Trump Promises to Fire Gensler

Former President Donald Trump made waves at the Bitcoin 2024 conference in Nashville with a series of promises to transform the United States into the world's leading crypto nation.

To a crowd of 10,000 attendees, Trump vowed to fire SEC Chair Gary Gensler on his first day in office. ' On day one, I will fire Gary Gensler,' Trump declared, eliciting thunderous applause from the audience.

Strategic Bitcoin Reserve

Trump also revealed plans to create a 'strategic national bitcoin stockpile,' pledging that the government would keep all its holdings.

This reserve would include approximately 213,000 BTC currently held by the Department of Justice. 'Never sell your bitcoin,' Trump advised, suggesting that bitcoin could one day surpass gold's market cap.

Crypto-Friendly Policies

In his 50-minute speech, Trump outlined several crypto-friendly policies. He promised to end the Biden administration's restrictive measures on the crypto industry and prevent the Federal Reserve from creating a central bank digital currency (CBDC). 'No longer will your government watch as Bitcoin jobs & businesses flee to other countries,' he proclaimed.

Support from Lawmakers

Senator Cynthia Lummis supported Trump's vision, announcing a bill to create a 'Bitcoin strategic reserve' of 1 million BTC. This reserve would be held for at least 20 years and used solely to reduce the national debt.

Lummis emphasized, 'We have a strategic oil reserve. We hold gold. So the idea of a strategic reserve used specifically to reduce the debt solves many problems.'

Market Reaction and Future Implications

Despite the enthusiasm at the conference, the market reacted cautiously. Bitcoin briefly spiked above $69,000 before settling back to $68,500. The upcoming Fed rate decision and the outcome of the 2024 presidential election will significantly impact the crypto industry's future.

With Trump's campaign gaining momentum, the next administration's policies could either bolster or challenge the growth of digital assets.