- The presidential contender declared his intention to terminate Operation Chokepoint 2.0.
Donald Trump declared on the last day of Bitcoin2024 that he will remove Gary Gensler’s leadership at the Securities and Exchange Commission (SEC), a government organization that is well-known for being anti-crypto.
To thunderous cheers from conference attendees, he declared, “I will fire Gary Gensler on Day One.” I had no idea he was so despised.
Upon his arrival, the streets were crowded with people eager to hear President Trump’s highly anticipated keynote speech. During it, he expressed his admiration for Bitcoin and stressed the importance of incorporating it into his economic agenda should he win the presidency.
He also called attention to Operation Chokepoint 2.0, the Biden administration’s purported coordinated attempt to restrain the industry by government and private banking executives.
Notably, Bitcoin, which was trading at $67,774, remained steady while the presidential candidate outlined his goals and thoughts for the sector. Nonetheless, the asset has been rising over the last two weeks, particularly when it became known that Trump would be speaking at the conference.
The day before Trump’s speech, Robert F. Kennedy Jr., the independent presidential candidate, declared at the same conference that he would issue an executive order establishing a 4 million Bitcoin strategic reserve by purchasing 550 Bitcoin every day for a year.
The United States government currently possesses 213,000 Bitcoin, or $15 billion, according to Arkham Intelligence.
Despite the prevailing reports that Trump would unveil a plan to reserve Bitcoin, he made reference to the 213,000 Bitcoin that the government now possesses.
The United States would develop a holding mindset during his presidency (relating to the assumption that Bitcoiners always hold their currency). He declared, “You never sell your bitcoin,” vowing to never sell any cryptocurrency held by the US government.
Furthermore, stablecoins do not intrinsically oppose the dollar in Trump’s view.
Trump has been the unwavering backbone of Bitcoin2024, and his opposition to the present administration’s strong anti-crypto attitude is a breath of fresh air. A lot of people who attended the conference now hope that if Trump becomes president, the digital asset market would finally get the regulatory certainty it has been demanding for years.
Regarding Bitcoin, the political landscape has been increasingly heated. Trump made an unexpected 180-degree change, switching from being a skeptic in 2021 to a believer as soon as the campaign trail kicked out. He says he wants to maintain Bitcoin mining in the nation and that he will commute the sentence of Silk Road developer Ross Ulbricht, who is now incarcerated.
Democrats were initially vehemently opposed to cryptocurrencies, but now they are beginning to change their minds due to Trump’s unabashedly pro-crypto position. Only yesterday, Democratic Party members pushed the DNC to take a more pro-crypto position and lessen its attacks on the sector.
Trump’s appearance at Bitcoin2024 with a positive posture toward the commodity is already a step in the right way, even though others doubt he will follow through.
Disclaimer : This article was created for informational purposes only and should not be taken as investment advice. An asset’s past performance does not predict its future returns. Before making an investment, please conduct your own research, as digital assets like cryptocurrencies are highly risky and volatile financial instruments.
