Tech
Trump Fights for Cryptocurrency Vote at Bitcoin Conference
To the Bitcoin Conference 2024 In Nashville, Tennessee, former President Donald Trump delivered a keynote speech.
Trump, the Republican presidential candidate, used the platform to appeal to the tech community and solicit donations for the campaign. During the conference, He said:
I promise the Bitcoin community that the day I take the oath of office, Joe Biden and Kamala Harris’ anti-crypto crusade will be over… If we don’t embrace cryptocurrency and Bitcoin technology, China will, other countries will. They will dominate, and we can’t let China dominate. They are making too much progress as it is.
Trump’s speech focused heavily on cryptocurrency policy, positioning it as a partisan issue. He said that if reelected, he would fire SEC Chairman Gary Gensler on his first day in office, a statement that drew enthusiastic applause from the audience. This statement marked a stark contrast to Gensler’s tenure, which has been characterized by rigorous oversight of the cryptocurrency industry.
The former president outlined several pro-crypto initiatives he would undertake if elected. These include transforming the United States into a global cryptocurrency hub, keeping all government-held Bitcoin as a “national Bitcoin reserve,” establishing a presidential advisory council on Bitcoin and cryptocurrency, and developing power plants to support cryptocurrency mining, emphasizing the use of fossil fuels.
Trump’s current embrace of cryptocurrencies represents a reversal from his stance in 2021, when described Bitcoin as a “scam against the dollar.” He also noted that his campaign has received $25 million in donations since accepting cryptocurrency payments two months ago.
The event featured other political figures, including Republican Senators Tim Scott and Tommy Tuberville, as well as Democratic Representatives Wiley Nickel and Ro Khanna. Independent presidential candidate Robert F. Kennedy Jr. also spoke at the conference.
Trump’s appearance at Bitcoin 2024 reflects growing support for his campaign from some tech leaders, including Tesla CEO Elon Musk and cryptocurrency entrepreneurs Cameron and Tyler Winklevoss.
While Trump has described the current administration as “anti-crypto,” Democratic Congressman Wiley Nickel said Vice President Kamala Harris is taking a “forward-thinking approach to digital assets and blockchain technology.”
This event underscores the growing political importance of cryptocurrency policy in the upcoming presidential election.
Kamala Harris and Democrats Respond on Cryptocurrencies
In a strategic move to repair strained relations, Vice President Kamala Harris’ team has initiated a dialogue with major cryptocurrency industry players. This outreach aims to restore the Democratic Party’s stance on digital assets and promote a more collaborative approach.
THE Financial Times reports that Harris’s advisors have reached out to representatives from industry leaders like Coinbase, Circle, and Ripple Labs. This move comes as the cryptocurrency community increasingly supports Republican candidate Donald Trump, reflecting growing dissatisfaction with the current administration’s cryptocurrency policies.
THE disclosure follows a letter from Democratic lawmakers and 2024 candidates urging the party to reevaluate its approach to digital assets. Harris’s team stresses that this effort is less about securing campaign contributions and more about engaging in constructive dialogue to develop sensible regulations.
The move is part of a broader strategy to reshape the Democratic Party’s image among business leaders, countering perceptions of an anti-business stance. Harris’ campaign aims to project a “pro-business, responsible business” message.