President, we don’t want any more electricity.’”
On his first day in office, Trump pledged to fire Gary Gensler, chairman of the US Securities and Exchange Commission (SEC), a figure often criticized by the cryptocurrency community for his regulatory approach. The crowd’s approval prompted Trump to repeat his commitment, emphasizing his intent to remove Gensler immediately.
Trump also addressed the shift in the Democratic ticket, with Vice President Kamala Harris replacing President Joe Biden following Biden’s unexpected exit from the campaign. “We have to fight and we have to win, and I pledge to the bitcoin community that the day I take the oath of office, Joe Biden, Kamala Harris’s anti-crypto crusade will be over,” Trump proclaimed.
The Final Stretch to the US Election
With 100 days remaining until the US election, the campaign landscape has been dramatically altered by an assassination attempt and President Joe Biden’s sudden withdrawal. Vice President Kamala Harris has taken the Democratic lead, reinvigorating the party’s efforts and securing $200 million in donations since Biden’s exit and endorsement.
A Wall Street Journal poll revealed Harris has closed Biden’s six-point deficit with Trump to just two points, garnering increased support from Black, Latino, and young voters. However, Republican pollster David Lee warned Democrats against premature optimism, noting, “Donald Trump is in a far better position in this election compared to a similar time in the 2020 election.”
Despite the race being a dead heat nationally, Trump holds an advantage due to the Electoral College system. His 2016 victory over Hillary Clinton, despite losing the popular vote by nearly three million ballots, underscores this strategic edge.
