Former US President Donald Trump Pledges to Create 'Strategic Bitcoin Reserve,' Promises to Fire Gary Gensler on Day 1

In his overwhelming address at the Bitcoin 2024 conference in Nashville, Trump vowed, ‘Never sell your Bitcoin. If I’m elected, the US will keep 100% of Bitcoin

Former US president Donald Trump has pledged to create a ‘strategic Bitcoin reserve,’ confirming rumors that have been circulating for weeks.

In a rousing address at the Bitcoin 2024 conference in Nashville, Trump vowed,

“Never sell your Bitcoin. If I’m elected, the US will keep 100% of Bitcoin the government currently holds or acquires to core strategic national BTC stockpile.”

Such a move would place the world’s leading cryptocurrency on par with petroleum, natural gas, and uranium, among others, which are included in US national reserves to mitigate unforeseen supply disruptions.

By extension, some industry pundits posit that such a move by the US could initiate Game Theory among world states and set BTC up for a wild run as each nation races to secure a strategic BTC position.

The US government currently holds 213K BTC, valued at over $14 billion at current prices.

Trump to fire Gary Gensler, expand stablecoins

The former president also promised to fire Gary Gensler, chairman of the US SEC, on day 1. His announcement garnered the loudest response and applause from the audience, prompting Trump to pause and interject,

“I didn’t know he was that unpopular. Let me say it again, on day 1, I’ll fire Gary Gensler.”

Moreover, Trump pledged to shut down Operation Choke Point 2.0, a reported push to restrict the crypto sector’s access to banking services. Along with enforcement action from the SEC, this has led to most crypto firms and associated jobs being pushed overseas.

Addressing the same, Trump committed to stopping the purge.

“No longer will your government watch as Bitcoin jobs & businesses flee to other countries.”

The former president also reiterated that CBDC (central bank digital currency) will never happen in the US as long as he’s at the helm.

However, he fully supported expanding stablecoins to boost the US dollar. He reiterated that US government behavior threatened the US dollar, not Bitcoin.

“Bitcoin is not threatening the dollar. The behavior of the current US government is threatening the dollar.”

The former president couldn’t resist taking a swipe at Kamala Harris and Joe Biden. He referred to them as ‘anti-crypto crusaders’ and said that their ‘weaponization’ against crypto will be over if he’s elected.

Undoubtedly, Trump’s address was well received by the crypto community. Stacks founder Ali Muneeb called the speech ‘historic,’ a sentiment that was echoed across the space.

On the price charts, BTC tapped $69.3k but later slipped below $68k as of press time. US elections and politics have been key price drivers in the past few weeks.

The upcoming Fed rate decision on July 31st will set BTC’s next price direction.

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