Trump delivered a Bitcoin keynote speech at the Nashville Bitcoin Conference, promising to make the United States the crypto capital of the world，But the market response was mediocre

Summary of Trump’s Nashville Bitcoin Conference Speech

• Bitcoin has become the ninth most valuable asset in the world and will soon surpass silver and gold in the future.
• The first thing he did when he took office was to fire current SEC Chairman Gary Gensler and establish a cryptocurrency advisory committee. He will not launch a CBDC.
• Prepare to make the United States the crypto capital of the world, retain the U.S. government’s Bitcoin holdings and establish a national strategic Bitcoin reserve after taking office.
• Develop the energy industry and support Bitcoin mining.
• Would stop the Russo-Ukrainian war and pardon Silk Road founder Ross Ulbricht.

The 2024 Bitcoin Conference in Nashville, Tennessee was successfully held on July 25, US time. At the end of the conference, former US President Trump delivered a Bitcoin-themed speech on the evening of July 27, US time.
Due to the security requirements of the Secret Service, Trump's speech was delayed an hour later than expected, but this delay did not dampen the enthusiasm of the audience.
In his speech, Trump supported Bitcoin and said that the market value of Bitcoin will exceed that of gold. If he is elected, he will step down Gary Gensler, chairman of the Securities and Exchange Commission (SEC). He will retain government-pledged Bitcoins as strategic reserves, etc., which were issued from time to time on the spot. Warm applause and cheers.
Trump did not touch on the core content of Bitcoin and cryptocurrency in this speech, but the policy proposition covered a wide range of content, basically meeting the outside world’s previous expectations for him to clarify his encryption policy stance.

Bitcoin value surged 3,900% during Trump’s term

Trump said that during his four-year term, Bitcoin experienced a staggering 3,900% surge, from $898 at the beginning of his term to $35,900 at the end of his term.
In just 15 years, Bitcoin has gone from being just an idea posted anonymously on Internet message boards to the ninth most valuable asset in the world.
"This is the steel industry a hundred years ago, and I think Bitcoin is still in its infancy." Later, Trump said that the market value of Bitcoin has been getting higher and higher since its birth, and it will soon surpass silver and will surpass gold in the future.
In stark contrast, under the Biden-Harris administration, Bitcoin has experienced inflation-adjusted growth of just 50% in three and a half years.

The Democratic Party is an obstacle to the development of the crypto market and forced SEC Chairman Gary Gensler to step down after being elected

"Kamala Harris is a far-left lunatic, and by the way, she's against cryptocurrencies, so I just want you to know, you have to get out and vote. They're against cryptocurrencies and trying to eliminate it."
Trump said that the SEC is trying to eliminate Bitcoin. The Biden and Harris administration’s suppression of cryptocurrency and Bitcoin is a suppression of freedom and sovereignty, which is very detrimental to the development of the United States. Trump said that the people behind cryptocurrency The spirit is the one that built America.
“The day I take office, Joe Biden and Gary Gensler’s baseless attacks on the crypto industry will end.” He said that cryptocurrencies will not be allowed to leave the United States due to regulatory uncertainty.
He repeated in his speech that he would fire SEC Chairman Gary Gensler, Trump said. "I will appoint a new SEC Chairman who believes that America should build the future, not hinder the future.

A Cryptocurrency Advisory Committee will be established and a CBDC will not be launched

Trump said the government will no longer sit back and let Bitcoin jobs and businesses flee to other countries because U.S. laws are too unclear, too harsh, and too rigid.
Immediately after taking office, he will establish a Presidential Advisory Committee on Bitcoin and Cryptocurrency to strive to keep every Bitcoin job in the United States.
Trump said the Presidential Advisory Committee on Cryptocurrency will establish a comprehensive regulatory framework within his first 100 days in office. He added that he would direct the Treasury Department to halt any development of a U.S. central bank digital currency (CBDC).

