Donald Trump, the Republican presidential nominee, spoke at the Bitcoin 2024 conference in Nasvhille, praising the crypto industry and announcing his plan for a national Bitcoin reserve.
Trump goes all-in on crypto
At the just-concluded Bitcoin 2024 conference in Nashville today, July 27, former president Donald Trump delivered a highly anticipated keynote address that highlighted his currently very positive stance on cryptocurrency.
Trump used the occasion to underline his support for the crypto industry and advocate for deregulation. He managed to mention several key pain points for the industry, including the current U.S. SEC Chair, SAB 121, CBDCs, stablecoins and the current administration’s approach to crypto.
As crypto supporters had very much hoped for, the former president indeed announced a plan to create a “strategic national Bitcoin stockpile” in the United States, 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.”
‘Crypto capital of the planet’
Early in his speech, Trump emphasized that his support for the crypto industry is motivated by the desire to advance the U.S. as the global leader in the sector, promising the Bitcoin 2024 audience that if elected, he would transform the U.S. 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 clear nod to 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,” drawing cheers and chanting from the audience. Gensler, the current Chair of the U.S. Securities and Exchange Commission, appointed by president Biden, has pursued a much-criticized regulation-by-enforcement policy toward the crypto industry.
The former U.S. president also stated that Democratic Party presumptive presidential nominee Kamala Harris is “against crypto.” Earlier today, FT reported that members of Harris’ team had reached out to top U.S. crypto company representatives in an effort to “reset relations.”
Trump also referenced the much-discussed and controversial banking rule, SAB 121, which requires U.S. banks to treat its custody of cryptocurrency differently than custody other assets. Trump said he would “immediately shut down Operation Choke Point 2.0,” using the crypto industry’s term for what is perceived to be anti-crypto regulatory policy in the U.S. that includes rules like SAB 121.
Trump’s endorsement of cryptocurrency could significantly impact the political landscape, further cementing him as a key advocate for the crypto industry, in contrast to the Democratic leadership.
As reported by CNBC today, the Republican presidential nominee also hosted a fundraiser in Nashville, where ticket prices reached up to $844,600.
Trump’s crypto flip: From critic to advocate
Donald Trump has notably shifted his stance on cryptocurrency in recent years. In 2019, while still serving as president, Trump criticized Bitcoin and other digital currencies, stating that he was “not a fan” and arguing that valuations of Bitcoin and other cryptocurrencies are “based on thin air.” He also expressed concerns that unregulated crypto assets could enable illegal activities.
By 2021, Trump’s criticism intensified. He called Bitcoin “a scam” and advocated for the U.S. dollar to remain the dominant global currency. His administration also implemented stricter regulations on cryptocurrencies.
However, Trump has since fully reversed his position, actively seeking — and clearly getting — support from the crypto sector as he campaigns for the 2024 election.
As Trump reminded the audience at Bitcoin 2024 today, he is the first presidential candidate to receive donations in cryptocurrency. His campaign has been accepting cryptocurrency donations since May, raising over $4 million in crypto since then.