Trump says Bitcoin is going to the moon, will hold it as a strategic reserve asset

Bitcoin

Ethereum

Investing.comJul 29, 2024 12:52 AM

Former President Donald Trump expressed strong support for Bitcoin, stating that if reelected, he would incorporate Bitcoin as a strategic reserve asset for the United States.

During his keynote speech at the Bitcoin Conference in Nashville, Trump emphasized that the real threat to the US Dollar's dominance is not Bitcoin but rather policy decisions from Washington DC.

In a series of declarations, Trump also announced his intention to direct the Treasury Department to cease efforts in developing a central bank digital currency (CBDC).

He labeled Bitcoin as "not just a marvel of technology but a miracle of cooperation and human achievement," and promised to end what he calls the 'persecution' of the cryptocurrency sector under his potential future presidency.

Moreover, Trump declared he would dismiss the current Securities and Exchange Commission (SEC) Chairman, Gary Gensler, on his first day in office.

His comments suggest a complete reversal of the current administration's stance on cryptocurrency regulation and oversight.

Rounding out his pro-cryptocurrency stance, Trump predicted that Bitcoin's market capitalization could surpass that of gold and called for the United States to become the "crypto capital of the planet," signaling a significant shift in policy towards digital currencies if he were to win the presidential election.

At 17:06 EST (21:06 GMT), Bitcoin price was up about 1% on the day.

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