At the Bitcoin conference in Nashville, Tennessee, between 25th-27th of July, there were many crypto enthusiasts and supporters. However, the main star of the event turned out to be ex-president (and current nominee for upcoming elections), Donald J Trump. He spoke on the final day of the event, holding an hour-long speech, providing his support for the crypto world.
He proposed many measures he would undertake, should he become the president again and step in the Oval Office. In all likelihood, after the assassination attempt, Trump is a favorite to win, even after Kamala Harris replaced Biden as the candidate.
Trump’s first proposal is to create Bitcoin strategic reserves, by holding all the seized Bitcoins by the government, not to sell them further, and to use them like gold reserves- for propping up the dollar when needed. Here lies the main principle of Bitcoin maximalist movement- never sell your coins, just hold and stake. This move has two purposes, first of all creating additional value for the treasury once Bitcoin price rises. Another important point is to avoid creating selloffs by massively dumping cryptocurrency, like Germany did once they sold off their entire portfolio of seized cryptos.
Trump has also promised to fire Gary Gensler, current chairman of the Securities and Exchange Commission (SEC) on the first day in the office. Main reason behind the statement is that Gensler is strongly against any kind of cryptocurrency, and any form of their mainstream adoption. The crowd reacted strongly to this remark, shouting and screaming their approval.
Main point of course, is to create the biggest hub for crypto mining, for US to be both the largest holder and the largest miner of Bitcoin in the world. As Trump said himself, for 95% of all Bitcoin mining business to be US-based, in order to achieve complete global domination in this field.
Bitcoin gained in value right before, during and after the convention, as investors saw Trump’s remarks as overly positive for Bitcoin, and the world of blockchain technology in general.
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AcademicFX, Bitcoin, Bitcoin Conference, Crypto, Donald Trump, Nashville, Trump
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