By Luis De Jesus
27 Jul 2024, 23:55 PM EDT
Former US President and Republican candidate Donald Trump on Saturday promised that if he returns to the White House, he will create a strategic national reserve of bitcoin and ensure that the federal government never sells its reserves of the cryptocurrency.
Although he did not formally present a proposal for a federal reserve for digital currencies, his statements generated great enthusiasm at the main annual conference on bitcoin, held in Nashville, Tennessee, reports the Efe news agency.
“For too long, our government has violated the cardinal rule that every bitcoin investor knows by heart: never sell your assets,” Trump said, earning applause from the crowd.
The former president compared the sector to the steel industry of a century ago, promising to turn the United States into the “crypto capital of the planet and the world’s bitcoin superpower.”
His intervention comes at a time when numerous leading cryptocurrency companies, investors and industry enthusiasts are beginning to rally around Trump, hoping he will protect the industry from federal regulation.
During his speech, the Republican contrasted two positions: on the one hand, the growing acceptance of cryptocurrencies by the Republican Party, and on the other, the approach in favor of greater regulation that characterizes the Administration of President Joe Biden and his Vice President Kamala Harris.
“The Biden-Harris administration’s crackdown on cryptocurrency and Bitcoin is wrong and damaging to our country,” Trump said.
He then made a series of promises to deregulate the sector. Among other things, he said that if he comes to power, he will remove Gary Gensler, chairman of the Securities and Exchange Commission, an agency that has taken an aggressive approach to regulating cryptocurrencies, “on day one.”
Since Biden took office in 2021, the US government has stepped up its efforts to regulate the sector, seeking to protect citizens from scams and prevent this digital currency from being used for illicit activities.
Such strict oversight has angered cryptocurrency advocates in Silicon Valley, who have warmed to Trump in recent months.
Among the audience were attendees wearing red caps reading “Make Bitcoin Great Again,” a reference to Trump’s campaign slogan: “Make America Great Again.”
However, while Trump was giving his speech, the price of Bitcoin experienced a slight drop in value, trading at least 0.96% lower.
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