‘Every One of You Will Be Gone’

NASHVILLE — Former U.S. President Donald Trump vowed to maintain a “strategic national bitcoin reserve” and “never sell” bitcoin seized by the government, in a freewheeling speech that tightened the Republican candidate’s grip on the crypto voting and fundraising bloc.

Ahead of the event, there were speculations and hopes among crypto fans that Trump would announce such a reserve.

Read more: US Senator Lummis Proposes US Buy 1 Million Bitcoins to Reduce National Debt

Speaking to a packed hall at the Bitcoin Conference in Nashville on Saturday, which drew more than 3,000 attendees, Trump said of Bitcoin that “I want it to be mined, minted and produced in the United States.” He then laid out a “comprehensive” cryptocurrency policy that ranges from stablecoin regulation to the right to hold Bitcoin in one’s own possession.

The speech marked the culmination of bitcoin’s steady march from the deepest recesses of the internet to the heart of American politics, once the maligned cryptocurrency of choice for darknet markets.

“If we don’t do it, China will,” he said of embracing digital assets. “The steel industry of 100 years ago, you’re still in its infancy,” he said of crypto. “It will probably surpass gold one day. … Nothing like it has ever happened before.”

Read more: Bitcoin Prices See Wild Trading as Trump Plans to Establish BTC as US Strategic Asset

He added that Democrats holding the White House would be a disaster for crypto. “If they win this election, you will all be destroyed. They will be brutal. They will be ruthless. They will do things you will not believe.”

If elected, Trump said his first-day plans include firing Gary Gensler, the influential chairman of the Securities and Exchange Commission who is widely loathed in the crypto industry. The promise drew a standing ovation from the crowd. “I didn’t know he was so unpopular,” Trump said. Trump also said he would appoint a “bitcoin and crypto advisory board” after taking office.

Trump arrived at Music City Center in Nashville after a massive campaign fundraiser that targeted deep-pocketed crypto executives and raised tens of millions of dollars, according to sources. Thousands of bitcoiners camped out for hours to catch a glimpse of the former president, who has recently moved into crypto after previously blasting digital assets. He is now the first president to appear at a bitcoin event.

In the opening moments, he thanked the event’s organizers and said there were plenty of legends in the room. Trump name-checked several crypto figures, including Tyler and Cameron Winklevoss, founders of the Gemini crypto exchange, and Michael Saylor of MicroStrategy.

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Cryptocurrencies entered the 2024 election agenda when Trump declared himself the industry’s candidate in late May, saying, “If you’re for crypto, you’ll vote for Trump because they want to end it.”

His embrace has precipitated a partisan realignment in the upper echelons of the crypto industry. Suddenly, well-connected voters who had previously voted Democratic—bankroll lawyers, startup founders and funders—were talking about supporting Trump as a salve for years of perceived tyranny over President Joe Biden’s regulatory state.

They were joined by die-hard Trump fans who flocked to Nashville wearing “Make Bitcoin Great Again” hats of every color for the three-day conference. For many of the 20,000 attendees, supporting Trump seemed like a foregone conclusion. It just so happened that he, too, was now supporting bitcoin.

MAGA MEME PAC members in Nashville, from left to right: Maga Poli, Crypto Viking, Crypto Patriot (Danny Nelson/CoinDesk)

Behind the scenes in Nashville, industry leaders have been pouring in tons of cash to support Trump’s campaign; one fundraiser just before his speech charged nearly $900,000 per ticket. Other down-the-line candidates in Nashville have held their own fundraisers.

Crypto advocates see the 2024 elections as their best chance to reshape hostile U.S. regulations, with many seeing Trump as the candidate best suited to do so — despite his previous stance during his presidency that bitcoin was “backed by a vacuum.”

Trump, ever the marketer, has been releasing sold-out NFT collections depicting himself in various patriotic states since leaving the White House. The multimillion-dollar revenues have given the businessman a different perspective on an industry he once dismissed.

Before Biden dropped out of the race, his campaign made no effort to woo crypto fans or Bitcoiners, at one point even calling Trump’s NFT buyers “idiots.” Biden’s messages were the final straw for many in the crypto world after years of perceived legal battles with Biden appointee Gensler (who insists the industry largely flouts U.S. law).

The rise of Vice President Kamala Harris could give Democrats a chance to reposition themselves. Some lawmakers are pushing her for change, but the presumptive Democratic presidential nominee has yet to do so.

Read more: Democrats Are Pushing Harris Campaign for ‘Reset’ on Crypto, House Member Says

“By the way, he’s against crypto and he’s very much against it. You should go out and vote,” Trump said.