Highlights from Trump's 2024 Bitcoin Conference Speech

At the Bitcoin 2024 conference, Trump promised to fire the SEC’s Gary Gensler, establish a national Bitcoin reserve, and make the United States a Bitcoin superpower.
At the just-concluded Bitcoin 2024 conference, former President Donald Trump laid out an ambitious plan to transform the United States into a global cryptocurrency leader. Trump's speech highlighted key initiatives he has pledged to implement if elected president.
Trump’s Commitment to Bitcoin
In his speech, Trump promised to fire Gary Gensler and appoint a new SEC chairman on his first day in office. He proposed the creation of a strategic national Bitcoin reserve for the U.S. government, promising that the government would retain 100% of the Bitcoin it holds. Trump stressed that "Bitcoin is going to soar to the moon" and advised people to never sell Bitcoin, predicting that it will eventually surpass the market value of gold.
He reiterated his promise to commut the sentence of Ross Ulbricht, the creator and operator of the Silk Road portal. Furthermore, he vowed that there would never be a central bank digital currency (CBDC) under his administration.
Trump has declared that Bitcoin and other cryptocurrencies will soar if he is elected, arguing that Bitcoin is not a threat to the dollar but rather the current U.S. government.
He announced his intention to make the United States the cryptocurrency capital of the world and a Bitcoin superpower, saying Bitcoin represents freedom and independence from government control. Trump also assured the Bitcoin community that Biden and Harris’ anti-crypto stance will end at the end of his presidency.
Dismissal of SEC Chairman Sparks Controversy
Yet, among all these promises, one Trump pledge sparked controversy: firing SEC Chairman Gary Gensler. XRP influencer “WrathofKahneman” reminded community members that the President of the United States cannot directly remove the Chairman of the SEC, a position that is protected by a Supreme Court ruling.
However, according to Wrath of Kahneman, there are various approaches, such as restructuring the SEC or exerting public pressure. He also stressed that much of the retoric campaigning around cryptocurrency is hollow.
XRP expert Ashley Prosper noted that the president can remove the SEC chairman for neglect of duty or misconduct, pointing to Gensler’s handling of the FTX and LUNA cases as potential grounds for removal.
Peter Schiff's criticism of Trump
Peter Schiff, a longtime Bitcoin critic, previously suggested that Trump’s support for Bitcoin was intended to gain votes and donations from the crypto community. Schiff believes that promises such as making Bitcoin a reserve asset will not be fulfilled.
Despite significant reaction from the crypto community, Schiff continued his criticism, targeting advocates like MicroStrategy Chairman Michael Saylor. Schiff condemned Saylor’s efforts to influence Trump to add Bitcoin to the national accounts, calling it reckless.
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