coindesk.com
(The following excerpts from former President Donald Trump's speech – aided by AI transcription – focus on portions of his remarks in Nashville, Tenn., in which he addressed crypto and the industry directly.)
Donald Trump: Our country is blessed to have the extraordinary talent, energy and genius represented in this room. It really is great genius. Not all of you, but most of you, many of you, this is the kind of spirit that built America. This is the spirit that's going to help us make America great again. That's what we're doing. I stand before you today filled with respect and admiration for what the Bitcoin community has achieved. It's incredible, actually, I sort of say to my sons, it's like incredible, because they do so much about– it is so they're so aware of it, much more so than people that are a little bit older. But I say this is the steel industry of 100 years ago, really is. I think you're just in your infancy. I can see it happen. In just 15 years, Bitcoin has gone from merely an idea posted anonymously on an internet message board to being the ninth most valuable asset anywhere in the world. Can you believe that? Is that right? That's a big deal. Think of that. It's already bigger than Exxon Mobil. Soon it will be surpassing the entire market cap of silver. It's not bad about gold. How about gold? Let's go gold. …
One day it probably will overtake gold, but based on the way it's going now, it could very well be a possibility. There's never been anything like it, and I don't think you've ever seen anything like it, and most people have no idea what the hell it is. You know that, right? So what happens when they figure it out? That's going to really be something? Bitcoin is not just a marvel of technology, as you know, it's a miracle of cooperation and human achievement and a lot of relationships that are formed. They just did a meeting, a roundtable, with a lot of the leaders, and it's amazing. There's a great camaraderie. It's really interesting. There's obviously– there's competition, but there's a relationship. There's a friendship that's developed with a lot of these people. I noticed, and I don't usually see that too often; I see the opposite. Actually, they want to, they want to get each other. They want to kill each other. These guys have a great feeling. Very smart people, too. Congratulations on all that you've accomplished. This room is amazing. The people in this room – high-IQ individuals. I'm running against a low-IQ individual, her, I'm not even talking about him, her, I got a low-IQ individual. …
The reason I've come to address the Bitcoin community today can be summed up in two very simple words: America first. Because if we don't do it, China is going to be doing, others are going to be doing it. Let's do it and do it right. My vision is for an America that dominates the future. We have the best economy, the highest standard of living, the safest, the most beautiful cities. And by the way, when I say safest, our cities are going to hell. Right now, our cities are going to hell. We're going to fix our cities. We're going to work with Democrats that have destroyed our cities, but we'll work with them. And we're going to get our cities back. We're going to bring our country back. …
If we don't embrace crypto and Bitcoin technology, China will, other countries will, they'll dominate, and we cannot let China dominate. They are making too much progress as it is, and we want them to be successful. I want China to be successful, but we have to be the most successful. And what's going to– what's going to happen? I want the United States to be first in technology, first in science, first in manufacturing, first in artificial intelligence and first in space. …
You need tremendous amounts of electricity. You need double the electricity of the entire electricity that we have right now in the United States to dominate, and we'll get that done. Who would think we can get that done? But we're going to get it done. We'll be having power plants built at the sites. We'll be releasing people from certain ridiculous requirements, and we'll be using fossil fuel to make electricity because we're going to have to. We'll be using nuclear. We'll be doing it in an environmentally friendly way, but we will be creating so much electricity that you'll be saying, Please, please, President, we don't want any more electricity. We can't stand it. You'll be begging me, no more electricity, sir, we have enough. We have enough.
