Trump advocates for US to become global center for cryptocurrencies in speech at Nashville bitcoin event

Former President Donald Trump made his intentions clear on Saturday to fully embrace cryptocurrency if re-elected for a second term. Addressing a crowd of enthusiastic supporters of digital tokens at a bitcoin conference in Nashville, Tennessee, Trump expressed his desire for the U.S. to become a “bitcoin superpower” during his leadership. He vowed to position the United States as the “crypto capital of the planet” and proposed establishing a bitcoin “strategic reserve” utilizing the government’s current cryptocurrency holdings.

Furthermore, Trump pledged to oust Securities and Exchange Commission Chair Gary Gensler if re-elected and introduce a crypto advisory council, inviting attendees to join. He emphasized that regulations would be implemented but assured that they would be crafted by individuals supportive of the industry. This marked a significant shift in Trump’s stance on cryptocurrency, having previously criticized its volatility and basis in 2019.

Throughout his keynote speech at the Bitcoin 2024 conference, Trump contrasted his pro-cryptocurrency stance with the Biden administration’s approach of regulating the industry, accusing the government of impeding progress. He stressed his goal of having cryptocurrency operations conducted within the U.S., from mining to minting. Trump also addressed the confiscation of bitcoin by law enforcement, pledging to convert the seized wealth into a national asset for the benefit of all Americans and renewing his commitment to commuting the sentence of Ross Ulbricht, the founder of Silk Road.

Ulbricht, who received a life sentence for his involvement in six drug overdose deaths related to his platform, had some supporters present at the conference wearing “Free Ross Day One” hats. U.S. Sen. Marsha Blackburn of Tennessee hailed Trump’s proposal for a bitcoin strategic reserve as a “historic moment.” This announcement came shortly after independent presidential candidate Robert F. Kennedy Jr. also advocated for launching a strategic bitcoin reserve during his address at the conference.