Trump backs Bitcoin as US reserve asset, plans to fire Gary Gensler

BTC

As a seasoned researcher with extensive experience in the cryptocurrency market, I have closely followed the developments surrounding former US President Donald Trump’s recent statements regarding Bitcoin and stablecoins.

“Rumors of former US President Donald Trump’s plan to establish a ‘Bitcoin strategic reserve’ have been circulating for some time now, and Trump himself has recently confirmed these reports.”

In his overwhelming address at the Bitcoin 2024 conference in Nashville, Trump vowed,

As a seasoned investor with years of experience in the dynamic world of cryptocurrencies, I strongly advise against selling your Bitcoin under any circumstances. My personal belief is grounded in the immense potential this digital currency holds for the future of finance and economy.

Making such a decision would place Bitcoin equivalently to commodities like petroleum, natural gas, and uranium in the United States strategic reserve, enabling the country to cope with unexpected interruptions in their supply.

Based on expert opinions in the industry, if the US takes this action, it might spark a game theoretical dynamic among global powers, potentially leading to a significant increase in Bitcoin’s value as countries scramble to secure strategic positions.

The US government currently holds 213K BTC, worth over $14 billion at the current prices.

Trump to fire Gary Gensler, expand stablecoins

During his presidency’s beginning, the ex-president pledged to dismiss Gary Gensler, head of the U.S. Securities and Exchange Commission (SEC), right away. This declaration elicited an extraordinary response from the crowd, causing Trump to momentarily halt and add a comment.

‘I didn’t know he was that unpopular. Let me say it again, on day 1, I’ll fire Gary Gensler.’

Further, Trump vowed to put an end to Operation Choke Point 2.0, which allegedly aimed to limit the crypto industry’s ability to use traditional banking services. The SEC’s regulatory actions and the resulting pressures forced many crypto businesses and related employment opportunities out of the country.

Addressing the same, Trump committed to stopping the purge.

‘No longer will your government watch as Bitcoin jobs & businesses flee to other countries.”

The ex-president firmly maintained that a central bank digital currency (CBDC) would not come into existence during his tenure in the United States.

Instead of his stance on expanding stablecoins to strengthen the US dollar, he emphasized that the actions of the US government pose a risk to the US dollar, not Bitcoin.

“The value of Bitcoin isn’t posing a danger to the US dollar. Instead, it’s the actions of the present American administration that could undermine the dollar.”

The ex-president couldn’t help but criticize Kamala Harris and Joe Biden. He labeled them as “relentless opponents of cryptocurrencies” and claimed that their hostility towards crypto would cease if he were to win the election.

As a researcher studying the intersection of politics and cryptocurrency, I can confidently say that Trump’s speech resonated deeply within the crypto community. The founder of Stacks, Ali Muneeb, expressed his excitement by labeling the address as “historic.” This perspective was widely shared among other members of the crypto sphere.

In the price graphs, Bitcoin reached a peak of $69,300 before dipping back down to around $68,000 by the time of publication. Recent US elections and political developments have significantly influenced Bitcoin’s price trend over the last couple of weeks.

The upcoming Fed rate decision on July 31st will set BTC’s next price direction.

2024-07-28 11:40

Trump to fire Gary Gensler, expand stablecoins

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