Former and at the same time a likely next U.S. President Donald Trump made a significant promise at the Bitcoin Conference in Nashville on Saturday, vowing to establish a strategic national bitcoin reserve and ensuring that the government’s accrued Bitcoin holdings would not be sold. Addressing over 3,000 attendees, Trump emphasized his commitment to the cryptocurrency sector, stating,
“I want it to be mined, minted, and made in the United States.”
Trump framed the adoption of digital assets as a matter of national economic security, warning that if the U.S. does not lead in this area, “China will do it.” He likened the potential of cryptocurrency to the steel industry of 100 years ago, suggesting that it could one day surpass gold in value. His vision for the U.S. is to become the “crypto capital of the world.”
Trump also criticized the Democratic Party, stating that if they win the election, it would spell disaster for the crypto industry. “If they win this election, each of you will be gone. They will be mean. They will be ruthless,” he warned.
Key commitments made by Trump include establishing a strategic national bitcoin reserve, mirroring a proposal by Republican Senator Cynthia Lummis to have the U.S. government buy five percent of the global bitcoin supply and hold it for at least 20 years. This reserve would ensure that the government’s accrued Bitcoin holdings are not sold. Trump also vowed to dismiss Gary Gensler, the current Chair of the Securities and Exchange Commission, who is seen as unfavourable to the crypto industry and sometimes incompetent. This move would signal a significant shift in regulatory approach. Additionally, Trump promised to establish a bitcoin and crypto advisory council that would allow industry representatives to influence policy discussions, ensuring regulations are crafted by those who appreciate the industry rather than those who oppose it.
Trump’s speech was well-received by the crowd, many of whom wore “Make Bitcoin Great Again” signs and hats, reflecting a notable shift in the political landscape surrounding bitcoin. The event featured other prominent Republicans, including Senators Marsha Blackburn, Bill Hagerty, and Cynthia Lummis, as well as independent presidential candidate Robert F. Kennedy Jr., who also proposed creating a strategic bitcoin reserve.
The conference highlighted the growing alliance between the crypto sector and the right-leaning political sphere, with many attendees expressing a preference for Trump’s more supportive stance on cryptocurrency over the perceived restrictive policies of the Biden administration.
