Trump Promises To Make USA The "Bitcoin Super-Power Of The World"

[Swordsmyth]

In a spirited keynote address, Former President Trump promised to make USA the "bitcoin super-power of the world," ensuring that cryptocurrency is "mined, minted, and made in the USA."

"We have to talk about Bitcoin. Our country is blessed with the extraordinary talent and genius in this room.

This spirit built America and will help us make it great again.

I admire what the Bitcoin community has achieved. In just 15 years, Bitcoin has gone from an idea to the 9th most valuable asset in the world.

It's already bigger than ExxonMobil and soon it will surpass the market cap of silver.

That's a big deal."

He went on with some big promises:

"I pledge the day I take office the weaponization against Bitcoin ends."

"On day one, I will fire Gary Gensler and appoint a new SEC Chairman."

"I will immediately shutdown Operation Chokepoint 2.0"

Trump also confirmed that he will appoint a crypto advisory council with "regulations written by industry-loving people within 100 days."

Trump also confirmed that "there will never be a CBDC" while he is president.

"Those who say that bitcoin is a threat to the dollar have it exactly backwards, the danger to our financial future comes from Washington DC not crypto."

Additionally, the former president pointing out that

"Bitcoiners understand inflation better than anyone. You all understood it first."

Promising to 'drill, baby, drill', Trump notes that with low energy costs the USA will become the undisputed bitcoin mining center of the world.

Finally, Trump dropped the big guns:

"The policy of the Trump administration will be to keep 100% of all that it currently holds as the core of the strategic national bitcoin stockpile," and confirmed his promise to commute the sentence of Ross Ulbricht to time-served.

PRESIDENT TRUMP: "I WILL KEEP 100% OF ALL THE BITCOIN HELD BY THE UNITED STATES AS PART OF THE NATIONAL BITCOIN STRATEGIC STOCKPILE." pic.twitter.com/fDNKvYe0uv
— Autism Capital (@AutismCapital) July 27, 2024

Watch the full keynote address at Bitcoin 2024 here:

https://youtu.be/v7KSp4E04PA

More at: https://www.zerohedge.com/crypto/why-did-trump-change-his-mind-bitcoin

 

[A. Havnes]

I like Bitcoin, but I admit to getting wary every time someone says government should regulate it.

 

[TheTexan]

Just a reminder, Trump is the one that passed a law that taxed crypto to begin with

 

[oyarde]

Just a reminder, Trump is the one that passed a law that taxed crypto to begin with

gonna need mo revenue from somewhere , capital gains tax on Bitcoin sales must be the low hanging fruit

 

[PAF]

Just a reminder, Trump is the one that passed a law that taxed crypto to begin with

RFK Jr. Pledges Support for Bitcoin-Backed Dollar and Tax Exemption for BTC

“Like Singapore, Germany, Switzerland, Puerto Rico and Portugal, a Kennedy administration will exempt the conversion of Bitcoin to the US dollar from capital gains taxes”, Kennedy said.

 

[ClaytonB]

It is genuinely encouraging that he's coming around on this. While Bitcoin can survive even if the US government is at war with it, it can only just survive, and this makes it almost useless for Americans living here, which means that all the benefits of Bitcoin can only be accessed by non-US people. We need the US government to maintain a "hands-off" stance to Bitcoin and to make this a matter of law, so that future administrations can't do a sudden U-turn on it. If the US government does this, Bitcoin can play an enormous role in revolutionizing the US economy and cratering the Federal Reserve because Bitcoin would allow people to "soft-transition" out of USD and into an alternative currency.

In a spirited keynote address, Former President Trump promised to make USA the "bitcoin super-power of the world," ensuring that cryptocurrency is "mined, minted, and made in the USA."

"We have to talk about Bitcoin. Our country is blessed with the extraordinary talent and genius in this room.

This spirit built America and will help us make it great again.

I admire what the Bitcoin community has achieved. In just 15 years, Bitcoin has gone from an idea to the 9th most valuable asset in the world.

It's already bigger than ExxonMobil and soon it will surpass the market cap of silver.

That's a big deal."

He went on with some big promises:

"I pledge the day I take office the weaponization against Bitcoin ends."

"On day one, I will fire Gary Gensler and appoint a new SEC Chairman."

"I will immediately shutdown Operation Chokepoint 2.0"

Trump also confirmed that he will appoint a crypto advisory council with "regulations written by industry-loving people within 100 days."

Trump also confirmed that "there will never be a CBDC" while he is president.

"Those who say that bitcoin is a threat to the dollar have it exactly backwards, the danger to our financial future comes from Washington DC not crypto."

Additionally, the former president pointing out that

"Bitcoiners understand inflation better than anyone. You all understood it first."

