“Never sell your Bitcoin” said Trump admitting he is still learning what crypto is
In his speech, Trump named cryptocurrency “the steel industry of 100 years ago,” while pledging to make the US the crypto capital of the world.
Image by Carlos Barria | Reuters
In his speech, Trump named cryptocurrency “the steel industry of 100 years ago,” while pledging to make the US the crypto capital of the world.
Speaking at the annual Bitcoin Conference in Nashville, Tennessee, presidential candidate Donald Trump pledged to make bitcoin great again by making America the world leader in cryptocurrencies.
“If crypto is going to define the future, it’s going to be mined, minted and made in America. If bitcoin is going to the Moon, as they say, I want it to be America that sends it there.”
Prior to the presidential elections, Trump is trying to position himself as a pro-crypto candidate. By doing so, the Republicans are challenging Democrats with the promise of lighter regulations on the industry.
On Saturday, he said that the US must get ahead of China in dominating the sector.
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"If we don't embrace crypto and bitcoin technology, China will, other countries will. They'll dominate, and we cannot let China dominate. They are making too much progress as it is," Trump said.
Trump promised to establish a crypto presidential advisory council and create a national "stockpile" of bitcoin. This would utilize cryptocurrency currently held by the US government, much of which has been seized through law enforcement actions.
"Never sell your bitcoin," Trump said. "If I am elected, it will be the policy of my administration, the United States of America, to keep 100% of all the bitcoin the US government currently holds or acquires into the future," he said.
Following the candidates comments, the bitcoin price fell on Sunday by 0.96%, reaching a price of $66,814. On Monday the price was back again to slightly over $69,000.
Trump named the audience as "geniuses" as he admitted to be still learning about crypto. "Most people have no idea what the hell it is," he quipped. "So what happens when everyone figures it out? That’ll be something."
Trump’s remarks at the bitcoin conference are likely to strengthen his growing alliance with other right-leaning figures in the tech world.
The Wall Street Journal reported earlier this month that Musk was open about his commitment to donate $45 million per month to a newly formed Super Political Action Committee (PAC) suporting Trump.
The comittee has attracted the attention of several well-known tech people, such as the Winklevoss twins, former PayPal executive Ken Howrey, Palantir co-founder Joe Lonsdale, and others.
“What’s been reported in the media is simply not true. I am not donating $45 million a month to Trump,” Musk said in an interview with conservative commentator Jordan Peterson.
In May, Donald Trump was reportedly considering tapping billionaire Elon Musk as a policy adviser if he reclaims the White House in November's election.