Over the weekend, Trump attended the 2024 Bitcoin Conference and delivered a nearly 50-minute speech at the conference.
This speech reveals a lot of information. Today I would like to share with you some of the points in this speech that I think are worth noting.
Odaily published a full translation of the speech (see reference link at the end of the article). The views I share below are summarized from this translation document.
1. Understanding of Bitcoin
“It’s already bigger than ExxonMobil. Soon it will be bigger than the entire silver market. One day, it may surpass gold.”
I firmly believe in this, and I believe that the future crypto ecosystem will become a new system. This system will give birth to great chain "companies" like Apple, Nvidia, and Tesla. By then, the value of Bitcoin will definitely not just exceed that of gold.
“Those who say Bitcoin threatens the dollar have it completely reversed. I believe the exact opposite. Bitcoin is not a threat to the dollar.”
I remember that a few years ago, Trump clearly stated in an interview that he believed Bitcoin threatened the status of the US dollar. But now his attitude has taken a 180-degree turn. I don’t know if he said this purely for election canvassing or if he really changed his cognition.
I think it is not meaningful for ordinary people like us to discuss whether Bitcoin threatens the US dollar, but one thing is very clear: the pricing power of Bitcoin and even the entire crypto asset has been taken over by the US dollar. This actually strengthens the position of the US dollar in the crypto ecosystem. So Trump has no reason to oppose Bitcoin because of this unfounded view.
“If I’m elected, my administration’s policy will be that the United States will retain 100% of all Bitcoin currently held or acquired in the future. We will retain 100%. Hopefully you’ll do well. This will actually serve as the core of a strategic national bitcoin reserve.”
This is not surprising to me at all. When El Salvador started buying Bitcoin during the last bull cycle, I firmly believed that governments around the world would one day include Bitcoin in their national reserves like gold.
For the US government, regardless of whether Trump is elected or not, and whether he will fulfill this promise after being elected, I believe that one day the US government will include Bitcoin in its national reserves.
In addition, if Trump is really elected this time and can fulfill this promise, the price of Bitcoin will probably have a long-term and strong support. This will definitely be a huge long-term positive for the market.
And just over the weekend, I noticed that senior officials of the Hong Kong government also made the same statement: the Hong Kong government is considering including Bitcoin in the government's reserves.
All of this shows that Bitcoin and crypto assets are stepping into the foreground and beginning to enter our mainstream lives.
“Never sell your Bitcoin.”
I basically agree with this. However, in order to maximize my profits, I will try my best to take advantage of the bull and bear cycles of Bitcoin to buy high and sell low (fixed investment/fixed selling) as restrainedly as possible, but I always keep 20%-30% of Bitcoin in a cold wallet.
If this statement came from a crypto-asset investor, I wouldn’t be surprised, but it still surprised me when it came from a politician like Trump. It seems that some American politicians’ understanding of Bitcoin has far exceeded my imagination.
2. Policies he may adopt on the crypto ecosystem when he is in power
“On my first day in office, I will fire Gary Gensler and appoint a new SEC chairman who believes America should build the future, not hinder it, which is exactly what they want.”
“Never again will your administration sit back and watch Bitcoin jobs and businesses flee to other countries because American laws are too unclear, too harsh, too angry, too inflexible. We will keep every Bitcoin job in the United States. That’s what we’re going to do. As soon as I take office, I will immediately establish a Presidential Advisory Commission on Bitcoin and Cryptocurrency. Anyone willing to serve on this special commission?”
If the United States replaces a president who is friendly to the crypto ecosystem in the future and really moves in this direction, the United States' position in the crypto ecosystem will probably only become stronger and stronger, and the gap between other countries and the United States will only become larger and larger.
3. Competition with China
In his speech, Trump mentioned many times that he wanted to take the lead in the competition with our country in the crypto ecosystem and not lose to our country.
Frankly speaking, I think it is impossible that his crypto advisory group does not know what is happening in my country. As long as he knows a little bit about the policies my country has adopted in the crypto ecosystem in the past few years, he does not have to worry about my country's competition with the United States in this regard. Moreover, even if he does not understand our national conditions, as long as he knows that even the largest exchange is controlled by the United States, he has nothing to worry about.
So I think he said these words more to use this card to create and intensify panic in the technology community, political circles and the American masses who are unaware of the truth, in order to win votes.
The above are some details in this speech that I think are worthy of readers' attention.
Many people regard this speech as Trump's attitude towards Bitcoin and the entire crypto ecosystem, but I prefer to regard it as the views of some American technology elites on Bitcoin and the entire crypto ecosystem. Because the content of the entire speech covers many aspects, it is obviously the result of a complete and careful consideration of a team. And this team is by no means a makeshift team.
The team members who summarize these views are likely to exert influence on the future encryption policy of the United States. Their views will at least guide the future trend of encryption policy in the United States in the general direction.
Regardless of whether Trump is elected or not, and whether he will implement these promises one by one after his election, I believe that the direction of the United States' encryption policy and its basic attitude towards the encryption ecosystem have been clearly revealed in this speech.
These views and attitudes have irrefutably shown that Bitcoin is undoubtedly moving towards the mainstream.
Reference Links:
Full text of Trump’s speech at the Bitcoin Conference: https://www.odaily.news/post/5197170