You know, in the Midwest, they just opened, it was very interesting. They just opened up two chargers, you know, a charger for electric cars. And, you know, I love Elon. He's great. He endorsed me, and great endorsement. Everything else, but not everybody has to have an electric car. I told him that. So we're going to get rid of that mandate. If you don't mind, some people want gas and propelled cars. Some people want a hybrid, and some people like electric car. They're great. I think they're great. I think what he's done is great. … It's just like they did these chargers in the Midwest, eight of them. They spent $9 billion to build eight charges to charge up a car. And at that rate, it would cost approximately $12 trillion to put the charges around. Somehow, that's not working. The country would have to file for chapter 11. We'll do a chapter you know, it's called chapter seven, instead of a chapter 11, but it's the equivalent. Now, we have to use our brain. We have to be– we are the party of common sense. Okay, we have to have common sense. But what we do have to do is we have to produce tremendous electric for AI and for all of the other things, including the things that you're doing, and we'll get it produced. And we're going to get it produced fast, or we're not going to be able to compete with China and other countries. So we're going to get it produced fast. This afternoon, I'm laying out my plan to ensure that the United States will be the crypto capital of the planet and the Bitcoin superpower of the world, and we'll get it done. …
If bitcoin is going to the moon, as we say, it's going to the moon, I want America to be the nation that leads the way. And that's what's going to happen. Though, you're going to be very happy with me. You're going to be so happy. You're going to say he's the greatest guy. That's why I'm proud to be the first major party nominee in American history to accept donations in bitcoin and crypto. …
I've heard from Vivek 175 million people in some form, are involved with this world of crypto and Bitcoin and all of the others, 175 million. So when they heard that, they said, Let's be nice to them, at least until after the election. So I've taken a lot of pressure off a lot of people, a lot of people are very happy today that about three months ago, weren't so thrilled for three and a half years. Is that right? And you know, it's right. For three and a half years, the current administration has waged a war on crypto and Bitcoin like nobody's ever seen before. For those who work in this industry, they target your banks. They choke off your financial services. Have people seen that? Yes, yeah, they have; plenty of hands up. They block ordinary Americans from transferring money to your exchanges. They slander you as criminals. But that happened to me too, because I said the election was rigged. He said the election was rigged for making that statement. Of course, they say it about us, that it's okay right now. And by the way, we're doing very well in the election. You know, we lost a candidate recently, crooked Joe Biden, and I thought we lost this wonderful person, and it's actually a terrible human being, if you want to know the truth, so don't feel sorry. We have another worst, worst human being. But, and I sort of made an analogy last night, last night, think of this. I was speaking in front of a very powerful and very strong, very religious group, Christian group, Christians, evangelicals, Christians. And then today, I come in front of Bitcoin, and now I'm going to Minnesota to do a rally. You think my life is so great, don't you? Huh? But I cover a lot of territory. I go from religion to Bitcoin to a rally, and I don't get it mixed up like other people do. …
This is such an honor to be with you. Sadly, when we see the attacks on crypto. It's a part of a much larger pattern that's being carried out by the same left wing fascists to weaponize government against any threat to their power. They've done it to me. Did you see I just won the big case in Florida. Thank you very much. …
The problem is that Kamala is worse than Joe is worse. She's a radical left lunatic, de-fund the police, all of the different things. And so far we're doing– she's got a little honeymoon going on right now. But when people hear about her, and she's against crypto, by the way, she's against it, very big. So I just want to let you know, you got to get out. You got to get out and vote. It should be no surprise that these same totalitarians are hell bent on crushing crypto and obliterating, and that's what they want to do, and that's what they are stated they– Well, I mean, they're, they're right down. You have the SEC, you know what they're doing. Know what they're doing, obliterating Bitcoin. The reason could not be more clear, because Bitcoin stands for Freedom, sovereignty and independence from government coercion and control. The Biden Harris administration's repression of crypto and Bitcoin is wrong, and it's very bad for our country. It's really quite un-American. …
If we don't win this race, and I know you're not that political, but you have to be political, because your whole thing, I mean, you have a lot of politics involved in what you do. If we don't win this race, this country could be finished as we know it. This country is going to be in bad shape, but we have to be in there. We have to fight, and we have to win. And I pledge to the Bitcoin community that the day I take the oath of office, Joe Biden, Kamala Harris's anti crypto crusade will be over. It will end. It'll be done. The moment I'm sworn in, the persecution stops and the weaponization ends against your industry and as long as I'm in the Oval Office. Elizabeth Warren Pocahontas, remember she Yes, I'm an Indian. She said I'm an Indian. Why are you an Indian? You don't look like an Indian? No, no. My mother told me I have high cheekbones. Oh, that's why she was an Indian. So I named her Pocahontas, Elizabeth Warren and her goons, and she's very nasty to you. She hates your people. She hates everything about you. We'll keep their hands off Bitcoin. Keep their hands off crypto. They can let it grow. We're going to let it grow. On day one, I will fire Gary Gensler–
[AUDIENCE CHEERS, AUDIBLE CHANT: "TRUMP! TRUMP! TRUMP!"]
