Trump vows US will become 'global crypto capital' if re-elected
2 Min Read
From 'disaster waiting to happen' to 'never sell your crypto,' the former US president and business has recently contradicted his recent beliefs about cryptocurrency.
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Republican presidential candidate and former US President Donald Trump attends a press conference at Trump Tower in New York City, US, May 31, 2024. (AFP)
US Republican presidential candidate Donald Trump vowed to make America "the crypto capital of the planet" if he is re-elected to office in November, highlighting cryptocurrency is pivotal to his vision of the country in the future during Saturday's Bitcoin Conference in Nashville.
The former president promised to ensure the government never sells its Bitcoin assets and establish a "strategic reserve" under his administration, predicting the digital currency could exceed gold's $16 trillion market capitalization.
“For too long our government has violated the cardinal rule that every bitcoiner knows by heart: Never sell your bitcoin… This afternoon I’m laying out my plan to ensure that the United States will be the crypto capital of the planet and the bitcoin superpower of the world, and we’ll get it done,” Trump said.
Trump's change of heart
During his speech in Nashville, Trump pledged that cryptocurrency regulations would be implemented if he assumes office following the upcoming elections, "the rules will be written by people who love [crypto] industry, not hate [it]," highlighting that repression of Bitcoin and Crypto is “really bad for our country” and “quite un-American.”
Trump's campaign has been accepting donations in cryptocurrency.
This stands in stark contrast to his beliefs back in 2019, when he wrote on social media that Bitcoin's value is "based on thin air," and warned in 2021 that Crypto is a "disaster waiting to happen."
The United States currently holds approximately 212,000 Bitcoins, estimated to have a worth of around $15 billion, Forbes reported, citing official data.
Republican and Wyoming Senator Cynthia Lummis introduced a bill shortly after Trump's speech, requiring the US Treasury to accumulate an official reserve of 1 million Bitcoins valued at around $70 billion within the next five years.
Founder of software company MicroStrategy Michael Saylor predicted that the price of Bitcoin would skyrocket to $49 million per token by 2045, increasing its market capitalization to approximately $100 trillion.
