Republican presidential candidate Donald Trump spoke at the Bitcoin 2024 conference in Nassau, where he praised the cryptocurrency industry and announced his plan to create a national Bitcoin reserve.
Trump invests everything in cryptocurrencies
At the just-concluded Bitcoin 2024 conference in Nashville today, July 27, former President Donald Trump delivered a highly anticipated keynote speech that highlighted his current very positive stance on cryptocurrencies.
Trump used the occasion to emphasize his support for the crypto industry and call for its deregulation. He was able to mention several of the industry’s major pain points, including the current SEC chairman, SAB 121, central bank digital currencies, stablecoins, and the current administration’s approach to crypto.
As cryptocurrency advocates had sorely hoped, the former president has already announced a plan to create a “strategic national stockpile of bitcoin” in the United States, if elected:
“It will be the policy of my administration, the United States of America, to retain 100% of all Bitcoin currently held or acquired by the United States Government (…) and this will serve as the core of the Strategic National Stockpile of Bitcoin.”
“The cryptocurrency capital of the world”
Early in his speech, Trump emphasized that his support for the crypto industry stems from a desire to advance the United States as a global leader in the sector, promising the Bitcoin 2024 crowd that if elected, he would turn the United States into the “crypto capital of the planet”:
“If we don’t embrace crypto and Bitcoin, China, and other countries will, and they will dominate… We want China to be successful, but we have to be the most successful.”
In a clear sign of the crypto industry’s frustration with the current leadership in Washington, Trump also stated, “On Day One, I will fire Gary Gensler and appoint a new SEC Chairman,” prompting cheers and cheers from the crowd. Gensler, the current SEC Chairman who was appointed by President Biden, has sought to pursue a policy of regulation-by-enforcement that has been heavily criticized toward the crypto industry.
The former US president also said that presumptive Democratic presidential nominee Kamala Harris is “anti-crypto.” Earlier today, the Financial Times reported that members of Harris’s team have reached out to senior representatives of US crypto companies in an attempt to “reset relations.”
Trump also pointed to the controversial SAB 121 banking rule, which requires U.S. banks to treat custody of cryptocurrencies differently from other assets. Trump said he would “immediately shut down Operation Choke Point 2.0,” using the crypto industry’s term for what is seen as anti-crypto regulatory policy in the United States, including rules like SAB 121.
Trump’s endorsement of cryptocurrencies could have a major impact on the political landscape, cementing his position as a leading advocate for the crypto industry, in contrast to the Democratic leadership.
like Reported The Republican presidential candidate also hosted a fundraiser in Nashville, where ticket prices reached $844,600.
Trump Goes Crypto: From Critic to Defender
Donald Trump has significantly changed his stance on cryptocurrencies in recent years. In 2019, while still in office, Trump criticized Bitcoin and other cryptocurrencies, saying he was “not a fan” and arguing that the valuations of Bitcoin and other cryptocurrencies were “based on air.” He also expressed concerns that unregulated crypto assets could enable illegal activity.
By 2021, Trump’s criticism had intensified. Named He has called Bitcoin a “scam” and called for the US dollar to remain the dominant global currency. His administration has also implemented stricter regulations on cryptocurrencies.
However, Trump has since completely reversed his position, actively seeking — and clearly receiving — support from the crypto sector in his 2024 campaign.
As Trump reminded attendees at the Bitcoin 2024 conference today, he is the first presidential candidate to accept cryptocurrency donations. His campaign began accepting crypto donations in May, and has raised over $4 million in cryptocurrency since then.