Key Points
- Former U.S. President Donald Trump pledged to end the “war on crypto” if elected in November, promising to make America the global leader in cryptocurrency.
- Trump outlined plans to fire SEC Chair Gary Gensler, create a strategic Bitcoin reserve, and support domestic crypto innovation and mining.
NASHVILLE, Tenn.: The Bitcoin 2024 conference in Nashville, Tennessee, became an unexpected political battleground this weekend as presidential hopefuls vied for the support of the cryptocurrency community. Former U.S. President Donald Trump and independent candidate Robert F. Kennedy Jr. outlined ambitious plans to position the United States as a global leader in cryptocurrency if elected in November.
Trump’s Crypto Vision
Donald Trump, taking the stage an hour late on Saturday, declared his intention to make the United States the “crypto capital of the world.” Expressing great respect for the Bitcoin community, Trump compared it to the early steel industry and predicted that Bitcoin would eventually overtake gold.
“Bitcoin is not just a marvel of technology,” Trump stated, “it’s a miracle of cooperation and human achievement.”
The former president promised to end what he called the “war on crypto” and outlined several key policy proposals:
- Firing SEC Chair Gary Gensler, a move that drew enthusiastic cheers from the audience.
- Stopping the U.S. government from selling its Bitcoin holdings, estimated at 213,000 BTC (worth nearly $14.5 billion).
- Creating a “strategic national Bitcoin stockpile.”
- Ending “Operation Chokepoint 2.0” and other anti-crypto policies.
- Supporting the development of stablecoins and the Bitcoin mining industry in the U.S.
Kennedy’s Bold Bitcoin Proposal
Not to be outdone, Robert F. Kennedy Jr. presented an even more aggressive pro-Bitcoin stance during his speech on Friday. If elected, Kennedy’s day-one policy plan included passing an executive order requiring the U.S. Justice Department to transfer 204,000 BTC supposedly held by the Federal Reserve into a strategic reserve.
Moreover, Kennedy proposed ordering the Treasury Department to purchase 500 BTC daily until the Federal Reserve reached at least four million BTC. This ambitious plan could give the U.S. government control of nearly 20% of all Bitcoin that will ever be circulated.
Kennedy argued, “This strategy would allow the U.S. to attain a position of dominance no other country will be able to usurp.”
Snowden’s Warning
In contrast to the political fervor, Edward Snowden, speaking at the conference on Friday, cautioned the cryptocurrency community against becoming too aligned with political figures.
“Cast a vote, but don’t join a cult,” Snowden warned, advising the community to remain wary of politicians who support Bitcoin solely as part of a party agenda to court voters.
Market Reaction
During Trump’s speech, Bitcoin’s price experienced a temporary dip, falling to about $66,600 before recovering to around $68,000 shortly after.
As the 2024 U.S. presidential election approaches, it’s clear that cryptocurrency policy has become a significant campaign issue. Both Trump and Kennedy are positioning themselves as pro-crypto candidates, promising to leverage Bitcoin and other digital assets to assert American economic dominance.
However, as Snowden cautioned, the crypto community would do well to approach these political overtures with a critical eye, focusing on actions rather than campaign promises.
The Bitcoin 2024 conference has undoubtedly set the stage for an intriguing intersection of politics and cryptocurrency in the upcoming election cycle. As candidates continue to court the crypto vote, the impact of these policy proposals on the future of digital assets in the United States remains to be seen.
