- Trump promised to create a national BTC reserve.
- Additionally, he promised to expand stablecoins and fire Gary Gensler.
Former US President Donald Trump has promised to create a ‘strategic Bitcoin reserve’, confirming rumors that have been circulating for weeks.
In his stunning speech at the Bitcoin 2024 Conference in Nashville, Trump promised,
‘Never sell your Bitcoin. If elected, the US will retain 100% of the Bitcoin the government currently owns or acquires as a strategic national BTC stockpile.”
Such a move would put the world’s largest cryptocurrency on par with oil, natural gas and uranium, among others, which are part of US national reserves to deal with unprecedented supply disruptions.
By extension, according to some industry experts, such a move by the US could initiate game theory among the world’s states and send BTC on a wild run as each country races for a strategic BTC position.
The US government right now holds 213,000 BTC, worth over $14 billion at current prices.
Trump will fire Gary Gensler and expand stablecoins
The former president also promised to fire US SEC Chairman Gary Gensler on Day 1. His announcement received the wildest reaction and applause from the crowd, forcing Trump to pause and intervene,
‘I didn’t know he was so unpopular. Let me say it again: On Day 1, I’m firing Gary Gensler.”
Additionally, Trump promised to shut down Operation Choke Point 2.0, an attempt to restrict the crypto sector’s access to banking services. Along with enforcement actions from the SEC, most crypto companies and associated jobs have been pushed offshore.
To address the same, Trump promised to stop the purge.
“Your government will no longer stand by and watch Bitcoin jobs and businesses flee to other countries.”
The former president also reiterated that CBDC (central bank digital currency) will never happen in the US as long as he is at the helm.
However, he fully supported the expansion of stablecoins to boost the US dollar. He reiterated that the US government’s behavior threatened the US dollar, not Bitcoin.
“Bitco does not threaten the dollar. The behavior of the current US administration threatens the dollar.”
The former president couldn’t resist taking a swipe at Kamala Harris and Joe Biden. He called them “anti-crypto crusaders” and said their “weaponization” against crypto will be over if he is elected.
Trump’s speech was undoubtedly well received by the crypto community. Stacks founder Ali Muneeb called the speech ‘historical‘, a feeling that echoed through the room.
On the price charts, BTC touched $69.3k, but later dropped below $68k at the time of writing. The US elections and politics have been major price drivers in recent weeks.
The Fed’s upcoming interest rate decision on July 31 will determine BTC’s next price direction.