Donald Trump Backs ‘Strategic Bitcoin Stockpile’ in Speech to Crypto Faithful

Former president Donald Trump outlined a program to turbocharge crypto maturation and marque the US a crypto mining powerhouse successful his keynote code to the 2024 Nashville Bitcoin Conference connected Saturday.

Trump announced that if elected, helium would make a strategical bitcoin reserve successful the US. “It volition beryllium the argumentation of my medication to support 100 percent of each bitcoin the US authorities presently holds oregon acquires successful the aboriginal … arsenic a halfway of the strategical nationalist bitcoin stockpile,” helium said.

Right now, the US authorities owns much than 210,000 bitcoins that were seized via amerciable operations similar the online acheronian marketplace Silk Road and the ponzi strategy BitConnect. It’s worthy astir $14 cardinal astatine clip of writing.

This determination confirmed rumors dispersed by bitcoin enthusiasts who are hopeful that endorsement of a reserve from Trump could bolster the terms of the cryptocurrency.

Trump besides announced plans to name a bitcoin and crypto advisory council, whose task would beryllium to “design transparent regulatory guidance to the payment of your industry” successful the archetypal 100 days of his adjacent presidency. He said helium wanted the US to go the “crypto superior of the world.”

Trump besides pledged to make a model for ensuring the harmless enlargement of stablecoins, “allowing america to widen the dominance of the USD to different places astir the world,” and doubled down connected his vow to scrap immoderate effort to make a Central Bank Digital Currency (CBDC) oregon integer dollar, saying “there volition ne'er beryllium a CBDC portion I’m president of the United States.”

“I volition ever support the close to self-custody,” helium told the exultant crowd. What got possibly the biggest cheer was a time 1 committedness to occurrence Securities and Exchange Commission seat Gary Gensler.

“The infinitesimal I americium sworn in, the persecution stops and the weaponization against your manufacture ends,” helium said, name-checking Democratic legislator Elizabeth Warren of Massachusetts arsenic the industry’s sworn enemy.

He promised to marque regulations affable to crypto mining operations successful the US, truthful workers wouldn’t person to “move to China.” Trump promised, again, to escaped Ross Ulbricht, imprisoned for beingness for his engagement with online underground marketplace Silk Road, wherever radical could bargain items similar amerciable drugs earlier it was unopen down successful 2013.

The assemblage expected the bitcoin strategical reserve announcement. On July 22, Senator Cynthia Lummis of Wyoming posted “Big things … successful store this week” connected X, 2 days earlier Fox Business reported she would “announce authorities for a strategical bitcoin reserve” astatine the conference.

Lummis appeared earlier the assemblage conscionable aft Trump walked disconnected to denote a “present to President Donald Trump”: the bitcoin reserve measure she’d been drafting.

“This is our Louisiana Purchase moment,” she said, elaborating that the measure would instrumentality “the bitcoin President Trump conscionable mentioned and propulsion it into the reserve—[and] that’s lone the beginning.”

“Over 5 years, the United States volition assemble 1 cardinal bitcoin,” she added, “Five percent of the world’s bitcoin, and it volition beryllium held for a minimum of 20 years and tin beryllium utilized for 1 purpose—reduce our debt.”