In a show of massive political support for the cryptocurrency demographic, former President Donald Trump said that Bitcoin (CRYPTO: BTC) would skyrocket like "never before" if he came back to power and promised to fire current SEC Chair Gary Gensler on Day 1 of his tenure.
What Happened: The Republican presidential nominees delivered one of the most hotly anticipated keynote addresses at the Bitcoin 2024 conference in Nashville.
About 30 minutes into the address, Trump declared, "Bitcoin and crypto will skyrocket like never before, even beyond your expectations, and you are the people doing it," to wild applause from the audience. "When America is prospering, Bitcoin is soaring and it'll go up with it."
The presidential hopeful highlighted how King Crypto exploded by 900%, from $898 to $35,000 during his four years in office, much higher than how it has during the Joe Biden administration.
Trump also announced that he would sack SEC Chair Gensler, seen as hostile to the cause of cryptocurrencies, on Day 1 of assuming office. "I will appoint a new SEC chairman who believes America should build the future and not block the future."
Why It Matters: Trump's promises have already been making waves, at least in the cryptocurrency circles.
The former president advocated for a strategic national cryptocurrency stockpile at the event and laid out his plans to make the U.S. the cryptocurrency capital of the planet.
Price Action: At the time of writing, Bitcoin was trading at $68,693.74, up 0.89% in the last 24 hours, according to data from Benzinga Pro. Trump-themed Maga Coin (CRYPTO: TRUMP) was up 0.26%.