I didn't know he was that unpopular. Let me say it again: on day one, I will fire Gary Gensler. … I will appoint a new SEC chairman who believes America should build the future, not block the future. …
As President, I will immediately shut down Operation Choke Point 2.0. … They want to choke you. They want to choke you. Out of business? We're not going to let that happen. And no longer Will your Government sit by and watch as Bitcoin jobs and businesses flee to other countries, because America's laws are too unclear and too tough and too angry and too stiff. We will keep each and every Bitcoin job in the United States of America, that's what we're going to be doing. Upon taking office, I will immediately appoint a Bitcoin and crypto Presidential Advisory Council. Would anybody like to be on that particular council? Please? You? …
Their task will be to design transparent regulatory guidance for the benefit of the entire industry, and they will get it done in 100 days. We will have regulations, but from now on, the rules will be written by people who love your industry, not hate your industry. People that want to make it clear and simple, straightforward and fair, people that want to see your industry thrive, not dive. Next, I will immediately order the Treasury Department and other federal agencies to cease and desist all steps necessary, because you know, there's a thing going on in your industry. They want to move the creation of a central bank digital currency. It's over. Forget it. CBDC. There will never be a CBDC while I'm president of the United States. …
And I will always defend the right to self custody. Self custody, you're going to have a great industry. You're going to have a great industry, and we're going to be fuel for your industry, not demolish your industry. America will once again be a nation that protects property rights, privacy, freedom of transaction, freedom of association and freedom of speech. We're going to change our, we're going to go back to the old days when we were a nation that was building, not a nation that was eating itself alive from within. As part of our effort to provide regulatory clarity, we will create a framework to enable the safe, responsible expansion of stablecoins. You know what a stablecoin is? Does anybody know? Please raise your hand. Allowing us to extend the dominance of the US dollar to new frontiers all around the world. America will be richer, the world will be better, and there will be billions and billions of people brought into crypto economy and storing their savings in bitcoin. So that's, that's pretty much the way it is. Those who say that Bitcoin is a threat to the dollar have the story exactly backwards. I believe it is exactly backwards. Bitcoin is not threatening the dollar. The behavior of the current US government is really threatening the dollar. …
The danger to our financial future does not come from crypto. It comes from Washington, DC. It comes from trillions of dollars in waste, rampant inflation and open borders while giving welfare and free health care to all of the illegal aliens that are pouring into our country by the millions and millions and millions. It comes from printing hundreds of billions of dollars to fund endless wars overseas, while our cities are like combat zones here at home. …
We want to bring common sense back in. This is all common sense that we're talking about today, and bitcoin and crypto will skyrocket like never before, even beyond your expectations, and you are the people that are doing it. As we stop the war on crypto. We will immediately, and we'll do this very quickly begin to build our economy. Because when America is prospering, bitcoin is soaring, and it will go up with it. We had the greatest economy ever, and we will soon have it again. Under the Trump administration, the typical middle class family income rose by $6,000 a year. People don't like mentioning that America had more money to save than at any time in many decades as a result, during my four years in office. Now you have to listen to these numbers. These numbers are like beautiful and I don't want to repeat myself. Listen to these numbers as a result. During my four years in office, bitcoin surged by 3,900%, from $898 the day I took office to $35,900 the day I left. That was the biggest jump I guess, in just about any industry; think of that. Now, compare that to just after three and a half years of Biden and Harris adjusted for inflation, bitcoin is up 50% now 50% sounds good, but not when you're comparing it to almost 4,000% right? 50% you know, normally you say, oh, that sounds pretty good. Let's not put that into the speech. 50% is that good? When people can't afford groceries or rent, they have no savings to store in bitcoin, this administration caused the biggest inflation in the history of our country. And that's what's happened. People are being wiped out from the very first day. We take back the White House. We will replace the Biden Harris economic stagnation with a brand new Trump economic boom. You're going to have a tremendous boom. …
