Key Points
- Former US President Donald Trump pledges to create a strategic Bitcoin reserve.
- He also promises to expand stablecoins and dismiss Gary Gensler, the current chairman of the US SEC.
Former US President Donald Trump has confirmed rumors about his plans to establish a ‘strategic Bitcoin reserve’. This announcement was made during his address at the Bitcoin 2024 conference in Nashville.
Trump’s Bitcoin Strategy
Trump stated, “Never sell your Bitcoin. If I’m elected, the US will keep 100% of Bitcoin the government currently holds or acquires to core strategic national BTC stockpile.” This move would place Bitcoin on par with other national reserves such as petroleum, natural gas, and uranium, which are maintained to safeguard against unexpected supply disruptions.
The US government currently holds approximately 213K BTC, valued at over $14 billion. Some industry experts suggest that this move could trigger a race among nations to secure a strategic BTC position.
Changes to the Crypto Sector
In addition to his Bitcoin strategy, Trump also plans to dismiss Gary Gensler, the current chairman of the US SEC, on his first day in office. He also pledged to halt Operation Choke Point 2.0, a move reported to limit the crypto sector’s access to banking services. This action, along with enforcement from the SEC, has driven many crypto firms and associated jobs overseas.
Trump also expressed support for expanding stablecoins to strengthen the US dollar, while stating that the behavior of the current US government, not Bitcoin, threatens the US dollar.
During his address, Trump criticized Kamala Harris and Joe Biden, referring to them as ‘anti-crypto crusaders’. He suggested that their ‘weaponization’ against crypto will end if he is elected.
Trump’s address was well received by the crypto community, with Stacks founder Ali Muneeb referring to the speech as ‘historic’.
The price of Bitcoin reached $69.3k but later fell below $68k. The outcome of the upcoming Fed rate decision on July 31st will likely influence Bitcoin’s future price direction.
