Republican presidential candidate Donald Trump announced his intention to establish a national stockpile of bitcoin if elected. Speaking at the Bitcoin 2024 convention in Nashville, Trump said it was important to embrace cryptocurrency technology to prevent China from gaining dominance in the field.
He committed to creating a presidential advisory council dedicated to crypto and maintaining 100 per cent of the bitcoin currently held by the US government, which has largely been acquired through law enforcement actions.
Trump’s speech, which positioned him as the pro-cryptocurrency candidate ahead of the 5 November presidential election, resonated with the audience. He criticised the Democrats’ regulatory attempts and promised a more favorable environment for digital assets. “If we don’t embrace crypto and bitcoin technology, China will, other countries will,” Trump declared.
Despite previously calling cryptocurrency a “scam” in 2021, Trump now advocates for increased bitcoin mining by US firms.
In addition to his stockpile proposal, Trump reiterated his intention to commute the sentence of Ross Ulbricht, the founder of the Silk Road website. Ulbricht’s life sentence for facilitating illegal online transactions has long been a contentious issue among cryptocurrency advocates. Trump’s pledge to “Free Ross” was met with chants and applause.
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