Trump promises to establish Bitcoin reserve and fire Gensler
Former President Donald Trump promised cryptocurrency enthusiasts that he would establish a strategic Bitcoin reserve and dismiss SEC Chairman Gary Gensler if re-elected in November. Speaking at the Bitcoin 2024 conference in Nashville, Trump outlined plans to boost the crypto industry, including forming a presidential advisory council for Bitcoin and halting a central bank digital currency.
He emphasised using federal Bitcoin holdings, acquired through law enforcement, to build a national Bitcoin stockpile, though this would require legislation. Conference attendees applauded his commitment to replace Gensler, whose tenure has seen significant enforcement actions against crypto platforms. Trump's stance on Bitcoin has evolved since his 2019 criticism, recognising the industry's potential for campaign contributions. Following his speech, Bitcoin's price is up near 1.9% and is trading just shy of $70,000.
Russell Shor
Senior Market Strategist
Russell Shor is a Senior Market Strategist at FXCM, having been promoted to the role in 2025 in recognition of his depth of insight and consistent delivery of high-impact market analysis. He originally joined FXCM in October 2017 as a Senior Market Specialist.
Russell holds an Honours Degree in Economics from the University of South Africa, is a certified FMVA®, and a full member of the Society of Technical Analysts (UK). With over 20 years of experience in financial markets, his work is renowned for its clarity, precision, and strategic value across asset classes.
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