During the recent 2024 Bitcoin Conference, Donald Trump outlined his vision for the United States to become a leading force in the world of cryptocurrency. In a speech filled with ambitious plans, Trump detailed the initiatives he intends to put into action if he secures the presidency once again.
Trump’s Vision for Bitcoin
One of Trump’s bold promises was to dismiss Gary Gensler from his position as SEC chairman and appoint a new leader on his very first day in office. He also proposed the establishment of a strategic national Bitcoin reserve controlled by the U.S. Government, with a commitment to holding onto all Bitcoin acquired. Trump confidently proclaimed that “Bitcoin is on an upward trajectory,” advising individuals to hold onto their Bitcoin as he predicted it would eventually surpass the market cap of gold.
Additionally, Trump expressed his intention to reduce the sentence of Ross Ulbricht, the mastermind behind the Silk Road platform. He adamantly declared that under his administration, there would be no Central Bank Digital Currency (CBDC) introduced.
Trump firmly believed that under his leadership, Bitcoin and other cryptocurrencies would flourish, arguing that the real threat to the dollar comes from the current government rather than from Bitcoin. He aimed to position the United States as the global epicenter for crypto and a dominant force in the world of Bitcoin, emphasizing that Bitcoin signifies freedom and autonomy from government interference. Trump reassured the Bitcoin community that the anti-crypto stance of Biden and Harris would come to an end once he assumed office.
Debate Surrounding the Removal of SEC Chairman
Despite the enthusiasm generated by his promises, Trump’s vow to dismiss SEC chairman Gary Gensler sparked controversy. XRP influencer “WrathofKahneman” pointed out that the President does not have direct authority to remove the SEC Chair, as protected by a Supreme Court ruling. However, he suggested alternative methods such as restructuring the SEC or exerting public pressure. He also highlighted the emptiness of much of the campaign rhetoric surrounding cryptocurrencies.
XRP expert Ashley Prosper raised the possibility that the President could dismiss the SEC chair for negligence or misconduct, citing Gensler’s handling of the FTX and LUNA cases as potential grounds for removal.
Criticism from Peter Schiff
Renowned Bitcoin critic Peter Schiff speculated that Trump’s support for Bitcoin is merely a strategic ploy to garner votes and contributions from the crypto community. Schiff cast doubt on promises like incorporating Bitcoin as a reserve asset, suggesting they would remain unfulfilled. Despite facing backlash from the crypto community, Schiff continued his critique, singling out advocates like Michael Saylor, chairman of MicroStrategy, for their influence on Trump’s decision to add Bitcoin to the national balance sheet, which he deemed reckless.
Disclaimer: This article is for informational purposes only and should not be construed as financial advice. The opinions expressed in this piece are solely those of the author and do not necessarily reflect The Crypto Basic’s views. Readers are advised to conduct thorough research before making any investment decisions, as The Crypto Basic holds no responsibility for any financial losses incurred.
