Donald Trump Pledges Strategic Bitcoin Reserve at Bitcoin Conference in Nashville

Speaking at the Bitcoin 2024 conference in Nashville on Saturday, former President Donald Trump made several pledges to the Bitcoin community if elected in 2024. Most notably, Trump said he would create a strategic national reserve of Bitcoin as an 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 vowed to fire SEC Chairman Gary Gensler on his first day in office and appoint a new chairman more friendly to Bitcoin and crypto. He also said the government would keep 100% of its current Bitcoin rather than auctioning it off, slowly building up 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 former president’s remarks were welcomed by the largely libertarian-leaning audience. Attendee Andrew Campbell told Wired that he would vote for Trump this time after not doing so in 2016 or 2020. “I think we’ve gone too far left, and we need to snap back a little and recenter,” he said.

Trump also reaffirmed his pledge to pardon Silk Road founder Ross Ulbricht on his first day in office. Ulbricht is serving a double life sentence plus 40 years without the possibility of parole. Trump claimed Bitcoin does not threaten the dollar but rather “the current U.S. government is threatening the dollar.”

Following Trump’s speech, Bitcoin surged over 3%, hitting its highest price in six weeks. 

Independent presidential candidate Robert F. Kennedy Jr. also spoke at the conference, pledging to build a 4 million Bitcoin reserve if elected. Trump’s plan does not go as far but still represents a significant embrace of Bitcoin from the Republican nominee.

With Bitcoin becoming a key issue on the 2024 campaign trail, Trump is clearly courting the growing Bitcoin and crypto wing within the GOP. Based on the enthusiastic reception in Nashville, the strategy appears effective in locking down the Bitcoin vote.