July 30, 2024
By Sharan Kaur Phillora
In a major shift from his previous stance, former President Donald Trump has announced plans to create a national bitcoin “stockpile” if elected in 2024, citing competition from China as a key motivator. Speaking at the Bitcoin 2024 convention in Nashville, Trump positioned himself as the pro-cryptocurrency candidate, promising to make the United States a global leader in the sector.
Here’s what we know:
Trump outlined several key initiatives, including the establishment of a crypto presidential advisory council and a commitment to retain all bitcoin currently held by the U.S. government. “If I am elected, it will be the policy of my administration, the United States of America, to keep 100% of all the bitcoin the U.S. government currently holds or acquires into the future,” Trump stated.
The former president emphasized the urgency of embracing cryptocurrency technology, warning that if the U.S. doesn’t act, China or other countries will dominate the field. This marks a notable departure from Trump’s previous characterization of cryptocurrency as a “scam” in 2021.
Trump’s proposed policies include expanding bitcoin mining by U.S. firms and implementing friendlier regulations compared to those of the current administration. He criticized the Securities and Exchange Commission’s enforcement actions under President Biden, which have targeted several crypto companies.
The announcement has garnered attention from cryptocurrency advocates, with some viewing the proposal to create a strategic bitcoin reserve as a significant move to legitimize the digital currency. Jack Mallers, CEO of global bitcoin app Strike, described it as an “unbelievable vote of confidence”.
Trump’s pivot on cryptocurrency aligns with the Republican Party’s promise of lighter regulation for the sector. It also comes as a group of nearly 30 Democratic lawmakers and Congressional candidates urged their party to take a “forward-looking” approach to digital assets.
As the 2024 presidential race heats up, Trump’s stance on cryptocurrency and his emphasis on competing with China in this sector are likely to become significant talking points, potentially influencing both economic policy discussions and voter sentiment in the coming months.
About the author
Sharan Kaur Phillora’s thirst for knowledge has led her to study many different subjects, including NFTs and Blockchain technology – two emerging technologies that will change how we interact with each other in the future. When she isn’t exploring a new idea or concept, she enjoys reading literary masterpieces.
