Decoding Trump's Speech: The Perfect Fusion of Bitcoin and Political Rhetoric, Where the Pain Points of the Crypto Community Meet the Glory of America

On 7/28, Republican presidential candidate Trump spoke at the Bitcoin 2024 conference, delivering remarks that excited the cryptocurrency community and expressed a government embrace of Bitcoin. Here are the key points of his speech, along with an analysis of Trump's rhetoric.

America First: Preventing China's Success

09:13 "I'm here today to speak to the Bitcoin community, and I can sum it up in two words: America First. If we don't do it, China or other countries will. We need to be the best, do it right."

"My vision is for America to dominate the future, have the best economy, the highest living standards, and the safest, most beautiful cities. Our cities are in trouble right now, we will fix them, work with the Democrats to reclaim our cities and our country."

"If we don't embrace cryptocurrency and Bitcoin technology, China and other countries will dominate. We cannot let China dominate. They have made too much progress, we want to succeed, but we don't want China to succeed. We must be the most successful country."

• Note: While China is currently in a state of banning the cryptocurrency industry, Trump did not respond to this. In a recent interview, Trump emphasized that Bitcoin and cryptocurrencies should be made in the USA, possibly referring to Bitcoin mining and cryptocurrency startups. Bitcoin surges to 66K! Trump Interview: Cryptocurrencies must be made in the USA, not China

36:10 "I will cut unnecessary and burdensome regulations, work every day to make America the best place on earth to start a business, including cryptocurrency businesses. This will be the best place, you don't need to go to China, you don't need to learn Chinese. I have a little granddaughter who speaks fluent Chinese, do you believe it, it's amazing, but it's not easy, but you don't need to do that."

America to Become a Mining Giant, Taking on China

43:30 "Before my term ends, America will become the country with the lowest energy and electricity costs in the world. We can produce very cheaply because of what we have under our feet. We can produce very cheaply, have low energy costs, America will become the undisputed Bitcoin mining giant in the world, you will become the Bitcoin mining giant, you don't have to move your family to China."

• Note: Trump's continuous discussion of China issues indicates that the American public may have significant anxiety about the "rise of China." Even though China prohibits the cryptocurrency industry, he still uses this expression.

Criticizing the Democratic Party's War on Cryptocurrency

17:53 "In the past three and a half years, the current government has launched a war on cryptocurrency and Bitcoin, which is unprecedented. For those working in this industry, they target your banks, they cut off your financial services. Does anyone see this? Yes, many people raise their hands. They prevent ordinary Americans from transferring money to your exchanges, they defame you, they defame you as criminals."

• Note: Due to the extensive anti-money laundering enforcement in the cryptocurrency industry in the United States, financial institutions worldwide, including those in Taiwan, also restrict financial accounts related to the cryptocurrency industry based on anti-money laundering and anti-fraud prevention.

Biden is Bad, Harris is Worse

20:20 "We see attacks on cryptocurrency, which is part of a larger pattern conducted by the same group of left-wing fascist elements who use the government to counter anyone who threatens their power, they did it to me."

21:34 "We have a country to run, the problem is that Harris is worse than Joe, she is a radical left-wing lunatic, cutting police funding, all sorts of different things. She is very against cryptocurrency, very against it, so I just want you to know, you have to come out and vote."

22:37 "The Biden administration's suppression of cryptocurrency and Bitcoin is wrong and very detrimental to our country, it's really un-American. I believe he is the worst president in American history. Think about it, millions of people are entering our country, they come from prisons, they come from mental institutions, terrorists are also coming in."

• Note: Trump is extremely against illegal immigration on the border, and his administration has adopted a zero-tolerance policy toward immigration.

Trump Receives Many Cryptocurrency Donations

16:11 "Since May 21, we have raised $25 million, much of it coming from Bitcoin, cryptocurrencies, and other very good cryptocurrencies. But you know, our excitement for Bitcoin and cryptocurrencies' future is completely different from our opponents' approach. Our opponents are taking the hard road, they are doing old things, we will walk in the middle."

• Note: Trump raised over $200 million in this election, and funds from cryptocurrencies still account for a minority.

