Donald Trump's Advice For The Crypto Community: Don't Sell Bitcoin!

Donald Trump was a speaker at the annual Bitcoin Conference event held in Nashville. (Photo; Doc. Meaww)

JAKARTA - Former US President Donald Trump has again shown his support for Bitcoin with a series of major announcements in his speech at the Bitcoin 2024 conference in Nashville, Tennessee.

In a speech to some 5,000 Bitcoin 2024 conference participants, Trump openly announced his plans to make the US a world crypto center with clear regulations. He also promised to sack SEC chairman Gary Gensler, on the first day of office, ending what he called a anti-crypto campaign' by the governments of Joe Biden and Kamala Harris.

"We will have regulations, but from now on, the rules will be made by people who love the industry, not those who hate them," Trump said with enthusiasm.

In addition to firing Gensler, Trump expressed his intention to form a special presidential advisory board for the crypto industry. He is also committed to banning the Federal Reserve from creating a central bank digital currency (CBDC). However, the most striking is his plan to create a Bitcoin national reserve, starting with the 210,000 BTC currently owned by the Department of Justice.

Quoted from Crypto News, Trump firmly suggested, "Don't sell your Bitcoin." He predicts that Bitcoin one day could surpass the gold market cap. This statement will certainly strengthen the confidence of Bitcoin holders, regardless of the upcoming presidential election results.

Senator Cynthia Lummis of Wyoming, who was also present at the conference, revealed that she was drafting a law for the government to build a reserve of 1 million BTC in five years, with the Bitcoin being used only to pay off US national debt.

Cantor CEO Howard Lutnick also provided support by announcing a loan program worth US$2 billion (around Rp32.5 trillion) to finance Bitcoin. The company is working with the elected Bitcoin watchdog for its loan facility.

On the other hand, crypto entrepreneurs and figures like Edward Snowden also spoke at the conference. However, Snowden advised voters to be careful and not to take part in the cultus.

Although rumors say that Kamala Harris will speak at the conference, that did not happen. However, some Democrats such as Wiley Nickel from North Carolina called for a "crypto reset" in their party, in the hope that Harris's administration will elect a pro-novation SEC chairman.

CEO of Cleanspark, Zachary Bradford, called Trump's speech a historic moment. He predicted that America would become the main force in Bitcoin mining in the world. However, the price of Bitcoin has not shown a significant spike and is still at around 67,380 US Dollars (around Rp1.09 billion).