Bitcoin
Trump’s Pro-Bitcoin Stance Could Transform America
NASHVILLE, TENNESSEE – JULY 27: Former President and 2024 Republican presidential candidate Donald … [+] Trump gestures as he delivers a keynote speech on the third day of the Bitcoin 2024 conference at Music City Center on July 27, 2024 in Nashville, Tennessee. The conference, which is geared toward bitcoin enthusiasts, features multiple vendor and entertainment venues and seminars from celebrities and politicians. (Photo by Jon Cherry/Getty Images)
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History was made at the bitcoin conference in Nashville last Saturday when former President Donald Trump delivered a keynote address. A momentous moment in US history, the event was attended by 10 senators and two presidential candidates. Despite surviving a recent assassination attempt in Butler, Pennsylvania, Trump has shown no signs of being deterred.
Republicans’ pro-Bitcoin stance
Trump’s speech outlined the Republican Party’s commitment to bitcoin. Trump said that on his first day in office, he would fire Gary Gensler and appoint a new chairman of the Securities and Exchange Commission who would support innovation rather than impede it. He added that America would become a “bitcoin mining powerhouse” and urged supporters to never sell their bitcoin.
Trump also pledged to keep 100% of all bitcoins the US acquires and to release the jailed darknet market operator. Ross Ulbricht. He also confirmed that there would be no Central Bank Digital Currency under his presidency and that he would protect people’s privacy and financial autonomy.
Despite his support, Trump’s frequent references to “crypto” instead of “bitcoin” suggested he may not have been fully informed. He also mentioned that he needed to be nice to the bitcoin community until after the election.
The event was attended by other pro-bitcoin voices, including independent presidential candidate Robert F. Kennedy Jr. and U.S. Senator Cynthia Lummis.
Robert F. Kennedy Jr.
Robert F. Kennedy Jr. also spoke at the conference, discussing the policies he would implement under his presidency, including leveraging bitcoin as a strategic national asset. He stated, “Bitcoin is a technology of freedom, independence, and the currency of hope.” RFK Jr. promised to direct the Treasury to purchase 550 bitcoins per day as a reserve asset starting on day one of his presidency and to transfer approximately 200,000 bitcoins to the U.S. Treasury.
Influence of the Satoshi Action Fund
The language and ideas of the Republican platform reveal the influence of Satoshi Action Fund. This organization has been instrumental in educating lawmakers and pushing for state legislation that supports bitcoin. Four states have enacted such laws, and it has been successful in getting over 20 states to consider bitcoin-friendly policies.
A critical moment for American politics
By incorporating ‘Bitcoin Rights’ into its party platform, the GOP is signaling a clear alignment with pro-crypto policies that could shape the future of financial regulation in the United States. The convergence of political resilience and financial innovation marks a defining moment for Trump and the broader acceptance of bitcoin in mainstream politics.
As the Republican Party embraces “Bitcoin Rights,” the United States could see more federal policies supporting cryptocurrency, influenced by grassroots advocacy and successes at the state level.
Bitcoin’s Bipartisan Appeal
Bitcoin’s resilience and growing interest from both parties shows that this is not a partisan issue. While the GOP has clearly defined its pro-bitcoin stance, the Biden administration has also acknowledged the importance of bitcoin. David Bailey captured this perfectly: “It’s not a red party thing, it’s not a blue party thing, it’s an orange party thing.”
By adopting a nonpartisan approach, the United States can ensure a stable and progressive financial environment, leading the way in global bitcoin adoption and regulation.
On Wednesday, July 10, senior administration officials and prominent figures including Mark Cuban and Mike Brock attended a bitcoin roundtable hosted by Congressman Ro Khanna in Washington. When asked about the outcome of the meeting, Mike Brock told Forbes, “I was asked as a condition of being there not to violate the trust of the discussions, but I can say I was pleasantly surprised by the constructive engagement that was being demonstrated.”
Anita Posch, founder of Bitcoin For Fairness, tweeted about the broader perspective of bitcoin’s utility:
The influence of organizations like the Satoshi Action Fund advocating for pro-bitcoin legislation demonstrates the apolitical impetus behind bitcoin. As the U.S. continues to shape its bitcoin policies, global regulatory frameworks are likely to follow. Dennis Porter of the Satoshi Action Fund said in a public statement, “When the U.S. acts, the rest of the world follows.”
We are witnessing game theory come to fruition in real time as nations and organizations adapt to the growing importance of bitcoin in the global financial system.