Donald Trump Pledges to Create a Strategic Bitcoin Reserve If Re-elected

In Trump's first BTC speech in Nashville on Saturday, he said he would: Imagine traveling back to 2010 and telling Hal Finney, the computer scientist who received the first BTC from Satoshi Nakamoto, that in 14 years, Donald Trump (who, oh, by the way, could be the first president to serve nonconsecutive terms since Grover Cleveland) would be creating a Strategic Bitcoin Reserve.

Former President Donald Trump made several promises regarding Bitcoin (BTC) during his speech at the BTC 2024 conference in Nashville on Saturday. Here's a summary of his key statements:

Trump announced his intention to establish a Strategic Bitcoin Reserve if elected president. This reserve would be used to protect the United States from countries like China, which he claimed are "beating us at everything."

He expressed his desire for America to be the most successful nation in the world, including in the realm of Bitcoin.

Trump urged the crowd to express their gratitude to him for discussing BTC, threatening that their portfolios would "go to ZERO" if they failed to do so.

Throughout his speech, Trump adjusted his remarks based on the crowd's reactions, emphasizing the statements that elicited the greatest enthusiasm. Among these was his exhortation to "Never sell your Bitcoin."

While acknowledging that other candidates, such as Robert Kennedy Jr., may have a deeper understanding of cryptocurrency, Trump highlighted his strong support for the BTC crowd. He stated that he would purchase $4 million in BTC if elected president.

Trump's endorsement of Bitcoin is expected to benefit pro-crypto candidates like Wyoming Senator Cynthia Lummis, who could advance their BTC agendas if Republicans secure control of the government.

However, some Bitcoiners remain skeptical of Trump's sincerity, suggesting that he is merely pandering to the bitcoiner crowd to secure their votes. They anticipate that he will abandon any mention of Bitcoin once in office.

Trump's inquiry during his speech about who in the audience knew what a stablecoin was and asking those who did to raise their hands drew attention as a potential example of this pandering.

After the initial sell-off following Trump's speech, the crypto market experienced a brief recovery, with BTC briefly touching $70,000 as the news sank in.

Despite Trump's limited knowledge of cryptocurrency compared to candidates like RFK Jr., his support for Bitcoin is a significant step towards mainstream adoption.