Former President Donald Trump advocated for a strategic national crypto stockpile at a recent Bitcoin Conference. He assured that if he were to return to the presidency, the U.S. government would retain its Bitcoin BTC/USD holdings.
What Happened: Trump made the proposal during his keynote speech at the Bitcoin Conference in Nashville on Saturday.
The former president’s remarks come in the midst of the 2024 presidential race, where the campaign for America’s frontline fintech adopters is gaining traction.
Trump’s proposal to retain the U.S. government’s current Bitcoin holdings appears less radical compared to other proposals presented at the conference, as per CNBC.
“For too long our government has violated the cardinal rule that every Bitcoiner knows by heart: Never sell your Bitcoin,” Trump said at the conference during his keynote speech.
“This afternoon I’m laying out my plan to ensure that the United States will be the crypto capital of the planet and the Bitcoin superpower of the world and we’ll get it done,” he added.
During the crypto event, Robert F. Kennedy Jr., a third-party candidate, pledged to establish a reserve of 4 million Bitcoin, starting with the U.S. government’s current Bitcoin holdings from criminal seizures.
Meanwhile, Sen. Cynthia Lummis (R-Wy.), proposed to accumulate an official U.S. federal reserve of 1 million Bitcoin over five years.
Trump criticized President Joe Biden and Vice President Kamala Harris administration’s approach to cryptocurrency and Bitcoin, stating, “The Biden-Harris administration’s repression of crypto and Bitcoin is wrong and it’s very bad for our country.”
He also pledged to form a “Bitcoin and crypto presidential advisory council” and vowed to dismantle what he termed the “anti-crypto crusade” of Biden and Harris.
Why It Matters: Trump’s stance on Bitcoin has seen a significant shift since his tenure in the White House, where he dismissed Bitcoin and other cryptocurrencies.
His recent endorsement for the digital currency aligns with the Republican Party’s pledge to remove the Biden-Harris administration’s regulatory hurdles, turning crypto regulation into a pivotal voting issue for the upcoming November elections.
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