
At the 2024 Bitcoin Conference in Nashville, President Donald Trump pledged to halt the Biden administration’s regulatory actions against cryptocurrencies if reelected. In his keynote speech, Trump criticized the current administration’s approach to Bitcoin and other digital currencies.
“The Biden-Harris administration’s repression of crypto and bitcoin is wrong and it’s very bad for our country,” Trump declared. “Let me tell you if they win this election, every one of you will be gone. They will be vicious. They will be ruthless. They will do things that you wouldn’t believe.”
Trump reassured the conference attendees that the federal government would retain its Bitcoin holdings. “For too long, our government has violated the cardinal rule that every Bitcoiner knows by heart: Never sell your Bitcoin,” he emphasized.
Outlining his vision for the future, Trump stated, “This afternoon I’m laying out my plan to ensure that the United States will be the crypto capital of the planet and the Bitcoin superpower of the world, and we’ll get it done.”
The Biden administration has implemented several regulatory measures targeting Bitcoin and other cryptocurrencies. Additionally, there has been discussion about introducing a US Central Bank Digital Currency, a move opposed by many Congressional Republicans.
Trump detailed several initiatives he would undertake if reelected, including the immediate dismissal of Securities and Exchange Commission (SEC) Chairman Gary Gensler, who has been advocating for stricter crypto regulations.
Trump also promised to establish a Bitcoin and Crypto Presidential Advisory Council, stating, “The rules will be written by people who love your industry, not hate your industry.”
During his first term, Trump was not supportive of cryptocurrencies, expressing skepticism about Bitcoin in 2019 by stating that he was “not a fan” and believed its value was “based on thin air.” However, his stance appears to have shifted. In his speech, Trump said he now sees Bitcoin as representing “freedom, sovereignty, and independence from government coercion and control.”