Former U.S. President Donald Trump recently made a bold promise to establish a “strategic national bitcoin reserve” and vowed to never sell the government’s seized bitcoin. This announcement was made during a speech at the Bitcoin Conference in Nashville, where Trump addressed over 3,000 attendees.
In his speech, Trump expressed his desire for bitcoin to be mined, minted, and made in the U.S. He outlined a comprehensive crypto policy that covered topics such as stablecoin regulation and the right to self-custody one’s bitcoin. Trump emphasized the importance of embracing digital assets, comparing crypto to the steel industry of a century ago and suggesting that it may one day surpass gold in value.
Additionally, Trump warned that a Democratic win in the upcoming election would be detrimental to the crypto industry. He stated that if Democrats were to take office, they would be ruthless and would likely implement policies that would negatively impact crypto investors. Trump also mentioned his plans to fire Gary Gensler, the chair of the Securities and Exchange Commission, who is not well-liked in the crypto community.
The event in Nashville served as a fundraising opportunity for Trump’s campaign, with deep-pocketed crypto executives reportedly contributing tens of millions of dollars. Trump’s newfound support for crypto has garnered him a significant following within the industry, with many attendees at the conference expressing their intent to vote for him in the next election.
The political landscape surrounding crypto has shifted dramatically, with many industry players viewing the 2024 election as a crucial opportunity to influence U.S. regulations. Trump’s alignment with the crypto industry has prompted a surge in support from voters who were previously aligned with the Democratic party.
Despite Trump’s past skepticism of bitcoin, his recent pivot towards crypto has been met with enthusiasm from many in the industry. His willingness to engage with crypto supporters and address their concerns has positioned him as a key figure in the fight against restrictive regulations.
As the election approaches, the crypto community remains divided on which candidate will best represent their interests. While some view Trump as a champion for the industry, others are hopeful that Democratic candidates, such as Vice President Kamala Harris, may offer a more favorable stance on crypto-related issues.
Overall, Trump’s recent remarks at the Bitcoin Conference have solidified his status as a leading voice in the crypto community. His promises to establish a national bitcoin reserve and support the industry have resonated with many investors and enthusiasts, setting the stage for a potentially transformative election in 2024.