Former US President and current Republican candidate Donald Trump has announced his intention to make the United States the cryptocurrency capital of the world if elected in November. He has also pledged to create a “presidential advisory council on bitcoin and cryptocurrency” and promised that “the rules will be written by people who love this industry, not hate it.” informs CNBC.
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But Trump’s speech at the Bitcoin Conference was accompanied by modest proposals. Specifically, he promised to simply preserve the U.S. government’s current Bitcoin holdings, while independent presidential candidate Robert Kennedy Jr. promised to launch a reserve of 4 million Bitcoins. However, the initial stock of this reserve, which the government has already accumulated through criminal seizures, would not be included in the stated amount. Kennedy said he would instruct the government to buy 550 Bitcoins per day until the reserve reaches 4 million.
Also after Trump’s speech, Senator Cynthia Lummis, a Republican from Wyoming, introduced a legislative proposal to create an official U.S. federal reserve of 1 million bitcoins over five years. “The leading cryptocurrency would be held for at least 20 years and could be used for the purpose of reducing our debt,” Lummis said.
That is, Trump’s main promise was not to sell bitcoins confiscated by the US government. At the time, other conference participants proposed more substantial measures in the form of creating a government reserve of bitcoins. As a result, the price of bitcoin briefly went down during Trump’s speech, but then recovered and even grew during the day.
Trump’s remarks contrast with his previous stance, when he publicly criticized Bitcoin as a “fraud” and a “currency competing with the dollar.” However, after his defeat in the 2020 election, he began to actively demonstrate his support for the crypto industry, although the abrupt change in his rhetoric has caused a mixed reaction.
Experts say the growing influence of cryptocurrency advocates in Washington could lead to a loosening of cryptocurrency regulations, regardless of who wins the 2024 presidential election. Interestingly, Vice President Kamala Harris’ team, which previously refused to participate in the Bitcoin 2024 conference, has also begun to show interest in cryptocurrencies. By data Financial Times, Harris’ representatives have begun meeting with crypto industry representatives, which could indicate a possible reconsideration of the Democratic Party’s extremely hardline stance on cryptocurrencies.
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