At the 2024 Nashville Bitcoin Convention, former President Donald Trump presented a vision to accelerate cryptocurrency development and establish the United States as a dominant force in crypto mining in his keynote address on Saturday.
If elected, Trump vowed to establish a strategic Bitcoin reserve within the United States. President states that his administration plans to ensure 100% ownership and control of all Bitcoin held or acquired by the US government in the future, considering it a core component of the nation’s strategic digital asset reserve.
At present, US authorities have successfully cracked down on illegal operations such as darknet markets and cryptocurrencies used to facilitate illicit activities. Its valuation stands at approximately $14 billion as this is written.
The latest development in the world of cryptocurrencies has unfolded with enthusiastic bitcoin supporters hoping that Donald Trump’s potential endorsement could significantly boost the value of this digital asset.
President Trump proposed establishing a cryptocurrency and bitcoin advisory council, aiming to develop clear regulatory guidelines for the industry’s benefit within the first 100 days of his next term. The entrepreneur envisioned the United States as a global hub for cryptocurrency development.
Trump further committed to establishing a framework for ensuring the secure expansion of stablecoins, enabling the USD’s dominance in global markets, and scrapping initiatives for a Central Bank Digital Currency (CBDC) or digital dollar, stating “there will never be a CBDC as long as I am President of the United States.”
“I’ll always stand up for individuals who prioritize self-sovereignty,” he declared to the enthusiastic audience. What elicited the loudest applause was a commitment made on day one by SEC Chair Gary Gensler to Fireside Securities.
“As soon as I’m sworn in, the relentless persecution of your business will cease, and the political weaponization aimed at undermining your enterprise will come to an end,” he declared, referencing Senator Elizabeth Warren, a fierce critic of his business practices.
Trump vowed to enact legislation favorable to crypto mining operations within the US, thereby allowing employees to remain in their roles without having to “transfer to China.” He reiterated his pledge to secure the release of Ross Ulbricht, imprisoned for life after being convicted for his involvement with Silk Road, a platform where individuals could purchase illicit goods like drugs prior to its shutdown in 2013.
The group had been eagerly anticipating the official announcement of the bitcoin strategic reserve. Senator Cynthia Lummis of Wyoming tweeted “Huge issues emerging at major retailers” on July 20, preceding her announcement of proposed legislation to establish a strategic bitcoin reserve by just two days at the convention.
As soon as Trump departed to declare his “endorsement of President Donald Trump,” Lummis emerged ahead of the group, carrying with her the draft of the bitcoin reserve bill she had been crafting.
As she emphasized, “That’s our Louisiana Buy two,” she clarified that the invoice would convert “the very bitcoins President Trump mentioned” into reserves, marking just the beginning.
As part of a comprehensive plan to reduce America’s national debt, the government aims to accumulate 1 million Bitcoins over the next five years, which would account for approximately 5% of the world’s total Bitcoin supply. This strategic reserve will be held for at least two decades and utilized solely to alleviate the burden of debt.
