KEYTAKEAWAYS
- Trump vows to maintain federal bitcoin holdings if returned to office
- Other candidates propose more extensive crypto reserves and policies
CONTENT
Former President Donald Trump promises not to sell government-owned bitcoin if re-elected, contrasting with more ambitious crypto proposals from other candidates at the Bitcoin 2024 Conference in Nashville.
Former President Donald Trump made a significant shift in his stance on cryptocurrency at the Bitcoin 2024 Conference in Nashville, pledging to ensure the federal government would not sell its bitcoin holdings if he returns to the White House. This marks a departure from his previous skepticism towards digital currencies during his presidency.
“Never sell your #Bitcoin”
– President Donald J. Trump pic.twitter.com/olYEsaCBFy— The Bitcoin Conference (@TheBitcoinConf) July 27, 2024
“For too long our government has violated the cardinal rule that every bitcoiner knows by heart: Never sell your bitcoin,” Trump declared in his keynote speech at the conference, the largest annual gathering for bitcoin enthusiasts.
Trump’s promise, while notable, was less ambitious compared to proposals from other political figures at the event. Third-party candidate Robert F. Kennedy Jr. outlined a plan to establish a 4 million bitcoin reserve, while Senator Cynthia Lummis proposed legislation to amass 1 million bitcoin over five years.
The former president’s appearance at the conference is part of a broader campaign strategy to appeal to the crypto community. Trump has recently begun accepting campaign donations in various cryptocurrencies, raising over $4 million from contributors across 12 states.
Trump used his platform to criticize the Biden administration’s approach to crypto regulation, promising to fire SEC Chairman Gary Gensler and create a “bitcoin and crypto presidential advisory council” if elected. He portrayed the current administration’s policies as repressive, warning the audience that a Democratic victory would be detrimental to the crypto industry.
This pivot towards embracing cryptocurrency comes as the Republican Party seeks to position itself as the pro-crypto choice for voters, particularly as inflation remains a top concern among the electorate.
The conference also highlighted the growing influence of the crypto lobby in Washington, with significant donations flowing to pro-crypto super PACs and candidates from tech industry leaders and venture capitalists.
As the 2024 presidential race intensifies, the role of cryptocurrency in campaign finance and policy platforms is becoming increasingly prominent, with both major parties vying for support from this emerging constituency.
>> Also read:
- Crypto Markets and Regulatory Challenges: Prospects in the Potential Trump Re-election Era
- Bitcoin Set to Take Center Stage After the U.S. Election
- 2024 U.S. Presidential Election Series
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