Trump Goes All-in on Crypto, Pledges to Create a 'Strategic National Bitcoin Stockpile' if Elected

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.

Former U.S. President Donald Trump, now the Republican presidential nominee, attended the Bitcoin 2024 conference in Nashville, where he expressed strong support for the cryptocurrency industry. Trump highlighted several key issues affecting crypto, including the U.S. SEC Chair, banking rule SAB 121, CBDCs, stablecoins and the current administration’s approach to crypto.

As crypto supporters had hoped, Trump announced a plan to create a “strategic national Bitcoin stockpile” in the U.S., 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.”

Trump emphasized that his support for the crypto industry is driven 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 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,” as the crowd cheered and chanted. 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 mentioned that Democratic Party presumptive presidential nominee Kamala Harris is “against crypto.” Earlier today, the 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 banking rule SAB 121, which requires U.S. banks to treat cryptocurrency custody differently than 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., including 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 attended 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.

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