- Trump criticized the Democrats for their regulatory approach to cryptocurrency and aligned himself with the Republican Party’s stance on reduced regulation.
- He announced plans to make the US a global leader in crypto by creating a national bitcoin “stockpile”.
Donald Trump is betting big on Bitcoin, positioning the US against China in the race for cryptocurrency dominance. At the Bitcoin 2024 convention in Nashville, Trump promised to make the US the global leader in crypto by establishing a national bitcoin “stockpile” and embracing lighter regulations, Reuters reported.
In his address, Trump highlighted the importance of dominating the crypto sector, warning that failure to do so would allow China to take the lead. “If we don’t embrace crypto and bitcoin technology, China will,” Trump said. “They’ll dominate, and we cannot let China dominate.”
The Republican Party has consistently advocated for reduced regulation in the crypto sector, and Trump’s speech aligned with this stance. He criticized the Democrats, led by likely nominee Vice President Kamala Harris, for their attempts to regulate the sector, positioning himself as the pro-cryptocurrency candidate for the upcoming November 5th presidential election.
Trump’s proposal includes creating a crypto presidential advisory council and establishing a national bitcoin reserve using cryptocurrency assets currently held by the U.S. government, largely acquired through law enforcement actions.
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Trump’s Bold Crypto Promises
He encouraged his audience to “never sell your bitcoin,” pledging that his administration would retain all Bitcoin the US government holds or acquires. He also called for expanded bitcoin mining by US firms, despite previously labeling cryptocurrency a “scam” in 2021.
Trump’s bold stance on Bitcoin comes amid global concerns about the impact of digital currencies on financial systems. Governments worldwide worry that unregulated digital currencies could undermine financial control, increase systemic risks, and facilitate financial crimes.
Proponents of digital assets argue that cryptocurrency users are becoming a significant political force. While it’s uncertain how many voters prioritize crypto issues, any move by the US to create a national Bitcoin reserve could be seen as a major step towards legitimizing cryptocurrency.
