Former President and Republican nominee Donald Trump has promised to establish a strategic national Bitcoin reserve if he gets elected president in November, telling listeners to “never sell your Bitcoin.” Moreover, he announced that he would fire U.S. Securities and Exchange Commission Chairman Gary Gensler on his first day in office.
Speaking at the Bitcoin conference in a packed hall in front of 3,000 attendees in Nashville on Saturday, Trump reaffirmed his stance that the U.S. must emerge as a crypto capital and superpower in the world.
“If we don’t do it, China and others are going to be doing it,” he said.
He added that if cryptocurrency is going to shape the future, he wants it to be mined, minted, and made in the U.S.
After receiving applause from the crowd, he expressed his respect and admiration for the Bitcoin community. The former president said that Bitcoin, the 9th most valuable asset in the world, may one day surpass the market cap of gold.
“This [Bitcoin] is the steel industry of 100 years ago,” he said.
Trump is the first American president to address a Bitcoin event. He began his speech almost an hour late but addressed the audience for nearly 50 minutes. Hundreds of conference attendees who couldn’t make it to the conference gathered outside and the convention center in Nashville was lit up with the live stream.
Trump, who once believed that Bitcoin was a scam against the U.S. dollar, said during the conference on Saturday that Bitcoin is not a threat to the dollar. He promised that there would never be a central bank digital currency (CBDC) if he gets elected. In addition, Trump promised to commute the life sentence of Silk Road (the darknet marketplace) mastermind Ross Ulbricht once he regained power.
What else happened during the conference?
On Saturday, pro-crypto Republican Sen. Cynthia Lummis of Wyoming announced legislation for a Strategic Bitcoin Reserve for the United States. In addition, David Bailey, the CEO of the Bitcoin conference, presented one Bitcoin to President Trump on behalf of Bitcoiners. Next year, Bitcoin 2025 will be held in Las Vegas.
