Trump Vows to Make US the 'Crypto Capital' of the World if Reelected, Accept Donations in Bitcoin

ISTANBUL: 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.

Republican presidential candidate Donald Trump has unveiled his plan to make the US the "crypto capital of the planet" and the "Bitcoin superpower of the world."

Speaking at the Bitcoin Conference in Nashville, Tennessee, on Saturday, Trump said he wants crypto to be "mined, minted and made in the USA."

"It is not going to be made anywhere else," he added.

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

Trump also noted that he is 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 said he is attending the conference to put America "first" in crypto.

"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.

He also criticized Vice President Kamala Harris, who has become the presumptive presidential candidate of Democrats after Biden withdrew from the race, saying that "she is against crypto."

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

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.

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

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