When President Donald J. Trump took to the stage in Nashville on Saturday to deliver an impassioned speech to thousands of raucous attendees, it was a historic moment in bitcoin and international finance history, as it marked the first time a leading presidential candidate (sorry to RFK Jr., who spoke on Friday) has fully defended cryptocurrency and bitcoin.
Entry to the event, featuring speeches from two presidential candidates, was tightly secured, and for good reason: an assassination attempt on the Republican candidate loomed like an ominous cloud. The Secret Service required journalists to arrive by 9 p.m. the night before and to drop off their bags and cameras at the venue. They busted our bags at the security line, and agents scrutinized us with the piercing gaze of a predator.
As Trump’s speech approached, the crowd began to grow restless and excited, and chants of “Trump, Trump, Trump” began to echo through the hall. The attendees were an intellectually and culturally diverse group of original thinkers who distrust most institutions, especially central banks. After years of quantitative easing and printing money out of thin air, many of the fundamental criticisms Bitcoin advocates level at the Federal Reserve have been vindicated: inflation is out of control, and Bitcoin presents a deflationary alternative to fiat currency supply.
There were rumors that RFK Jr. would back out or that Elon Musk would introduce the president, but when the time came, only Trump appeared on stage to a standing ovation. It’s hard to describe what an incredible and historic moment this was. Bitcoin started out as a very niche network that only a tiny fraction of the internet understood or cared about. When I first wrote a magazine feature about Bitcoin in 2010,
2014it took me hours to explain to a technology magazine editor what it was.
For most of Bitcoin’s history, politicians have either despised it or simply ignored it. Why get involved with a weird, fake internet currency that everyone predicted would collapse and disappear? Unfortunately for its opponents, predictions of doom never came to fruition. Even Donald Trump has tweeted that he doesn’t trust Bitcoin.
Instead, Bitcoin went on a growth trajectory never seen before in history. When COVID-19 hit and prices soared, it was clear that Bitcoin’s time had come and it wasn’t going anywhere. Despite the explosive economic gains, politicians wanted to keep a safe distance. Sam Bankman and Fried’s FTX fiasco definitely scared people, but his scam had absolutely nothing to do with Bitcoin’s fundamentals.
Elizabeth Warren is
One’s fighting spirit Many Republicans have tried to regulate and kill Bitcoin, and most Democrats have portrayed it as a right-wing scam. But on Friday and Saturday in Nashville, it was clear that Bitcoin has gained political attention, and Republicans are ready to embrace it. Sens. Tim Scott (R-SC), Cynthia Lummis (R-WY), Bill Hagerty (R-TN), and Marsha Blackburn (R-TN) were all there to show their support. Once Donald Trump was finally out, the mood changed, and views on Bitcoin may never be the same again.
He was quick to praise the crowd and extoll the potential of Bitcoin.
“You are the Edisons and Wright brothers, the Carnegies and Henry Fords of our time. What you have accomplished in your lifetimes will likely outlive us all and inspire generations of mankind to come. This will be remembered as a very important day in your industrial history,” Trump told the crowd.
He also promised to fire SEC Commissioner Gary Gensler and roll back the regulatory war the Biden administration has waged against Bitcoin.
“As President, I will immediately end Operation Chokepoint 2.0. They are trying to shut your businesses out. We will not allow that. And your government will no longer stand by and watch as Bitcoin jobs and businesses move to other countries because American laws are too unclear, too harsh, too angry and too rigid,” he explained to the crowd.
It was clear that President Trump and the Republican Party were there to speak to the billionaires who created this new industry. Whatever their reasons for being there, change is happening and there will be no going back to the status quo. Bitcoin has arrived. It remains to be seen how it will shake up the American political landscape. President Trump ended with a call for economic reconstruction, in words only he could deliver.
“With your help, we can save our nation, rebuild our republic, and make America and Bitcoin bigger, better, stronger, richer, freer and greater than ever before.”
