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Trump Urges to ‘Keep Your Bitcoin’ Because US Will Be ‘Crypto Capital’, Announces Plans to Make BTC a Strategic Reserve Asset
- Donald Trump has announced plans to designate Bitcoin as a strategic reserve asset for the US.
- At the Bitcoin 2024 conference in Nashville, he committed to maintaining a national BTC reserve and promised not to sell any seized Bitcoin.
- Trump also intends to fire SEC Chair Gary Gensler, although it’s not clear he can and will actually follow through with that.
Widespread speculation has been confirmed: Donald Trump announced plans for Bitcoin to become a strategic reserve asset for the United States. Speaking at the Bitcoin 2024 conference in Nashville, Tennessee, on Saturday, he stated that once elected, he plans to maintain a national Bitcoin reserve and vowed never to sell any seized Bitcoin.
Related: Jersey City Pension Fund to Invest in Bitcoin ETFs, Mayor Says ‘Bitcoin Won’
Trump’s speech drew a large crowd with 3,000 attendees, and they had much to celebrate. Trump said he’d get the job done to make the US a crypto powerhouse to the cheers of the crowd.
The US will be the crypto capital of the planet and the Bitcoin superpower of the world.
Donald J. Trump Keep Your Bitcoin, Because the United States Will
Trump said it would be his policy to keep 100% of the “Bitcoin the US currently holds or acquires into the future”. He stressed that under his leadership the US Government would not sell any Bitcoin – likely a swipe at the German sale of BTC, although he didn’t mention any names.
Trump also said people should keep their Bitcoin and never sell.
Trump: “I’ll Fire Gensler on Day One”
Probably the most applauded statement was his declaration about the chair of the Securities and Exchange Commission (SEC), Gary Gensler. Trump said that once elected, he’ll “fire Gensler on day one”.
Gary Gensler has long been the nemesis of crypto, as his agency has brought countless legal challenges to the industry – yet not providing clear rules or even guidance as to what is considered a crypto security.
Related: HSBC Australia Says Crypto’s Popularity with Scammers is Reason for Recent Block
However, it is questionable how seriously a threat to “fire Gensler on day one” should be taken. Although Trump has recently shown support for crypto, despite his previous opposition, it remains uncertain what his priorities would be should he return to office.
Additionally, as crypto observer WrathofKahneman points out, the US President does not have the authority to dismiss the SEC Chair, as confirmed by a Supreme Court ruling, which establishes that presidents cannot “remove appointed heads of regulatory agencies”.
Kennedy Beats Trump to It
But others also had something to say about crypto. Robert F. Kennedy, Independent candidate for President of the United States, had beaten Trump to it, telling the audience a day earlier that he not only would make Bitcoin a reserve asset but also that he would buy more.
I will sign another executive order directing the US Treasury to purchase 550 Bitcoin daily until the US has built a reserve of at least 4 million Bitcoins.
Robert F. Kennedy Jr. Speaking a day earlier than Trump, on July 26, Kennedy outlined a Bitcoin-centric policy. The plans include moving 204,000 BTC to a strategic reserve and having the Treasury make daily BTC purchases – which would lead the US to eventually control around 20% of the total BTC supply.
Related: Mark Cuban Reveals: Kamala Harris Reached Out with ‘Multiple Questions’ on Crypto
Author
Aaron Feuerstein
Aaron Feuerstein is a freelance writer based in Melbourne. His focus is on decentralised finance and the regulatory space surrounding blockchain. He holds a Master's in Accounting. When he is not studying the latest legal case, he enjoys his time as a modest but eager hobby cook.
