Trump Backs U.S. Bitcoin Reserve and Warns of Crypto's Future Under Democrats
Trump's bold Bitcoin vision and warnings about Democratic policies stir discussions at the Nashville Bitcoin Conference.
Former U.S. President Donald Trump delivered a powerful speech at the Bitcoin Conference in Nashville, drawing thousands of attendees eager to hear his vision for cryptocurrency. Trump proposed the establishment of a "strategic national bitcoin reserve" and pledged that the government would "never sell" its seized Bitcoin holdings. "I want it to be mined, minted, and made in the U.S.," Trump declared, emphasizing the importance of Bitcoin's domestic production and integration into the national economy.
Vision for Bitcoin and Cryptocurrency Policy
Trump outlined a comprehensive crypto policy, including the regulation of stablecoins and the right to self-custody Bitcoin. "If we don't do it, China will do it," he warned, drawing parallels to the historical significance of the steel industry. "Crypto is the steel industry of 100 years ago, you're just in your infancy," Trump said, predicting Bitcoin could eventually surpass gold in value. "One day it probably will overtake gold. ... There's never been anything like it."
The former president stressed that a Democratic victory in the upcoming election would be detrimental to the crypto industry. "If they win this election, every one of you will be gone. They will be vicious. They will be ruthless. They will do things and you wouldn't believe," he cautioned. Trump announced his plan to fire SEC Chair Gary Gensler on his first day in office, a promise that was met with enthusiastic applause. "I didn't know he was that unpopular," he remarked.
Rallying the Crypto Community
Trump's appearance at the conference followed a major fundraising event targeting crypto executives, reportedly raising tens of millions of dollars. He became the first U.S. president to attend a Bitcoin event, a move that solidified his support within the crypto community. In his speech, he acknowledged key figures in the industry, including the Winklevoss twins and Michael Saylor, highlighting their contributions to the crypto space.
Fred Thiel, CEO of Marathon Digital, echoed Trump's sentiments on the importance of a national Bitcoin reserve. "If the U.S. were to have a strategic reserve for Bitcoin, they could project power," Thiel stated. Trump also expressed his intent to establish a "bitcoin and crypto advisory council" to guide his administration's policies.
A Shift in Political Alliances
Trump's embrace of Bitcoin has prompted a significant realignment within the crypto industry's upper echelons, with many former Democratic supporters now considering backing Trump. His stance has energized the community, evident from the "Make Bitcoin Great Again" hats worn by many of the 20,000 conference attendees. Despite his previous skepticism of Bitcoin, Trump's recent engagement with the crypto world has won him new supporters.
Trump's position contrasts sharply with the Biden administration's approach, which has been perceived as hostile to the crypto industry. Trump's advocacy for crypto-friendly policies and his promise to appoint supportive regulators resonate strongly with industry leaders and enthusiasts alike.
As the 2024 election approaches, the crypto community will closely watch how Trump's policies and rhetoric influence broader political and financial landscapes. Trump's commitment to Bitcoin and his vision for its role in the U.S. economy mark a pivotal moment for the future of cryptocurrency.
photo source / Blockonome
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