Donald Trump, the Republican presidential nominee, spoke at the Bitcoin 2024 conference in Nashville, praising the crypto industry and announcing his plan for a national Bitcoin reserve.

Trump Goes All-In on Crypto

At the Bitcoin 2024 conference in Nashville on July 27, former president Donald Trump delivered a keynote address emphasizing his support for cryptocurrency. Trump highlighted his advocacy for deregulation and addressed several key issues, including the U.S. SEC Chair, SAB 121, CBDCs, stablecoins, and the current administration’s approach to crypto.

As anticipated by crypto supporters, Trump announced a plan to create a “strategic national Bitcoin stockpile” if elected:

“It will be the policy of my administration, United States of America, to keep 100% of all the Bitcoin the U.S. government currently holds or acquires into the future […] This will serve, in effect, as the core of the strategic national Bitcoin stockpile.”

‘Crypto Capital of the Planet’

Early in his speech, Trump emphasized his goal to advance the U.S. as the global leader in the crypto sector, promising to transform the U.S. into the “crypto capital of the planet” if elected:

“If we don’t embrace crypto and Bitcoin technology, China will, other countries will, they’ll dominate […] We want China to be successful, but we have to be the most successful.”

Addressing the frustration within the crypto industry regarding current leadership, Trump stated, “On day one, I will fire Gary Gensler and appoint a new SEC Chairman,” drawing cheers from the audience. Gensler, the current Chair of the U.S. Securities and Exchange Commission, has pursued a much-criticized regulation-by-enforcement policy towards the crypto industry.

Trump also noted that Democratic Party presumptive presidential nominee Kamala Harris is “against crypto.” Earlier reports indicated that members of Harris’ team had reached out to top U.S. crypto company representatives to “reset relations.”

Trump referenced the controversial banking rule, SAB 121, which requires U.S. banks to treat cryptocurrency custody differently than other assets. He pledged to “immediately shut down Operation Choke Point 2.0,” a term used by the crypto industry for perceived anti-crypto regulatory policies in the U.S., including rules like SAB 121.

Trump’s endorsement of cryptocurrency could significantly impact the political landscape, positioning him as a key advocate for the crypto industry, contrasting with the Democratic leadership. The Republican presidential nominee also hosted a fundraiser in Nashville, with ticket prices reaching up to $844,600.

Trump’s Crypto Flip: From Critic to Advocate

Donald Trump has notably shifted his stance on cryptocurrency in recent years. In 2019, while still president, Trump criticized Bitcoin and other digital currencies, stating that he was “not a fan” and arguing that valuations of Bitcoin and other cryptocurrencies are “based on thin air.” He also expressed concerns that unregulated crypto assets could enable illegal activities.

By 2021, Trump’s criticism intensified. He called Bitcoin “a scam” and advocated for the U.S. dollar to remain the dominant global currency. His administration also implemented stricter regulations on cryptocurrencies.

However, Trump has since fully reversed his position, actively seeking support from the crypto sector as he campaigns for the 2024 election. He reminded the audience at Bitcoin 2024 that he is the first presidential candidate to receive donations in cryptocurrency. His campaign has been accepting cryptocurrency donations since May, raising over $4 million in crypto since then.

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