Donald Trump Promises a US Bitcoin Superpower and To Never Sell $BTC

• Donald Trump promised to fire Gary Gensler, the current SEC chairman, and to never sell Bitcoin if he becomes president.
• Trump wants the US to become thecrypto capital of the planet' and promises significant crypto innovation.
• Several Democrats sent an official letter to the Democratic Party and Vice President Kamala Harris requesting a more positive crypto approach.
• Pierre Rochard, Vice President of Research at Riot Platforms, claimed the Democrats' letter came because the polling data and the GOP were overwhelmingly pro-crypto.

Last week's Bitcoin 2024 conference cemented the importance of crypto in US politics. Republicans held nothing back in their support for Bitcoin ($BTC), and Democrats gave in to peer pressure.

Donald Trump redoubled his support for the crypto industry, claiming the government should never sell its Bitcoin holdings.

For too long our government has violated the cardinal rule that every bitcoiner knows by heart: Never sell your bitcoin.Donald Trump

During his keynote speech, the former president vowed to create a Bitcoin and crypto presidential advisory council,' with many calling Trump the future crypto president.'

Let's see why Trump promises a US Bitcoin superpower and what this could mean for crypto.

On Day One, I Will Fire Gary Gensler,' Trump Emphasized

One of the most controversial points Trump made was that he would fire the Securities and Exchange Commission's (SEC) chairman, Gary Gensler, who has recently been particularly aggressive toward crypto.

This announcement was met with significant acclaim from participants, with Trump even saying he didn't know he [Gensler] was that unpopular.'

JUST IN: Crowd goes absolutely nuts after Donald Trump vows to fire SEC Chairman Gary Gensler during the Bitcoin Conference in Nashville, Tennessee.

Trump was clearly taken aback at the crowd's reaction when he made the announcement.

On day one, I will fire Gary Gensler and... pic.twitter.com/0CyOMaY6FY

- Collin Rugg (@CollinRugg) July 27, 2024

Even though Trump can't legally fire appointed commissioners, he can appoint a new SEC chairman. This serves the same purpose and is what many crypto enthusiasts have long waited for.

Trump promises a US Bitcoin superpower thatwill become the crypto capital of the planet.'

Sen. Cynthia Lummis supported Trump's remarks, saying she plans to introduce a bill to create a Bitcoin reserve. Bitcoin supporters took this promise in stride, especially after Robert F. Kennedy (independent candidate) said he'd push the Treasury to buy 4M Bitcoins.

Democrats Scramble to Take a Positive Approach to Crypto

During the Bitcoin conference, 14 Democrat representatives sent a letter to the Democratic National Committee and Kamala Harris, urging them to change their approach to crypto.

Pierre Rochard, VP of Research at Riot Platforms, said this is likely because of polling data, the GOP pro-bitcoin policies, and President Trump speaking at the Bitcoin Conference.'

BREAKING: Democrat politicians have written a letter to the DNC, asking the party to pivot away from the anti-bitcoin policies of Elizabeth Warren.

This is likely in response to polling data, the GOP pro-bitcoin policies, and President Trump speaking at @TheBitcoinConf pic.twitter.com/GSvZQAjOCu

- Pierre Rochard (@BitcoinPierre) July 27, 2024

The letter emphasized that the Democratic Party's stance on crypto is unpopular with the public, possibly due to the SEC's aggressive approach to crypto and Bitcoin.

The 14 representatives supported Trump's claim about replacing Gary Gensler, suggesting the new chairman should be pro-crypto to regulate and innovate at the same time.

Lastly, the letter encouraged the Democratic Party to be open to crypto innovations and engage with industry leaders.

We believe this technology is non-partisan, and the Democratic Party should also champion these innovations to help reaffirm the US's position as the leader in the global digital economy.Democrat Letter

The Democrats' move seems to indicate they acknowledge the importance of crypto and that the time of crypto detractors is over.

Will the US Champion Bitcoin to New Peaks?

The Bitcoin 2024 conference made one thing clear: crypto is at a crossroads. US politics almost unanimously agrees on a pro-Bitcoin approach.

Trump's election as president could lead to ararely-seen Bitcoin uptrend, with the crypto market following suit. The next few months are a turning point for crypto, especially with the presidential elections around the corner on November 5.

References

• Trump proposes strategic national crypto stockpile: Never sell your bitcoin' (CNBC)
• Pierre Rochard's X Post About the Democrat Crypto Letter (X)
• Congressional Democrats' letter calls for crypto-friendly vice president, SEC chair (DL News)

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