Donald Trump, the Republican presidential nominee, has announced plans to establish a strategic bitcoin reserve and transform the U.S. into the world’s “crypto capital” if he wins the upcoming election. In his keynote speech at the Bitcoin 2024 Conference in Nashville, Tennessee, Trump detailed his vision for the nation’s crypto future.
“If I am elected, it will be the policy of the United States of America to keep 100% of the bitcoins the U.S. government currently holds or acquires in the future,” Trump declared, emphasizing his commitment to the cryptocurrency. He also promised to form a bitcoin and crypto presidential advisory council, tasked with crafting clear regulatory guidelines within 100 days of his presidency.
Shift in Stance and Regulatory Promises
Trump’s speech marked a significant shift from his previous criticism of cryptocurrencies. He highlighted his campaign’s acceptance of crypto donations since May and his meetings with crypto-mining executives in June. “If crypto is going to define the future, I want it to be mined, minted, and made in the USA,” he stated.
His promises included firing SEC Chairman Gary Gensler on his first day in office and ensuring the U.S. becomes the “bitcoin superpower of the world.” Trump assured his audience that he would eliminate the consideration of a central bank digital dollar under his administration. He also hinted at easing environmental regulations for bitcoin miners, a move likely to encourage the industry.
Criticism of Current Administration and Industry Support
Trump’s comments were well-received by the crypto community, who have often criticized the Biden administration’s approach to digital assets. Complaints against Biden’s policies include a proposed 30% tax on cryptocurrency miners’ energy usage and the administration’s efforts to regulate crypto issuers like public companies.
Despite these criticisms, some Democrats have shown support for the sector. For instance, House Democrats approved an industry-backed regulatory bill in May, although it did not progress in the Senate. The Biden administration expressed a willingness to work with Congress to develop a balanced regulatory framework for digital assets.
Trump’s proposals have already garnered support from high-profile crypto figures, such as Tyler Winklevoss, co-founder of the Gemini crypto exchange. Despite his past skepticism, Trump’s current stance has won over many in the industry, who are frustrated with the current administration’s policies.
Bitcoin’s price showed slight volatility during Trump’s speech, trading around $67,794, reflecting the market’s cautious optimism. As the election approaches, the crypto community’s role as a potential voting bloc may become increasingly significant.
