Trump’s Bitcoin 2024 Keynote Unveils Plan for US Bitcoin Reserve
Trump Embraces Cryptocurrency
At the Bitcoin 2024 conference in Nashville on July 27, former President Donald Trump delivered a much-anticipated keynote address, expressing strong support for the cryptocurrency industry.
Trump used the platform to advocate for deregulation and address key issues facing the crypto sector, including criticisms of the current U.S. SEC Chair, SAB 121, CBDCs, stablecoins, and the current administration’s crypto policies. He announced his plan to establish a “strategic national Bitcoin stockpile” if elected:
“It will be the policy of my administration, United States of America, to keep 100% of all the Bitcoin the U.S. government currently holds or acquires into the future […] This will serve, in effect, as the core of the strategic national Bitcoin stockpile.”
A Vision for Global Leadership
Trump emphasized his goal to position the U.S. as the global leader in the crypto industry, promising to transform the country into the “crypto capital of the planet”:
“If we don’t embrace crypto and Bitcoin technology, China will, other countries will, they’ll dominate […] We want China to be successful, but we have to be the most successful.”
In a move that resonated with the audience, Trump pledged to replace current SEC Chair Gary Gensler on his first day in office, drawing cheers from the crowd. Gensler, appointed by President Biden, has faced criticism for his regulation-by-enforcement approach toward the crypto industry.
Trump also claimed that Democratic presidential candidate Kamala Harris is “against crypto.” Earlier reports indicated that Harris’ team had been reaching out to top U.S. crypto companies to “reset relations.”
Addressing the controversial banking rule SAB 121, which requires U.S. banks to handle cryptocurrency custody differently than other assets, Trump promised to “immediately shut down Operation Choke Point 2.0,” referring to what the crypto community views as anti-crypto regulatory policies.
Trump’s Crypto Evolution
Trump’s evolving stance on cryptocurrency is notable. In 2019, as president, he criticized Bitcoin and other digital currencies, stating he was “not a fan” and expressing concerns about their potential for illegal activities.
By 2021, Trump’s criticism intensified, calling Bitcoin “a scam” and advocating for the U.S. dollar’s dominance. His administration also imposed stricter crypto regulations.
However, Trump has since reversed his position, actively courting support from the crypto sector as he campaigns for the 2024 election. He reminded the Bitcoin 2024 audience that he is the first presidential candidate to accept cryptocurrency donations, raising over $4 million in crypto since May.
Trump’s support for cryptocurrency could significantly influence the political landscape, positioning him as a key advocate for the industry in contrast to the Democratic leadership.