“I will always defend the right to self-host our sovereignty, and I will advance your industry, not destroy it. America will once again be a nation that protects property rights, privacy, freedom of trade, and freedom of expression, and we will return to our former glory as a nation. The nation is being built, not eating itself from within.”

Preparing to Make America the Crypto Capital of the World

Trump said he will ensure that the United States becomes the crypto capital of the earth. It is formulating plans to ensure that the United States will become the crypto center of the planet and the world's Bitcoin superpower, hoping that the United States will lead other countries.
If Bitcoin is going to go to the moon (and the price goes up), he wants it to be the United States.

Establishing a national strategic Bitcoin reserve

The U.S. government is one of the largest holders of Bitcoin. The federal government owns nearly 210,000 Bitcoins, accounting for 1% of the total global Bitcoin supply.
Trump referred to Germany's recent irrational behavior of liquidating $3 billion worth of Bitcoin, saying that this move may one day prove to be disastrous in retrospect.
Trump has pledged to hold (or “hodl” in Bitcoin parlance) this Bitcoin as part of a new Strategic Bitcoin Reserve.
Meanwhile a group of pro-Bitcoin lawmakers, led by U.S. Senator Cynthia Lummis, is rallying, with four U.S. senators and three Senate candidates speaking at the conference.
Today, Lummis announced a proposed bill to “strengthen the dollar” by establishing a program where the federal government would acquire more than 1 million Bitcoins.
“In five years, the United States will assemble 1 million Bitcoins,” she added, “accounting for five percent of the world’s Bitcoins, which will be held for at least 20 years and can be used for one purpose — reducing our debt. .
The bill further stipulates that the United States will “convert the excess reserves of our 12 Federal Reserve banks into Bitcoin within five years,” so that it will hold an asset with the potential to grow rather than depreciate (she said The dollar "aims to depreciate by at least 2% per year).

Develop the energy industry and support Bitcoin mining

Trump promised to enact regulations friendly to cryptocurrency mining operations in the United States so that miners don’t have to “move to China.” and will end the war on American energy.
“If we don’t embrace cryptocurrency and Bitcoin technology, China will, and so will other countries. They will dominate, and we can’t let China dominate. They’ve made too much progress,” Trump said.

"We have more liquid gold (oil) at our feet than any country, but we won't stop there. We will harness all forms of American energy. I have set an ambitious goal that by the end of my term, the United States Will have the lowest energy and electricity costs in the world.”

Pardon Silk Road founder Ross Ulbricht

It’s been 11 years since Ross Ulbricht was arrested for running Silk Road, a platform for freely buying and selling drugs, fraudulent documents, and other illegal items using Bitcoin (and legal items) website.
Ulbricht was sentenced to a double life sentence plus 40 years in prison, which many considered excessive. Commutation or pardon have long been a hot topic among liberal activists.
Trump reiterated his intention to pardon Ulbricht, acknowledging that he has served enough time to ensure justice is served.
Trump also said that the current world situation is turbulent and is infinitely close to World War III. After being elected, he will prevent the war from happening.

"When I return to the White House, I will stop this administration's crazy and wasteful spending. I will end the endless wars. Again, we have no new wars under your favorite President, Trump. They Always thought I was going to start a war, let me tell you some facts: I'm going to stop World War III because we're closer to World War III now than we've ever been since the end of World War II. I'm going to seal the borders and stop hundreds of them. Thousands of illegal immigrants are pouring into our country.”

Crypto market reaction after Trump’s speech

After Trump’s speech at the Bitcoin Conference, the response from the crypto market was mediocre and did not bring the expected fluctuations.
The price of Bitcoin rose briefly after Trump's speech, reaching as high as $69,000 at one point, and then fell. At the time of writing, the price of Bitcoin was $67,627, a drop of 0.81% in 24 hours.

Bitcoin 24-hour price changes Source: coinmarket

According to forecast data given by the decentralized gambling platform polymarket, Trump’s probability of winning the election has dropped by 1%, currently at 57%.

Probability of Trump winning the 2024 U.S. election Source: polymarket