US presidential candidate Donald Trump, during his speech at the annual Bitcoin 2024 conference, pledged to dismiss SEC Chairman Gary Gensler if elected and to establish a strategic bitcoin reserve.
The politician also stated that he would not allow the sale of any of the 213,239 BTC worth $14.8 billion, seized by authorities and held in US government wallets, according to Arkham.
“It will be the policy of my administration to retain 100% of all bitcoins that the US government currently holds or acquires in the future. […] This will serve as the core for a strategic national reserve,” Trump emphasized.
The Republican candidate promised to end the war on digital assets if elected. According to him, the US will become the cryptocurrency capital of the world.
Trump expressed respect for the bitcoin community and compared the crypto industry to the steel industry 100 years ago. He also supported the mining and stablecoin sectors.
“If we do not embrace cryptocurrency and bitcoin technology, China and other countries will. They will dominate, and we cannot allow China to dominate,” the politician said.
Among other things, he confirmed his previous promises to commute the sentence of Silk Road founder Ross Ulbricht and release him, as well as to prevent the creation of a CBDC.
In Trump’s view, “one day” bitcoin will surpass gold and silver in market capitalization, as it is a “miracle of technology, cooperation, and human achievement.”
Following the politician’s announcement of his intention to fire Gensler on his first day in office, the audience began to applaud and chant “Trump!”
“I didn’t know he was so unpopular,” the presidential candidate responded.
He promised to appoint someone as SEC head who would not “block the future of the US.” Trump also intends to create an advisory council on bitcoin and cryptocurrencies after taking office.
Amid the speech, bitcoin fell to $66,650 but soon slightly recovered. At the time of writing, the leading cryptocurrency is trading at $67,500—lower than before Trump took the stage.
Earlier, Bloomberg noted the hopes of crypto companies for a Trump presidency. According to the agency, bitcoin miners and other firms would benefit from his second term.
Analysts at Bernstein have stated that digital gold has yet to fully appreciate the potential positive shift in the regulatory landscape should Trump win the US presidential election.