I will cut unnecessary and burdens of regulations. Fight every day to make America the best place on earth to build a business, including a crypto business. It's going to be the best place. You're not going to have to go to China. You're not going to have to learn, gee, how do I learn Chinese? I want to learn it very quickly. Have a little granddaughter that speaks fluent Chinese. Can you believe it? And it's a wonderful thing. It's not easy, but you're not going to have to do it. Most importantly, for our citizens, we will end the inflation nightmare that this administration has created, and we will end it quickly. It's got to end. It's destroying our country. You know, inflation is a country buster. You can go back many, many years to Germany. You look at what happened to Germany during their huge period of inflation. Destroyed the country. It's a country buster, the bitcoiners. And I say to you that you recognize the dangers of inflation long before most others did. You understood inflation, frankly, better than anybody else, you know that, don't you? If only they had listened. They didn't listen to you. They didn't listen to you. The trillions of dollars in ridiculous waste approved by our opponents resulted in the very inflation disaster that bitcoiners had always predicted. …
America will become the world's undisputed bitcoin mining powerhouse. You'll be a bitcoin mining powerhouse. you will not have to move your family to China. We will not be moving to China … bitcoin and crypto will become the world's undisputed bitcoin mining powerhouse; you'll be a bitcoin mining powerhouse; you will not have to move your family to China. You will not be moving to China. As we perform as Bitcoin and crypto will grow our economy, cement American financial dominance and strengthen our entire country, long into the future. Many Americans do not realize that the United States government is among the largest holders of bitcoin. Does anyone know that? How about that? The federal government almost has 210,000 bitcoin or 1% total supply that will ever exist. But for too long our government has violated the cardinal rule that every bitcoiner knows by heart: Never sell your bitcoin. …
And so as the final part of my plan today, I am announcing that if I am elected, it will be the policy of my administration, United States of America, to keep 100% of all the bitcoin the U.S. government currently holds or acquires into the future, we'll keep 100%. I hope you do well, please. This will serve, in effect, as the core of the strategic national bitcoin stockpile. … Most of the bitcoin currently held by the United States government was obtained through law enforcement action. You know that they took it from you. Let's take that guy's life. Let's take his family, his house, his bitcoin. We'll turn it into bitcoin. It's been taken away from you, because that's where we're going now. That's where this country is going to – fascist regime. And so as I take steps to transform that vast wealth into a permanent national asset to benefit all Americans. …
Today, I repeat my pledge to commute the sentence of Ross Ulbricht to a sentence of time served. It's enough. It's enough. …
Ultimately, my promise to each and every one of you is this, I will be the pro-innovation and pro-Bitcoin president that America needs and our citizens deserve. This will be one industry, but this will be a thriving industry, a great industry, and I'm going to be doing the same thing for every other industry. Also, our nation has never thrived by trying to censor new ideas and shut down the dreams of our people. America always plants our flag on the next frontier and pushes boldly ahead. We have to do that. We haven't been doing that for a long time, especially the last three and a half years. It's gone the exact opposite. Those of you in this room inherit the legacy of generations of American pioneers and patriots, risk takers and renegades who settled this continent, built the modern world that lived on the bleeding edge. You live on a bleeding edge. You do know that bitcoiners, don't you? You are the modern-day Edisons and Wright brothers and Carnegies and Henry Fords, and what you do in your lifetime stands a chance to outlive us all and inspire humanity for generations to come. This will go down as a very important day in the history of your industry. Together, you are building America's future with your own smarts, your own grit and your own skin in the game. You have a lot of skin in the game, and that's what you're doing. It takes courage to do it. Most people don't have that courage. My job will be to set you free and to let you do what Americans do best and what you're going to do better than anybody. Win, win, win. You get a win, win, win, with energy, passion and brilliance like we have rarely seen before. Our country cannot fail. We're a failing nation right now, but we're not going to be for long. Our country cannot fail. With your help, we will save our nation. We will restore the republic, and we will make America and Bitcoin bigger, better, stronger, richer, freer and greater than ever before. Thank you all. Have a good time with your bitcoin and your crypto and everything else that you're playing with, and we're going to make that one of the greatest industries on Earth. Good luck and God bless you all. Thank you. God bless you. Thank you.