- Trump promises to make the U.S. a leader in cryptocurrency if elected.
- Vows to create a national bitcoin “stockpile” to compete with China.
OUR TAKE
Trump’s pledge to create a national bitcoin reserve is a bold and controversial strategy that could redefine the U.S. stance on cryptocurrency. While it appeals to crypto enthusiasts, it also highlights the tension between innovation and regulation in the financial sector. As the November election approaches, Trump’s proposal underscores the growing importance of digital assets in political discourse and the future of financial policy.
—Doris Du, BTW reporter
Donald Trump has vowed to establish a national bitcoin “stockpile” to ensure the U.S. remains a leader in the cryptocurrency sector, positioning himself as the pro-crypto candidate ahead of the upcoming presidential election.
What happened
At the Bitcoin 2024 convention in Nashville, Trump highlighted the urgency of dominating the cryptocurrency market, asserting that the U.S. must outpace China. He announced plans to create a national bitcoin reserve using cryptocurrency seized in law enforcement actions. “If we don’t embrace crypto and bitcoin technology, China will, and they’ll dominate,” Trump declared. He also proposed a crypto presidential advisory council and pushed for increased bitcoin mining by U.S. firms.
Also read: Trump’s bitcoin shift: GOP courts crypto voters at ‘Bitcoin 2024’
Also read: Wall Street’s ETF engine revs up after $17B bitcoin haul
Why it’s important
Trump’s comments reflect a significant shift in his stance on cryptocurrency, which he previously dismissed as a “scam.” The Republican candidate criticised Democrats’ regulatory approach, suggesting that his administration would adopt more favourable policies to bolster the U.S. crypto market. Trump’s pledge comes amid global concerns that unregulated digital currencies could undermine financial stability, increase systemic risks, and facilitate financial crimes. Despite these concerns, Trump’s proposal to maintain a bitcoin reserve is seen by supporters as a bold move to legitimise cryptocurrency.
Personal opinion
Trump’s newfound embrace of cryptocurrency is both surprising and strategic. By positioning himself as a crypto-friendly candidate, he taps into a growing political force of digital asset proponents. His plan to create a national bitcoin stockpile could significantly impact the global perception of cryptocurrency, potentially encouraging broader adoption and investment. However, this move also raises questions about the long-term implications for financial stability and regulation.