Promising to 'drill, baby, drill', Trump notes that with low energy costs the USA will become the undisputed bitcoin mining center of the world.

Finally, Trump dropped the big guns:

"The policy of the Trump administration will be to keep 100% of all that it currently holds as the core of the strategic national bitcoin stockpile," and confirmed his promise to commute the sentence of Ross Ulbricht to time-served.

��PRESIDENT TRUMP: "I WILL KEEP 100% OF ALL THE BITCOIN HELD BY THE UNITED STATES AS PART OF THE NATIONAL BITCOIN STRATEGIC STOCKPILE." pic.twitter.com/fDNKvYe0uv
— Autism Capital �� (@AutismCapital) July 27, 2024

Watch the full keynote address at Bitcoin 2024 here:

https://youtu.be/v7KSp4E04PA

More at: https://www.zerohedge.com/crypto/why-did-trump-change-his-mind-bitcoin

 

[Swordsmyth]

Just a reminder, Trump is the one that passed a law that taxed crypto to begin with

Source needed.

 

[Swordsmyth]

I see the mods are trying to hide this in Crypto again when it is very clearly a US politics subject.

 

[TheTexan]

Source needed.

https://ohiolaw.net/estate-planning-probate-law/2018/04/12/new-tax-law-bitcoin/

He closed a tax "loop hole" many crypto holders were using.

 

[dannno]

I like Bitcoin, but I admit to getting wary every time someone says government should regulate it.

Trump is on the de-regulation side.. he wants a bitcoin reserve, but hey, we have a gold reserve, so why not I guess.

 

[dannno]

RFK Jr. said he wants to remove Capital Gains tax from crypto. That makes a lot of sense.

Currently if you buy anything with crypto, you have to pay Capital Gains tax, which makes it very annoying, you essentially have to report any crypto purchases to the IRS.

That is one of the biggest things getting in the way of people using it for day to day transactions.

 

[Swordsmyth]

https://ohiolaw.net/estate-planning-probate-law/2018/04/12/new-tax-law-bitcoin/

He closed a tax "loop hole" many crypto holders were using.

The new tax bill closed a loophole for cryptocurrency investors by eliminating the “like kind exchange” exemption for Bitcoin investors who switched to other cryptocurrencies such as Ehereum, Litecoin, or other cryptocurrencies. Until now, investors relied on this law to exchange one asset for a similar one without triggering a tax obligation.
The IRS made clear that, as of December 31, 2017, only real estate is subject to a 1031 like kind exchange, where an investor swaps one kind of business or investment asset for another. Most swaps are treated as taxable sales, making the 1031 exchange an exception to the normal rule.

So, they were already subject to taxation, people just found a loophole.
He is not the one who made them taxable.

 

[TheTexan]

So, they were already subject to taxation, people just found a loophole.
He is not the one who made them taxable.

However you wanna spin it, he increased taxes for crypto holders

 

[A. Havnes]

Trump is on the de-regulation side.. he wants a bitcoin reserve, but hey, we have a gold reserve, so why not I guess.

Thanks for the clarification.

 

[Matt Collins]

Granted it seems out of context, but the things he says here don't make any sense...








https://www.youtube.com/watch?v=V5QApuhVHw8

 

[Matt Collins]

https://www.youtube.com/watch?v=BZgQbZ68GE8

 

[Matt Collins]

https://www.youtube.com/watch?v=eWfxhDKzDFA

 

[dannno]

However you wanna spin it, he increased taxes for crypto holders

Not really, what was happening was if you had bitcoin and it went way up, if you wanted to trade it for ethereum, you could do so without paying taxes. You still paid taxes when you converted back to fiat. It was still the same amount of taxes after the bill, you just had to pay them up front when you converted from one crypto to another.

You could argue that it put some people in the short term capital gains tax category from long term, but only if you bought bitcoin, it went way up, then you traded for another crypto less than a year after you bought the initial crypto.

 

[TheTexan]

Not really, what was happening was if you had bitcoin and it went way up, if you wanted to trade it for ethereum, you could do so without paying taxes. You still paid taxes when you converted back to fiat. It was still the same amount of taxes after the bill, you just had to pay them up front when you converted from one crypto to another.

Taxing intra-crypto exchanges is a pretty big tax increase to crypto holders. There's no sugar coating it.

 

[dannno]

Taxing intra-crypto exchanges is a pretty big tax increase to crypto holders. There's no sugar coating it.

It's not a tax increase.. nobody is paying more in taxes over the longrun unless they are trading crypto with big gains in less than a year for other crypto, and having to push it into short term gains when it would have been long term had they been able to delay the tax until they converted it to fiat.

The amount they have to pay taxes on remains the same, the only difference might be the percentage, depending on the situation.