Bitcoin (BTC) Rallies After Trump Promises to Fire Gary Gensler if Re-elected as US President
- WBOYOriginal
- 2024-08-13 15:30:111101browse
Bitcoin had an amazing week in July after the former president headlined the industry's annual Bitcoin conference in Nashville, delivering the keynote at the event
Former President Donald Trump made headlines in July when he attended the Bitcoin conference in Nashville and delivered the keynote address. Attendees were hoping that Trump would mention Bitcoin during his discussion with Elon Musk on X, especially since the cryptocurrency community had been eagerly awaiting a statement from the former president.
Trump's return to X, after being banned for over two years, is seen as an attempt to regain his footing in the race, especially given his large follower base on the platform. Musk, the owner of X, has pledged to donate $45 million per month to a super PAC supporting Trump leading up to the election. This is a major endorsement, showing Musk's strong support for Trump's return to the presidency.
However, the duo decided to concentrate more on issues like immigration and inflation. At the Nashville conference, Trump's recent shift in stance toward cryptocurrency, particularly Bitcoin, was very evident with the former president making promises like firing Gary Gensler
While in office, Trump was a vocal critic of cryptocurrency, describing it as a “scam” with no value. However, he reversed this stance, declaring his ambition to make the U.S. the “crypto capital of the planet” and the “Bitcoin superpower of the world.”
Trump's new embrace of cryptocurrency is part of his broader appeal to innovation and technology, which has attracted support from entrepreneurs and crypto CEOs. Trump has already raised millions of dollars by accepting Bitcoin directly into his campaign, showcasing the financial potential of courting the crypto industry.
The industry reacted positively to Trump's speech, with Bitcoin hitting a six-week high following his remarks. However, some skepticism remains among crypto enthusiasts, with mixed reactions on social media platforms like X.
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