America Will Not Sell Bitcoin, Will Become a Strategic Reserve

44:07 "The U.S. government is one of the largest holders of Bitcoin, does anyone know that, how about that, the U.S. government owns nearly 210,000 Bitcoins, or 1% of the total future supply. As the last part of my plan today, I announce that if elected, my government's policy will be to retain 100% of all current and acquired Bitcoins." "Most of the Bitcoins currently held by the U.S. government were acquired through law enforcement actions, they took them from you, we will transform this country's immense wealth into a permanent national asset, benefiting all Americans."

Trump Needs to Please Startups

47:02 "I will be the president America needs to support innovation and support Bitcoin, our citizens deserve such a president"

• Note: Trump specifically mentioned innovation and support for Bitcoin, looking at the 2020 presidential election results, Silicon Valley, San Francisco, New York, Boston, Seattle, which are strongholds for startups, are all Democratic strongholds. Therefore, starting with cryptocurrency startups makes sense.

Will Dismiss Congressmen and SEC Chairman Gensler After Taking Office

25:26 "I promise to the Bitcoin community that on the day I am inaugurated, the anti-cryptocurrency movements of Biden and Harris will end. The weaponization against your industry will also end." "As long as I am in the White House, Elizabeth Warren, she hates you, she hates everything about you, I will keep them away from Bitcoin."

26:02 "On the first day, I will fire Gary Gensler and appoint a new Securities and Exchange Commission Chairman"

Note: Democratic Senator Elizabeth Warren is marked as extremely anti-cryptocurrency, and SEC Chairman Gary Gensler has taken enforcement actions against cryptocurrency companies like Coinbase, Ripple, Kraken, Binance, and even put FTX founder SBF in jail during his term.

Establish a Presidential Advisory Committee on Bitcoin and Cryptocurrencies

28:26 "I will immediately establish a Presidential Advisory Committee on Bitcoin and Cryptocurrencies, their mission will be to design transparent regulatory guidance that benefits the entire industry, to be completed within 100 days. We will have regulations, but from now on, the rules will be made by people who love your industry, not people who hate your industry, people who want your industry to thrive, not people who want your industry to decline."

Stop Planning for CBDC

29:08 "Next, I will immediately order the Treasury Department and other federal agencies to stop and halt all necessary steps. They want to push for the creation of a central bank digital currency. During my term as President of the United States, there will absolutely be no CBDC. I will always defend the right to self-custody."

Note: Although the U.S. has discussed CBDC, it has always maintained a reserved attitude, and the Federal Reserve even believes that a digital dollar is not necessary. Trump may think that CBDC will undermine the status of cryptocurrencies, hence his statement.

31:08 "These people say Bitcoin threatens the dollar, this is completely wrong, Bitcoin does not threaten the dollar, the current actions of the U.S. government really threaten the dollar. The threat to our financial future does not come from cryptocurrency, it comes from Washington, D.C., it comes from rampant inflation of trillions of dollars, and open borders."

AI Will Require Excessive Electricity

12:01 "You need a lot of power, artificial intelligence needs twice as much electricity as our entire United States has now to dominate, we will achieve this goal. We will generate power using fossil fuels, we will use nuclear power, we will do it in an environmentally friendly way, but we will create a lot of electricity, you will say, Mr. President, we don't need more electricity, we can't take it."

14:19 "We need to produce huge amounts of power for artificial intelligence and everything you are doing, we will produce rapidly, or we will not be able to compete with China and other countries. So we will produce rapidly."

• Note: Electricity costs are always a key factor in Bitcoin PoW mining.

Trump to the Bitcoin Community: You Will Surpass Us

48:10 "You are the modern Edisons, Wright brothers, Carnegies, and Henry Ford, what you do in your lifetime may surpass us, inspiring future generations. This will be an important day in the history of your industry. You are building America's future with your own wisdom, courage, and dedication. It takes courage, most people don't have that kind of courage. My job is to set you free, to let you do what Americans do best, which is to win, win, win, you will win, win, win. With unprecedented energy, passion, and wisdom, our country cannot fail, we are a failed country now, but we won't last long, our country cannot fail."

Note: Trump ends by likening the Bitcoin community to classic American inventors, combining it with the American desire to return to national glory.