Trump confirms Bitcoin will become a US strategic reserve asset if elected
Key Takeaways
- Trump proposes Bitcoin as a strategic reserve asset.
- Trump's campaign accepts crypto donations, signaling strong industry support.
US presidential candidate Donald Trump said he will make Bitcoin a strategic reserve asset if elected during his keynote speech at the Bitcoin 2024 Conference on July 27.
“I am announcing that, if I am elected, it will be the policy of my administration, the United States of America, to keep 100% of all the Bitcoin the US government currently holds or acquires into the future,” said Trump. “This will serve in effect, as the core of the strategic national Bitcoin stockpile.”
The idea of Bitcoin becoming a reserve asset aligns with Trump’s recent shift toward a more pro-crypto stance, a major departure from his previous criticism of digital currencies. The move could bolster Bitcoin’s legitimacy, attract new investors, and potentially drive up its price if it is implemented.
Previously, billionaire entrepreneur Mark Cuban suggested that Bitcoin could emerge as a global reserve asset. According to Cuban, Bitcoin could serve as a “safe haven” amid geopolitical uncertainties and inflationary pressures.
Trump also shared his plans to transform the US into a Bitcoin superpower during the conference. He emphasized the need to maintain the country’s leadership in the crypto industry to prevent China and other nations from taking the lead.
“If we don’t adopt crypto and Bitcoin, others will,” Trump stated.
Trump further announced his intention to fire SEC Chair Gary Gensler on his first day in office, replacing him with a leader who supports technological innovation. He criticized the current administration’s harsh stance on crypto as “un-American” and vowed to terminate Operation Chokepoint 2.0.
“I pledge to the Bitcoin community that the day I take the oath of office, Joe Biden and Kamala Harris’s anti-crypto crusade will be over,” Trump asserted.
Additionally, Trump proposed appointing a Presidential crypto advisor to create a supportive environment for the crypto industry. He highlighted Bitcoin’s rapid ascent to becoming the ninth-largest asset by market capitalization globally and predicted it could one day surpass gold.
Trump has rebranded himself as a pro-crypto candidate and actively voiced support for the industry. He has also called for US leadership in the crypto sector and highlighted the need for the country to dominate Bitcoin mining.
Trump’s campaign also accepts donations in various digital currencies, including Bitcoin, Ethereum, and Dogecoin.
Earlier this month, the Republican National Committee, influenced by Trump, declared its platform to support crypto innovations and prevent any crackdowns on crypto, while opposing the development of a central bank digital currency (CBDC).
Trump’s recent remarks came after Robert F. Kennedy Jr. revealed that Trump might announce plans to authorize the US government’s purchase of one million Bitcoins as a strategic reserve asset at the event.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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