Donald Trump Promises to Turn US into the Leading Hub for Cryptocurrency and Bitcoin Dominant Global Force

Washington:

Former President Donald Trump has vowed to transform the US into a “Bitcoin superpower” if re-elected to the White House and announced that he will establish an advisory council to develop transparent regulatory guidance for the entire industry.

However, Trump, the Republican candidate, refrained from suggesting a formal federal reserve of digital currency.

Trump outlined a number of crypto-friendly policy pledges during his address at a Bitcoin conference on Saturday, including pledging to dismiss Securities and Exchange Commission Chair Gary Gensler and establishing a “strategic national Bitcoin stockpile.” “I’m detailing my strategy to ensure that the United States will be the crypto capital of the planet and the Bitcoin superpower of the world,” Trump, 78, stated.

Bitcoin is the first globally accepted cryptocurrency — it enables secure and seamless peer-to-peer transactions online.

He also cautioned that Bitcoin investors in the audience would face challenges if Vice President Kamala Harris assumes the presidency.

“They (Democrats) want to stifle you. They want to stifle you out of business. We won’t allow that to happen. And no longer will your government stand idly by as Bitcoin jobs and businesses relocate to other countries due to America’s unclear, tough, angry, and strict laws. We will retain every Bitcoin job in the United States of America,” Trump declared in his speech at the Bitcoin2024 Conference, the largest annual gathering of the cryptocurrency industry, at Nashville’s Music City Center.

Trump is the first major party nominee to address the annual cryptocurrency conference.

Trump also committed to “promptly” establishing a “Bitcoin and crypto presidential advisory council,” which he said would offer “transparent regulatory guidance” for the cryptocurrency sector. “I am honored to be the first American president to speak at a Bitcoin event anywhere in the world. If crypto is going to shape the future, I want it to be mined, minted, and produced in the USA,” he proclaimed.

“We will have regulations, but from now on, the rules will be crafted by individuals who cherish your industry, not detest it. Individuals who want to make it clear and simple, straightforward and fair. Individuals who wish to see your industry prosper, not decline,” he remarked.

Trump also declared that he would terminate efforts by the US government to establish a central bank digital currency (CBDC), a move that has long been criticized by cryptocurrency enthusiasts.

“I will immediately instruct the treasury department and other federal agencies to halt all necessary steps because there’s a movement happening in your industry. They want to advance the creation of a central bank digital currency. It’s finished. Forget it. There will never be a CBDC while I’m President of the United States. I will always uphold the right to self-custody. You’re going to have a thriving industry, and we will fuel your industry,” he stated.

As president, Trump has deemed Bitcoin “not money” and criticized it as “highly volatile and based on thin air.” However, Saturday marked a complete reversal on the issue during the former president’s latest White House campaign. Indian-American entrepreneur-turned-politician Vivek Ramaswamy is a key advisor to Trump on cryptocurrency.

Trump announced that as part of his effort to provide regulatory clarity, his administration will establish a framework to facilitate the safe and responsible expansion of stable coins, allowing them to extend the dominance of the US dollar to new territories across the globe.

“America will be wealthier, the world will be improved, and billions and billions of people will be integrated into the crypto economy and storing their savings in Bitcoin. Those who claim that Bitcoin poses a threat to the dollar have it backwards. Bitcoin isn’t threatening the dollar. The actions of the current US government are the true threat to the dollar,” he declared.

“The peril to our financial future doesn’t stem from crypto. It arises from trillions of dollars wasted, rampant inflation, and open borders while providing welfare and free healthcare to all the illegal immigrants pouring into our nation by the millions. It stems from printing hundreds of billions of dollars to fund endless wars abroad while our cities resemble war zones right here at home,” he alleged.

Under Trump, America will emerge as the world’s unchallenged Bitcoin mining powerhouse.

“You will become a Bitcoin mining powerhouse. You won’t need to relocate your family to China. You won’t have to move to China. As we implement these reforms, Bitcoin and crypto will bolster our economy, solidify American financial supremacy, and fortify our entire nation for the long term,” he declared. PTI LKJ NSA NSA