Former U.S. President Donald Trump has stated that if he returns to the White House, he will ensure that the government retains 100% of its Bitcoin holdings and will classify Bitcoin as a strategic reserve asset of the United States.
At the Bitcoin 2024 conference held in Nashville, Tennessee, Trump attended and delivered a keynote speech, actively seeking to win over voters in the cryptocurrency industry and raise campaign funds.
During his speech, Bitcoin experienced a V-shaped trend, initially dropping by $1,200 in a short period and breaking through the $67,000 mark; by the end of the speech, it violently rebounded, recovering all of its losses. As of now, Bitcoin has broken through $69,000 per coin.
Trump said, 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.
However, compared to other proposals at the conference, Trump's promise to maintain the current Bitcoin holdings of the U.S. government and to classify it as a strategic reserve asset is not as radical for cryptocurrency investors.
For example, independent U.S. presidential candidate Robert F. Kennedy Jr. promised in his speech on Friday that if he were elected president, he would initiate a reserve plan of 4 million Bitcoins and would require the government to purchase 550 Bitcoins daily until the reserve reaches 4 million.
Shortly after Trump's speech, Wyoming Republican Senator Cynthia Lummis stated that she plans to draft a bill requiring the government to establish a national reserve of up to 1 million Bitcoins within five years and hold it for 20 years. During these 20 years, these national Bitcoin reserves can only be used to reduce the national debt.
Trump claimed that the Biden-Harris administration's suppression of cryptocurrencies and Bitcoin is wrong and very detrimental to the United States.
He listed a series of commitments to the cheering Bitcoin supporters in the audience, starting with reversing the Biden administration's persecution of the crypto industry. On day one, I will fire Gary Gensler. It is reported that Gensler has taken an active stance on cryptocurrency regulation.
The former president also promised to appoint a Bitcoin Presidential Advisory Committee, which would formulate the United States' cryptocurrency policy, and there would never be a Central Bank Digital Currency (CBDC) during his presidency.
Trump also said that Bitcoin's market value will surpass that of gold in the future. Since its inception, Bitcoin's market value has been increasing and has become the ninth-largest asset in the world by market value, soon to surpass silver, and will surpass gold in the future.
According to previous disclosures by Trump's campaign team, since May, the team has received more than $4 million worth of various cryptocurrencies, with donors from 12 states, including some battleground states.
During his presidency, Trump had harshly criticized cryptocurrencies, calling them a scam. The change in Trump's attitude also reflects that cryptocurrency users have become an increasingly powerful political force during this election period.
Paul Veradittakit, a partner at Pantera Capital Management, commented that Trump's series of commitments are very positive for the cryptocurrency industry and is very optimistic about the industry's future, with the most exciting being Trump's hope for the United States to become the crypto capital.