Former President and Republican Nominee for the 2024 US Presidential Election, Trump, has used a speech at Bitcoin Nashville to promote his policy of creating a US national Bitcoin strategic stockpile.
A strategic stockpile or reserve is used by a government to collect certain commodities to have available when needed, or if there is a potential for supply disruptions. Famous strategic reserves include an emergency crude oil reserve in the US and a Maple syrup reserve in Canada.
Trump made clear his approach to crypto is focused domestically:
The reason I've come to address the Bitcoin community today can be summed up in two very simple words: America first...
[Bitcoin is] going to the moon, I want America to be the nation that leads the way.
In his 'appeal to crypto voters' Trump said, if elected:
will immediately appoint a Bitcoin and crypto Presidential Advisory Council... Their task will be to design transparent regulatory guidance for the benefit of the entire industry, and they will get it done in 100 days.
We will have regulations, but from now on the rules will be written by people who love your industry, not hate your industry
Further he would reform the Securities and Exchange Commission by dismissing the current chair:
On day one, I will fire Gary Gensler [AUDIENCE CHEERS "TRUMP! TRUMP! TRUMP!"] I didn't know he was that unpopular. Let me say it again: on day one, I will fire Gary Gensler. … I will appoint a new SEC chairman who believes America should build the future, not block the future. …
And finally, he announced a strategic stockpile:
if I am elected, it will be the policy of my administration, [the government of the] United States of America, to keep 100% of all the bitcoin the U.S. government currently holds or acquires into the future, we'll keep 100%. I hope you do well, please. This will serve, in effect, as the core of the strategic national bitcoin stockpile
President Trump finished by complimenting those present:
You are the modern-day Edisons and Wright brothers and Carnegies and Henry Fords, and what you do in your lifetime stands a chance to outlive us all and inspire humanity for generations to come
While President Trump has famously been skeptical in the past of crypto-assets he also famously changes his views on matters regularly:
The Australian reception to this news has been positive, with Maple Founder Sidney Powell praising the approach and CEO of SwyftX, Jason Titman saying the Trump promises were:
good for the American economy, for innovation, and hopefully that will boost activity in Australia
The Harris campaign is yet to reveal any pro crypto stance but the pressure from the Republicans may well force a more sensible approach in future, and hopefully end regulation by enforcement in the US (and potentially help in Australia as well).
By Michael Bacina
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