Trump Vows to Protect U.S. Bitcoin Holdings and Criticizes Biden’s Crypto Policies at Nashville Conference

KEY POINTS

• At the Bitcoin 2024 conference in Nashville, Donald Trump pledged to remove SEC Chair Gary Gensler and freeze U.S. bitcoin sales, proposing a new “strategic bitcoin reserve” if he wins in November.

• Trump also committed to ending “Operation Chokepoint 2.0” and other anti-crypto policies to boost the U.S. digital asset sector.

• Bitcoin’s price fell to roughly $66,600 during Trump’s speech but swiftly recovered to about $68,000.

In a keynote address at the Bitcoin Conference in Nashville, former President Donald Trump pledged to protect the U.S. government’s bitcoin assets if he is re-elected, though he stopped short of proposing a formal federal reserve of digital currency. Trump’s speech underscored his commitment to supporting the cryptocurrency sector and contrasted sharply with the Biden administration’s regulatory stance.

Trump’s announcement marks a notable shift in his approach to bitcoin, a stark reversal from his earlier dismissal of the cryptocurrency. During his presidency, Trump had criticized bitcoin, labeling it as a “scam” and expressing concerns about its potential to facilitate illegal activities. His recent remarks at the conference, however, reflect a significant pivot, as he now emphasizes bitcoin’s role in promoting freedom and financial sovereignty.

In his address, Trump criticized the current administration’s handling of cryptocurrencies, claiming that the Biden-Harris team’s policies are detrimental to the sector. He expressed his intent to dismantle the “anti-crypto crusade” led by SEC Chairman Gary Gensler, who has been known for his stringent approach to crypto regulation. Trump also proposed the creation of a “bitcoin and crypto presidential advisory council” to ensure industry-friendly policies.

While Trump’s proposal to maintain existing federal bitcoin holdings was seen as a moderate stance, other figures at the conference presented more ambitious plans. Third-party candidate Robert F. Kennedy Jr. announced his intention to build a 4 million bitcoin reserve, starting with the U.S. government’s existing crypto assets and purchasing additional bitcoin daily until the target is reached. Similarly, Senator Cynthia Lummis (R-WY) introduced a legislative proposal to accumulate 1 million bitcoins over five years to help reduce national debt.

The price of bitcoin experienced a brief dip during Trump’s speech but later recovered and showed a slight increase by the end of the day. The event highlighted the growing importance of cryptocurrency as a political issue, with significant engagement from the crypto community in the 2024 presidential race.

Trump’s recent embrace of cryptocurrency is part of a broader campaign strategy to attract tech-savvy and pro-crypto voters. His campaign has already garnered substantial support from the crypto sector, with notable donations from figures such as the Winklevoss twins and venture capitalists like Marc Andreessen and Ben Horowitz.

The shift in Trump’s stance on bitcoin contrasts with the current regulatory approach of the Biden administration, which has been criticized by crypto advocates for its stringent policies. This growing divergence on cryptocurrency regulation is becoming a focal point in the upcoming election, reflecting the increasing influence of digital assets in American politics.

As the crypto community becomes more politically active, the debate over digital asset regulation is expected to continue shaping the electoral landscape. Both major parties are now navigating how to address this evolving issue, with the potential for significant impacts on future policy directions.

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Donald Trump Bitcoin 2024 Keynote Speech