This weekend U.S. presidential candidate Donald Trump gave a 50 minute speech at Bitcoin 24, making several pledges. He provided plenty of soundbites, including, “If crypto is going to define the future, I want it to be mined, minted and made in the USA.” And “If Bitcoin is going to the moon… I want … America to be the nation that leads the way.”
While much of his speech was off script, the teleprompter provided the pledges. The first was “the day I take the oath of office Joe Biden and Camala Harris’s anti-crypto crusade will be over. It will end. It’ll be done the moment I’m sworn in. The persecution stops.”
He also committed to fire Securities and Exchange Commission (SEC) Chair Gary Gensler “on day one”, although the New York Times questioned the legality of whether that’s viable, given Gensler’s term runs until 2026. “I didn’t know he was that unpopular,” said Mr Trump.
The presidential candidate promised to appoint a Bitcoin and Crypto Presidential Advisory Council immediately, asking the audience who would like to join it.
Next up was central bank digital currency (CBDC). “There will never be a CBDC while I’m President of the United States and I will always defend the right to self custody,” said the former president.
Meanwhile, it’s unrealistic to expect any candidate to be acquainted with all the interests of their diverse audience groups. Mixing unscripted banter with reading a teleprompter can inadvertently expose gaps in their knowledge.
When Mr. Trump promised to provide regulatory clarity for stablecoins, his questions about the topic, indicated that he might not be well-versed in the subject. “Do you know what a stablecoin is? Does anybody know? Please raise your hands,” he asked.
Pushing crypto elsewhere
While the unfriendly legal environment in the United States has encouraged crypto development in other jurisdictions, China isn’t one of them. Previously China dominated Bitcoin mining but hasn’t done so for years because the government shut it down. Nonetheless, Mr. Trump observed, more than once, that the U.S. is pushing Bitcoiners towards China. “With low energy costs, America will become the world’s undisputed Bitcoin mining powerhouse. You’ll be a Bitcoin mining powerhouse. You will not have to move your family to China,” he said.
He also noted the rise in Bitcoin prices during his previous term. “During my four years in office Bitcoin surged by 3,900% from $898 the day I took office to $35,900 the day I left,” said Mr Trump.
Through criminal seizures, the U.S. government has a stash of 210,000 bitcoin according to Mr Trump, pointing to the figure representing around 1% of the crypto’s supply. Analysis on Dune Analytics implies the government has already sold some, so the balance may be closer to 165,000. Mr Trump said his Administration would “keep 100% of all the Bitcoin the US government currently holds or acquires in the future.” During the past month, some blamed the German government’s sale of seized Bitcoin for creating downward price pressure.
Near the start of his talk, Mr. Trump flattered the audience saying they had high IQs. Towards the end of his speech he compared Bitcoiners to Edison, the Wright Brothers and Andrew Carnegie. This is far removed from previous comments that Bitcoin is based on thin air. The Bitcoin crowd had better hope Aristotle got it wrong when he said, “People generally despise where they flatter.”
