Trump’s Bitcoin 2024 keynote includes plan for US Bitcoin reserve

Republican presidential candidate Donald Trump praised the cryptocurrency industry and announced a plan to create a national Bitcoin reserve during his speech at the Bitcoin 2024 conference in Nashville.

Trump is fully invested in crypto

Former President Donald Trump delivered a highly anticipated keynote speech at the just-concluded Bitcoin 2024 conference held in Nashville today, July 27, emphasizing his highly positive stance on cryptocurrencies.

Trump used the opportunity to highlight his support for the crypto industry and advocate for deregulation. The current US SEC Chairman managed to mention several major pain points for the industry, including SAB 121, CBDCs, stablecoins, and the current administration’s approach to crypto.

As cryptocurrency advocates have been eagerly awaiting, the former president has announced a plan to create a “strategic national Bitcoin stockpile” in the United States if elected:

“The policy of my United States administration will be to retain 100% of all Bitcoins currently held by the U.S. government or acquired in the future. […] This will essentially form the core of the strategic national Bitcoin stockpile.”

‘The planet’s crypto capital’

Earlier in his speech, Trump emphasized that his support for the crypto industry stems from his desire to make the US a global leader in the sector, and promised the Bitcoin 2024 audience that if elected, he would make the US the “crypto capital of the planet”:

“If we don’t embrace crypto and Bitcoin technology, China will adopt it, other countries will adopt it, they will dominate […] We want China to be successful, but we must be the most successful.”

In an apparent reference to the crypto industry’s frustration with the current leadership in Washington, Trump said, “I will fire Gary Gensler on day one and appoint a new SEC Chairman,” drawing applause and cheers from the audience. Gensler, the current Chairman of the U.S. Securities and Exchange Commission appointed by President Biden, has pursued a widely criticized regulation-enforcement policy against the crypto industry.

The former US president also stated that presumptive Democratic presidential candidate Kamala Harris is “anti-crypto.” Earlier today, the FT reported that Harris’ team had reached out to senior US crypto company representatives in an attempt to “restart relationships.”

Trump also referenced SAB 121, a much-discussed and controversial banking rule that requires U.S. banks to treat cryptocurrency custody differently than other assets. Trump said he would “immediately shut down Operation Choke Point 2.0,” using the crypto industry’s term for what is perceived as anti-cryptocurrency regulation in the U.S. that includes rules like SAB 121.

Trump’s support for cryptocurrencies could significantly impact the political landscape and further cement him as a key advocate for the cryptocurrency industry, as opposed to Democratic leaders.

The Republican presidential candidate also hosted a fundraiser in Nashville, with ticket prices going as high as $844,600, CNBC reported today.

Trump’s crypto transformation: From critic to advocate

Donald Trump has significantly changed his stance on cryptocurrency in recent years. While still serving as president in 2019, Trump criticized Bitcoin and other digital currencies, saying he was “not a fan” and that the valuations of Bitcoin and other cryptocurrencies were “based on air.” He has also expressed concerns that unregulated crypto assets could enable illegal activity.

Trump’s criticism has intensified in 2021. He has called Bitcoin “a scam” and advocated for the U.S. dollar to remain the dominant global currency. His administration has also imposed stricter regulations on cryptocurrencies.

However, Trump has since completely reversed his stance and has actively sought and openly received support from the crypto sector as he campaigns for the 2024 elections.

As Trump reminded viewers today at Bitcoin 2024, he is the first presidential candidate to take donations in cryptocurrency. His campaign has been accepting crypto donations since May and has raised more than $4 million in cryptocurrencies since then.