Former President Donald Trump said he would embrace the use of cryptocurrencies in the United States if elected for a second term.
Speaking on Saturday, the Republican presidential candidate sent a message to digital currency proponents, expressing his desire to see the country become a “bitcoin superpower” under his leadership, citing Telemundo 51.
In his opening speech at a bitcoin conference in Nashville, Tennessee, he promised to make the United States the “crypto capital of the world.” cryptocurrencies” and create a “strategic reserve” of bitcoins using the cryptocurrencies currently held by the US government.
He said the US must dominate the sector or China would: “If we don’t embrace cryptocurrency technology and bitcoin, China will, other countries will. They will dominate, and we can’t let China dominate. They’re making too much progress as it is,” he said.
Trump also promised to remove Securities and Exchange Commission Chairman Gary Gensler and create a cryptocurrency advisory board if he wins the election next November.
“We’re going to have regulations, but from now on the rules will be written by people who love their industry, not hate it,” Trump said during his speech at the Bitcoin 2024 conference, thus showing a radical change in his stance on cryptocurrencies, of which he was previously not a fan.
In 2019, he wrote on social media that their value was “highly volatile” and based “on thin air.”
However, Trump now shows himself to be a supporter of digital currencies, and even last May his campaign began accepting donations in cryptocurrency.
During his nearly 50-minute speech, he repeatedly contrasted his support for cryptocurrency with the Biden administration’s efforts to regulate the industry, telling the crowd that the federal government was “blocking their way.”
In this regard, he indicated that he would adopt more friendly regulations than those of the probable Democratic candidate, Vice President Kamala Harris.
The Republican Party has promised lighter regulation for cryptocurrencies, and Trump has criticized Democrats’ attempts to regulate the sector.