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Trump Promises U.S. Bitcoin Reserve, Warns of Crypto Crisis

Former President Trump pledges a national bitcoin reserve and warns of dire consequences for crypto if Democrats win, aiming to secure crypto votes for the 2024 election.

2 min 3 secJuly 29, 2024
Trump Promises U.S. Bitcoin Reserve, Warns of Crypto Crisis

Former U.S. President Donald Trump has pledged to establish a "strategic national bitcoin reserve" and vowed never to sell government-seized bitcoin. Speaking to over 3000 attendees at the Bitcoin Conference in Nashville, Trump outlined his comprehensive crypto policy. This includes stablecoin regulation. It also includes the right to self-custody bitcoin.

 

Trump's announcement comes amid speculation and hope from crypto enthusiasts. They hoped he would make such a commitment. "I want Bitcoin to be mined minted and made in the U.S.," he declared. He compared the potential of crypto to the steel industry of 100 years ago. He suggested it could one day surpass gold in value.

 

 

"If we don't do it China will do it," Trump warned. He emphasized the importance of embracing digital assets. He also cautioned that a Democratic win in the upcoming election would be disastrous for the crypto industry. "If they win this election every one of you will be gone," he asserted. He predicted ruthless measures against crypto under the Democratic administration.

 

Trump also promised to fire SEC Chair Gary Gensler on his first day in office. This move drew huge applause from the crowd. He announced plans to appoint "a bitcoin and crypto advisory council" to guide his administration's policies.  

 

The event marked a significant moment in crypto's integration into American politics. Trump is the first president to appear at a Bitcoin event. He acknowledged key figures in the crypto industry. This included the Winklevoss twins and Michael Saylor reflecting his newfound support for the sector.  

 

 

“She's against crypto, by the way, and she's against it very big. You gotta get out and vote,” – Trump

 

 

Trump's pivot to pro-crypto rhetoric has reshaped the political landscape. Many crypto industry leaders now back his campaign. His previous stance against Bitcoin has softened. This is influenced by the success of his own NFT collections post-presidency.  

 

In contrast, the Biden administration's perceived hostility towards crypto has alienated many in the industry. Vice President Kamala Harris' potential candidacy offers a chance for repositioning. So far Democratic campaign has not courted crypto supporters.

 

Conclusive Summary: Trump's bold stance on crypto has solidified his appeal among crypto enthusiasts. This includes the promise of a national Bitcoin reserve and regulatory reforms. His warnings of Democratic disaster for crypto have further energized his support base. This sets the stage for a significant political showdown in 2024.

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