Former President Donald Trump outlined a plan to accelerate crypto development and make the US a crypto mining powerhouse in his keynote address at the 2024 Nashville Bitcoin Conference on Saturday.
Trump announced that if elected, he would create a strategic bitcoin reserve in the US. He said, “It will be the policy of my administration to hold 100 percent of all bitcoin currently held by the U.S. government or acquired in the future as the core of a strategic national bitcoin reserve.”
At the moment, the US government Owns over 210,000 bitcoins He was seized Through illegal operations such as online dark markets silk Road And this Ponzi scheme BitconnectIt is worth around $14 billion at the time of writing.
this step Confirmed rumors The news has been spread by Bitcoin enthusiasts, who are hoping that Trump’s support for the Reserve Bank could lead to a surge in the price of the cryptocurrency.
Trump also announced plans to appoint a Bitcoin and Crypto Advisory Council, whose task will be to “craft transparent regulatory guidance for the benefit of our industry” in the first 100 days of his next presidency. He added that he wants the US to become the “crypto capital of the world.”
Trump also promised to create a framework to ensure the safe expansion of stablecoins, “which will allow us to expand the dominance of the USD to other places around the world,” and Doubled his pledge He also sought to quash any efforts to create a Central Bank Digital Currency (CBDC) or digital dollar, saying that “as long as I am president of the United States, there will never be a CBDC.”
“I will always defend the right to self-preservation,” he told the cheering crowd. Perhaps the biggest cheer of the day came with the promise to fire Securities and Exchange Commission Chairman Gary Gensler.
“The moment I’m sworn in, the harassment stops and the weaponization against your industry ends,” he said, calling Democratic Senator Elizabeth Warren of Massachusetts the industry’s archenemy.
He promised to make regulations favorable for crypto mining operations in the US, so that workers “don’t have to go to China.” Trump again promised to release Ross Ulbricht, who was sentenced to life imprisonment for his involvement. online underground market silk roadWhere people could purchase items such as illegal drugs, it was later closed in 2013.
The crowd was expecting the announcement of a Bitcoin strategic reserve. On July 22, Wyoming Senator Cynthia Lummis posted “Big things are in store this week…” on X, two days before Fox Business reported She will “announce legislation for a strategic bitcoin reserve” at the conference.
Shortly after Trump left, Lummis appeared before the crowd and announced “a gift for President Donald Trump”: a bitcoin reserve bill she was drafting.
“This is our Louisiana Purchase moment,” he said, elaborating that the bill “would take the bitcoin that President Trump just mentioned and pull it into reserve —[and] This is just the beginning.”
He said, “In five years, the United States will collect 1 million bitcoin, which is five percent of the world’s bitcoin, and it will be kept for at least 20 years and can be used for one purpose – reducing our debt.”
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