Donald Trump Backs 'Strategic Bitcoin Reserve' in Speech to Crypto Faithful

Former President Donald Trump outlined a plan to boost the growth of cryptocurrencies and make the United States a crypto mining powerhouse in his keynote address at the Bitcoin 2024 conference in Nashville on Saturday.

Trump announced that if elected, he would create a strategic reserve of bitcoin in the United States. “It will be the policy of my administration to hold 100% of all bitcoins that the United States government currently holds or acquires in the future as the basis of the national strategic reserve of bitcoin,” he said.

Currently, the U.S. government has over 210,000 bitcoins, which were seized through illegal operations such as the online black market Silk Road and the BitConnect Ponzi scheme. At the time of writing, their value is around $14 billion.

The move confirmed rumors spread by bitcoin enthusiasts who hope that Trump's approval of a reserve could boost the price of the cryptocurrency.

Trump also announced his intention to appoint a Bitcoin and Cryptocurrency Advisory Council, whose task would be to design transparent regulatory guidance for the benefit of your industry during the first 100 days of his next presidency. He said he wants the United States to become the cryptocurrency capital of the world.

Trump also pledged to create a framework to ensure the safe expansion of stablecoins, allowing us to extend the USD's dominance to other parts of the world, and doubled down on his promise to abandon any efforts to create a central bank digital currency (CBDC) or digital dollar, saying “there will never be a CBDC as long as I am President of the United States.”

“I will always defend the right to self-determination,” he told the cheering crowd. Perhaps most enthusiastically, he promised on day one to fire Securities and Exchange Commission Chairman Gary Gensler.

“As soon as I take the oath of office, the persecution ends and the use of weapons against your industry ends,” he said, citing Democratic Sen. Elizabeth Warren of Massachusetts as the industry’s archenemy.

He promised to make regulations more favorable to cryptocurrency mining operations in the United States, so that workers would not have to move to China. Trump promised, once again, to free Ross Ulbricht, who was imprisoned for life for his involvement in the underground online marketplace Silk Road, where people could buy items like illegal drugs before it was shut down in 2013.

The crowd eagerly awaited the announcement of the strategic bitcoin reserve. On July 22, Senator Cynthia Lummis of Wyoming posted on X Big things in store this week, two days before Fox Business reported that she would announce a bill for a strategic bitcoin reserve at the conference.

Lummis appeared before the crowd just after Trump left to announce a gift to President Donald Trump: the bitcoin reserve bill he was drafting.

This is our Louisiana Purchase moment, she said, noting that the bill would take the bitcoin that President Trump just mentioned and put it into the reserve.[and] This is just the beginning.

Over five years, the United States will collect 1 million bitcoins, she added. Five percent of the world's bitcoins, and they will be held for at least 20 years and can be used for one purpose: reducing our debt.

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