UPDATE 3 - Donald Trump says US will be crypto capital of planet, Bitcoin superpower of world

ADDS TRUMP'S COMMENTS

By Ovunc Kutlu

ISTANBUL (AA) - US Republican presidential candidate Donald Trump laid out his plan Saturday to ensure that the US will be the crypto capital of the planet and the Bitcoin superpower of the world.

"If crypto is going to define the future, I want it mined, minted and made in the USA," he told the Bitcoin Conference in Nashville, Tennessee. "It is not going to be made anywhere else."

"Bitcoin is going to the moon and I want America to be the nation that leads the way," he added.

Trump said he is proud to be the first major party nominee in American history to accept donations in Bitcoin and crypto.

"This is (like) the steel industry 100 years ago," Trump said about Bitcoin. "In 15 years, Bitcoin has become the most valuable asset anywhere in the world, it is already bigger than ExxonMobil," he added, referring to the largest energy company in the US.

Trump described his reason for taking the podium at the much-anticipated conference by cryptocurrency enthusiasts in two words -- "America First."
"If we don't do it, China and others will do it. So, let's do it first and let's do it right," said Trump. "We cannot let China dominate. I want the US to be first in technology, science, manufacturing, artificial intelligence (AI) and space."

While Bitcoin mining consumes a lot much energy, according to critics, Trump said the US will be producing more electricity in the future than its own total consumption.

Trump noted that around 175 million people are involved in some form of Bitcoin and cryptocurrencies.

He criticized the US administration of Joe Biden for regulations on cryptocurrencies and the industry.

"In three and a half years, the current administration has waged a war on crypto and Bitcoin like nobody has seen before,” he said. “They target your banks, they choke on your financial services, they block Americans from transferring their money to exchanges, they slander you as criminals.”

He also criticized Vice President Kamala Harris, who has become the presumptive presidential candidate of Democrats after Biden withdrew from the race.

"Kamala is worse than Joe. She is a radical left lunatic," said Trump. "She is against crypto."

Trump also criticized the Securities and Exchange Commission (SEC) because he said the market watchdog is "obliterating Bitcoin."

"The reason could not be more clear because Bitcoin stands for freedom, sovereignty and independence from government coercion," he said. "The Biden-Harris administration's repression of crypto and Bitcoin is wrong, and it is very bad for our country, and it is quite un-American," he added.

Trump argued that if the Republicans do not win the election, "the country will be in bad shape," adding: "We have to fight and we have to win."
"I pledge to the Bitcoin community the day that I take the oath of the office, Joe Biden-Kamala Harris' anti-crypto crusade will be over. It will end. It will be done," he added.

- Removing SEC chair, rejecting CBDC

Trump said if he takes office he would fire SEC Chairman Gary Gensler on his first day in the White House, and appoint a new chairman to the regulatory institution.

His remarks were cheered by thousands of crypto enthusiasts. Gensler has been known for his tough stance and regulations on the Bitcoin and crypto industries.

He said the new SEC chairman would be someone "who believes America builds the future, not block the future."

Trump said if he is reelected, he would immediately shut down Operation Choke Point 2.0, which involves the Biden administration's financial regulations against the crypto industry.

"They want to choke you. They want to choke you out of business. We're not going to let that happen, and no longer will your government sit by and watch as Bitcoin jobs and businesses flee to other countries because America's laws are too unclear and too tough and too angry and too stiff. We will keep each and every Bitcoin job in the United States of America," said Trump.

The Republican candidate also said he would immediately appoint a Bitcoin and crypto Presidential Advisory Council to design transparent regulatory guidance for the benefit of the entire industry.

"And they will get it done in 100 days. We will have regulations, but from now on, the rules will be written by people who love your industry, not hate your industry, people that want to make it clear and simple, straightforward and fair, people that want to see your industry thrive," he added.

