Donald Trump has made Bitcoin and cryptocurrency central to his 2024 campaign. Addressing a packed crowd at the Bitcoin 2024 conference in Nashville, Trump outlined his crypto strategy just weeks after surviving an assassination attempt.
With the bold declaration, "If crypto is the future, it needs to be mined, minted, and made in the USA," Trump declared. "If Bitcoin is going to the moon, I want America to lead the way." Trump's campaign announces the strategy. Read the complete article to know all about it.
Strategic National Bitcoin Stockpile
A cornerstone of Trump's strategy is the establishment of the first Strategic National Bitcoin Stockpile. The plan includes utilizing approximately 210,000 Bitcoins (worth about $13 billion) already seized by law enforcement and retaining 100% of all Bitcoins held or acquired by the U.S. government.
"For too long, our government has broken a rule every Bitcoiner knows: never sell your Bitcoin," Trump stated. "If I'm elected, my administration will keep 100% of all the Bitcoin the U.S. government holds or acquires."
From Skeptic To Advocate
Despite previously calling Bitcoin "a disaster waiting to happen," Trump has pledged to be a "pro-Bitcoin president." His campaign now accepts Bitcoin and crypto donations, having raised $25 million since May. His running mate, Ohio Sen. JD Vance, is also a vocal supporter and Bitcoin owner.
Key Promises To The Crypto Community
Trump addressed the audience with several promises to Bitcoin enthusiasts. "Regulations will now be written by those who love your industry," Trump assured them.
- Crypto-friendly regulations: Forming a board to draft industry-friendly regulations.
- Energy production: Increasing U.S. energy output to support Bitcoin mining.
- Commuting Ross Ulbricht's sentence: Vowing to free the founder of the Silk Road darknet market.
- Firing SEC Chair Gary Gensler: Appointing a new SEC chair supportive of innovation.
Trump emphasized his plan to use American energy to offer the world's lowest energy costs, positioning the U.S. as a top mining powerhouse. "Bitcoin and crypto will grow our economy, secure American financial dominance, and strengthen our country for the future," he concluded.
Rallying Support And Fundraising
While in Nashville, Trump held a fundraiser where top tickets went for $844,600 per person. Photo opportunities with Trump cost $60,000 per person and $100,000 per couple.
Trump is set to speak at a rally in Minnesota, aiming to make the traditionally blue state more competitive. His anti-Biden rhetoric and pro-crypto stance are central to his campaign strategy.
Opposition And Support
Trump attacked the Biden-Harris administration's "anti-crypto crusade" and opposed the creation of a central bank digital currency. He blamed Biden's policies for inflation, which he claimed Bitcoiners had predicted.
Trump argued that Bitcoiners understand inflation better than anyone else, that Biden's policies have wiped out 20-30% of the dollar's value, and that inflation acts as a "stealth taxation" destroying Americans' savings.
Notable figures at the Bitcoin conference included Tennessee Sen. Marsha Blackburn and former presidential candidate Vivek Ramaswamy, who echoed Trump's sentiments. Blackburn advocated for Bitcoin as a 401(k) investment option for federal employees, emphasizing personal freedom in financial decisions.
Blackburn hosted a "Biscuits and Bitcoin" event featuring speakers such as Ramaswamy, former Acting Director of National Intelligence Richard Grenell, and Wyoming Senator Cynthia Lummis. Senator Lummis revealed plans to introduce legislation aimed at creating a strategic Bitcoin reserve.
