Former US President Donald Trump has revealed his strong support for Bitcoin, stating that if re-elected, he would incorporate Bitcoin as a strategic reserve asset for the United States.
During his keynote speech at the Bitcoin conference in Nashville, Trump emphasized that the real threat to the US dollar’s dominance is not Bitcoin but political decisions from Washington, D.C.
In a series of statements, Trump also announced his intention to direct the Treasury Department to halt efforts to develop a central bank digital currency (CBDC).
He also described Bitcoin as not just a technological marvel but a miracle of human collaboration and achievement, and promised to end what he called the oppression of the cryptocurrency sector under his potential future presidency.
Additionally, Trump announced that he would fire the current SEC Chairman, Gary Gensler, on his first day in office.
Trump said that he will seek to make the United States the capital of Bitcoin in the world and that he will build a global reserve of the currency in the United States, as happened with oil. This may be the most positive point for the price of Bitcoin in Trump’s speech and in the modern Bitcoin era after the announcement of the listing of exchange-traded funds last January.
His comments mark a complete reversal of the current administration’s position on cryptocurrency regulation and oversight.
Continuing his pro-crypto stance, Trump predicted that Bitcoin's market value would surpass that of gold and called for the United States to become the cryptocurrency capital of the planet, signaling a major shift in policy toward cryptocurrencies if he wins the presidential election.
Bitcoin rose 1% in yesterday's trading but is now trading at $67,509.3 at 11:15 Riyadh time, down 0.7%.