Trump, moreover, said he would immediately order the Treasury Department and other federal agencies to cease and desist the creation of a central bank digital currency, known as CBDC -- the digital form of a country's fiat currency that is regulated by its central bank

"It's over. Forget it. There will never be a CBDC while I'm president of the United States," he said, adding he will always defend the right to self-custody.

"As part of our effort to provide regulatory clarity, we will create a framework to enable the safe, responsible expansion of stable coins," he added.

A stable coin is a type of cryptocurrency where the value of the digital asset is pegged to a reference asset, either fiat money or another cryptocurrency.

- 'Bitcoin not threatening US dollar'

Trump criticized people who see Bitcoin as a threat to the US dollar, and argued "they have the story exactly backwards."

"Bitcoin is not threatening the dollar. The behavior of the current US government is really threatening the dollar. The danger to our financial future does not come from crypto, it comes from Washington DC. It comes from trillions of dollars in waste rampant inflation and open borders while giving welfare and free health care to all of the illegal aliens that are pouring into our country," he said. "It comes from printing hundreds of billions of dollars to fund endless wars overseas while our cities are like combat zones here at home."

Trump said Bitcoin and cryptocurrencies will skyrocket beyond expectations once his administration stops the war on crypto.

He argued that the Biden-Harris administration caused the biggest inflation in US history, and promised to "replace the Biden-Harris economic stagnation with a brand new Trump economic boom."

"Others say that the stock market's going up because they think Trump is going to be elected and if Trump isn't elected, this country's is going into what you had in 1929," he said, referring to the stock market crash and ensuing Great Depression.

Trump said the current administration's economic plan includes trillions of dollars in new spending and a $5 trillion tax hike but he would end "the inflation nightmare."

He noted that Bitcoin enthusiasts predicted correctly that 20% to 40% of the value of the US dollar is "wiped up quickly" due to high inflation. "The life savings of millions of Americans was rapidly destroyed. Very simply, uncontrolled inflation is a stealth taxation of the middle class."

"I will make the Trump tax cuts permanent and deliver massive tax cuts for families and individuals and businesses that produce jobs. That includes no tax on tips, but to get rid of the tax on tips I will cut unnecessary and burdensome regulations," he added.

- 'Harnessing American energy'

As for energy policies, Trump said the US will increase its oil production under his administration.

"We're going to drill baby, drill. We have to. We have more liquid gold under our feet than any nation in the world, more than Saudi Arabia, more than Russia,” he said. “They use it. We don't use it. We go out and buy oil from Venezuela. It's amazing.”

"We will harness American energy in all forms," according to Trump, who said he has set an ambitious goal that by the end of his term, the US will be the top country in the world with the lowest cost of energy and electricity.

"Because of what we have under our feet we can make it so inexpensively, and with low energy costs America will become the world's undisputed Bitcoin mining powerhouse," he added.

Trump said as his reforms are implemented, Bitcoin and cryptocurrencies will grow the US economy, cement American financial dominance in the world and strengthen the entire country for the future.

- 'Strategic national Bitcoin stockpile'

Trump noted that the US government is one of the biggest holders of Bitcoin in the world, saying the federal government has almost 210,000 Bitcoin, or 1%, of the total supply that will ever exist.

There are currently around 19.73 million Bitcoins in existence, while the maximum supply of 21 million Bitcoins is estimated to be reached around the year 2140 after which no new Bitcoins can be mined.

"But for too long our government has violated the cardinal rule that every Bitcoiner knows by heart -- never sell your Bitcoin," said Trump.

If he is elected, Trump said the policy of his administration would be that the US government keep all Bitcoin it currently holds and acquires in the future.

"This will serve in effect as the core of the strategic national Bitcoin stockpile," he said.

"Ultimately, my promise to each and every one of you is this: I will be the pro-innovation and pro-Bitcoin president that America needs and our citizens deserve," he said. "This will be a thriving industry."

"We will make America and Bitcoin bigger, better, stronger, richer, freer and greater than ever," added Trump.

The price of Bitcoin saw little change during Trump's speech, as it was trading around $68,740 with a 1% daily gain at 6.26 p.m. EDT.