Trump Vows to Make US “Crypto Capital of the Planet” at Bitcoin Conference
Former President Donald Trump delivered a keynote address at the Bitcoin 2024 conference in Nashville, Tennessee, on Saturday, outlining his vision for cryptocurrency in the United States if he were to be elected for a second term. In a marked shift from his previous skepticism towards digital currencies, Trump promised to transform the US into the “crypto capital of the planet” and a “Bitcoin superpower.”
Trump’s speech, which lasted nearly 50 minutes, included several key policy proposals aimed at embracing the cryptocurrency industry. He pledged to create a “strategic national Bitcoin stockpile” using the digital assets currently held by the US government, primarily from law enforcement seizures. This announcement echoes a similar proposal made by independent presidential candidate Robert F. Kennedy Jr. at the same conference a day earlier.
The former president also committed to removing Gary Gensler as chair of the Securities and Exchange Commission (SEC) and establishing a crypto advisory council. “We will have regulations, but from now on the rules will be written by people who love your industry, not hate your industry,” Trump told the enthusiastic crowd.
Trump’s newfound support for cryptocurrency stands in stark contrast to his previous statements. In 2019, he described Bitcoin as “highly volatile and based on thin air.” However, his campaign began accepting cryptocurrency donations in May of this year, signaling a shift in stance.
The Bitcoin Conference, which attracted approximately 20,000 attendees, featured a largely Republican lineup of speakers, including several GOP senators and Senate candidates. Rep. Ro Khanna of California was one of the few Democratic voices present, criticizing his party’s approach to cryptocurrency regulation.
Despite Trump’s enthusiastic reception at the conference, some observers noted that the price of Bitcoin actually fell slightly following his speech, possibly due to unmet expectations for more concrete commitments.
As the 2024 presidential race heats up, cryptocurrency policy is emerging as a potential wedge issue. While Trump and some Republicans are actively courting the crypto community, the Biden administration has faced criticism for its regulatory approach. Reports suggest that Vice President Kamala Harris, the presumptive Democratic nominee, may be seeking to “reset” relations with top crypto companies.
