Trump Unveils Bold Bitcoin Reserve Plan at Nashville Conference

At the Bitcoin 2024 conference in Nashville on Saturday, former President Donald Trump made several promises to the Bitcoin community should he win the 2024 election. One of his key pledges was to establish a strategic national reserve of Bitcoin, positioning it as a vital economic asset.

“I pledge to the Bitcoin community that the day I take the oath of office, Joe Biden and Kamala Harris' anti-crypto crusade will be over,” “The United States will be the crypto capital of the planet and the Bitcoin superpower of the world.”

Trump further vowed to dismiss SEC Chairman Gary Gensler on his first day in office. He plans to appoint a new chairman who is more supportive of Bitcoin and other cryptocurrencies. Moreover, he announced that the government would retain all its current Bitcoin holdings instead of auctioning them off, with the aim of gradually building a national reserve.

“Bitcoin stands for freedom, sovereignty, and independence from government coercion and control,” Trump stated. “Bitcoin and crypto will skyrocket like never before if I am elected president.”

The audience, which leaned largely libertarian, responded positively to Trump's statements. Andrew Campbell, an attendee, said that he plans to vote for Trump this time, having abstained in 2016 and 2020. “I believe we've shifted too far to the left, and we need to pull back a bit and find a balance,” he remarked.

Trump also reaffirmed his commitment to pardon Ross Ulbricht, the founder of Silk Road, on his first day in office. Ulbricht is currently serving a double life sentence plus 40 years without the possibility of parole. Trump argued that Bitcoin does not pose a threat to the dollar but that “the current U.S. government is undermining the dollar.”

Following Trump's speech, Bitcoin surged over 3%, reaching its highest price in six weeks. This reaction demonstrated the market's favorable response to his pro-Bitcoin stance.

Independent presidential candidate Robert F. Kennedy Jr. also addressed the conference. He pledged to create a 4 million Bitcoin reserve if elected. While Trump's plan is less extensive, it still represents a significant endorsement of Bitcoin from the Republican nominee.

As Bitcoin becomes a central issue in the 2024 campaign, Trump is clearly targeting the growing Bitcoin and crypto enthusiasts within the GOP. Judging by the enthusiastic reception in Nashville, this strategy appears effective in securing the Bitcoin vote.