Trump plans to launch U.S. strategic Bitcoin reserve

Trump says ‘Never sell your bitcoin’

NASHVILLE, Tenn.,— On Saturday, former President Donald Trump unveiled an ambitious plan to elevate the United States to a leading position in the global cryptocurrency arena.

Addressing an enthusiastic crowd of Bitcoin supporters, Trump declared his intention to transform the U.S. into a “bitcoin superpower” should he secure a second term in office.

During his keynote speech at the Bitcoin 2024 conference, Trump, the Republican presidential frontrunner, pledged to make the United States the “crypto capital of the planet.”

He outlined a proposal to establish a bitcoin “strategic reserve” by leveraging the digital currency currently held by the government.

“For too long, our government has ignored the fundamental principle every Bitcoiner lives by: Never sell your bitcoin,” Trump declared during his keynote address at this year’s Bitcoin Conference in Nashville, the biggest bitcoin conference of the year.

A significant aspect of his strategy includes the removal of Securities and Exchange Commission Chair Gary Gensler. Trump emphasized his commitment to forming a crypto advisory council, playfully inviting audience members to participate. “We will have regulations,” he stated, “but going forward, the rules will be crafted by those who support and understand your industry, not by those who oppose it.”

Trump’s address marked a notable shift in his stance on cryptocurrency. In 2019, he was a vocal critic, denouncing the volatile nature of digital currencies on social media. However, his perspective has evolved, as evidenced by his campaign’s acceptance of cryptocurrency donations since May.

Throughout his nearly 50-minute speech, Trump positioned himself as a staunch supporter of cryptocurrency, contrasting his views with the Biden administration’s regulatory approach. He accused the current administration of hindering the industry’s progress, asserting that he would ensure cryptocurrency is “mined, minted, and made” within the United States.

Analysts frequently highlight Bitcoin (BTC) as the premier decentralized digital currency, often referred to as digital gold. It is celebrated for its independence and its status as a store of value free from corporate or governmental control. In contrast, many other cryptocurrencies, or “altcoins,” are often viewed with skepticism and labeled as scams due to their centralized nature.

Trump further endeared himself to the bitcoin community by referencing law enforcement’s seizures of the digital asset. “They took it away from you,” he remarked, vowing to transform this seized wealth into a national asset for the benefit of all Americans. He reiterated his promise to commute the sentence of Ross Ulbricht, the founder of the Silk Road website, who is serving a life sentence after being held accountable for multiple overdose deaths linked to his platform. Many attendees sported “Free Ross Day One” hats, signaling their support for Ulbricht’s release.

Tennessee Senator Marsha Blackburn hailed Trump’s announcement of a bitcoin strategic reserve as a “historic moment,” underscoring the significance of his proposal.

Trump’s remarks came just a day after independent presidential candidate Robert F. Kennedy Jr. also addressed the conference, presenting a similar vision for a strategic bitcoin reserve.

In summary, Trump’s speech at the Bitcoin 2024 conference underscored a dramatic pivot in his approach to cryptocurrency. His plans to deregulate and support the industry, coupled with his call for a bitcoin strategic reserve, were met with enthusiastic approval from the crypto community in Nashville.

(With files from AP)