Thousands of bitcoin enthusiasts camped out for hours to see crypto’s self-declared advocate on Saturday at the Bitcoin Conference in Nashville. Former U.S. President Donald Trump vowed to establish a “strategic national bitcoin reserve” and pledged “never to sell” the government’s seized bitcoin during a dynamic speech that solidified his stance as the Republican candidate favored by the crypto community.
Trump’s Bitcoin Reserve Pledge
Trump’s speech, delivered to a packed hall of over 3,000 attendees at the Bitcoin Conference, included promises that resonated deeply with crypto enthusiasts. He emphasized the importance of mining, minting, and making bitcoin in the U.S., setting forth a “comprehensive” crypto policy encompassing stablecoin regulation and the right to self-custody bitcoin.
“Bitcoin is the steel industry of 100 years ago; you’re just in your infancy,” Trump declared, predicting that bitcoin might eventually surpass gold. “If we don’t do it, China will do it,” he added, stressing the strategic importance of embracing digital assets.
Political Implications for Crypto
Trump warned that a Democratic victory in the upcoming election would spell disaster for the crypto industry. “If they win this election, every one of you will be gone. They will be vicious. They will be ruthless,” he asserted, drawing loud applause from the crowd.
He announced his intention to fire Gary Gensler, the current SEC Chair, and to establish a “bitcoin and crypto advisory council” if elected. These promises were met with enthusiastic support from the attendees.
Trump’s Fundraising Success
Arriving at Nashville’s Music City Center after a major fundraising event that targeted crypto executives, Trump managed to raise tens of millions of dollars. His appearance at the bitcoin event marked the first time a former president participated in such a conference, signaling his new-found support for digital assets.
Trump acknowledged several prominent figures in the crypto world, including the Winklevoss twins and Michael Saylor, enhancing his appeal to the audience.
The Crypto Political Shift
Trump’s endorsement of bitcoin has catalyzed a significant political realignment within the crypto industry. Previously Democratic supporters, frustrated by regulatory measures under President Biden, are now considering Trump as a potential ally to counteract these policies.
The three-day conference saw attendees donning “Make Bitcoin Great Again” hats, reflecting the strong support for Trump within the crypto community. Behind the scenes, industry leaders funneled substantial financial backing into Trump’s campaign, with some fundraisers commanding nearly $900,000 per ticket.
Conclusion
As the 2024 election approaches, many in the crypto industry view Trump as their best chance to reshape U.S. regulations. Despite his previous criticisms of bitcoin, Trump’s recent actions, including the release of NFT collections, suggest a significant shift in his perspective.Vice President Kamala Harris, likely the Democratic presidential nominee, has yet to make a significant move to court crypto supporters. Trump’s stark warnings and proactive policies have positioned him as the preferred candidate for many in the crypto community.
Read more: Trump to Speak at Bitcoin Conference in Nashville on July 27