Trump Proposes Making Bitcoin a US Strategic Reserve Asset in Latest Speech
During his keynote address at the Bitcoin 2024 Conference on July 27, US presidential candidate Donald Trump unveiled his plan to designate Bitcoin as a strategic reserve asset if elected.
”I am announcing that, if I am elected, it will be the policy of my administration to hold 100% of all Bitcoin that the US government currently possesses or acquires in the future,” Trump declared. “This will effectively establish a core strategic Bitcoin stockpile for the nation.”
This proposal marks a significant shift in Trump’s stance on cryptocurrency, moving from previous criticisms to a more supportive approach. Such a move could enhance Bitcoin’s credibility, attract new investors, and potentially increase its value.
Trump also voiced his ambition to transform the US into a Bitcoin superpower, emphasizing the importance of maintaining leadership in the crypto space to prevent other nations, particularly China, from taking the lead. “If we don’t adopt crypto and Bitcoin, others will,” Trump warned.
In addition, Trump announced plans to remove SEC Chair Gary Gensler on his first day in office, replacing him with someone who supports technological innovation. He criticized the current administration’s tough stance on crypto as “un-American” and pledged to end Operation Chokepoint 2.0.
“I promise the Bitcoin community that, on my first day, Joe Biden and Kamala Harris’s anti-crypto agenda will end,” Trump stated. He also proposed appointing a Presidential crypto advisor to foster a supportive environment for the industry.
Trump highlighted Bitcoin’s rapid rise to become the ninth-largest asset globally by market capitalization and predicted it could eventually surpass gold. His campaign now accepts donations in Bitcoin, Ethereum, and Dogecoin, reflecting his newfound support for the industry.
Earlier this month, the Republican National Committee, influenced by Trump, announced its commitment to supporting crypto innovations and opposing the development of a central bank digital currency (CBDC).
Trump’s comments followed speculation by Robert F. Kennedy Jr. that Trump might announce plans to authorize the US government’s acquisition of one million Bitcoins as part of the strategic reserve.
Featured image from: cnbc.com