Republican presidential candidate Donald Trump told a bitcoin conference in Nashville on Saturday that the U.S. must dominate the cryptocurrency sector or China will. He made this statement at the Bitcoin 2024 convention, positioning himself as the pro-cryptocurrency candidate ahead of the November election. He promised to make the U.S. the world’s cryptocurrency leader and embrace friendlier regulations than likely Democratic nominee Kamala Harris.
Trump said he would establish a crypto presidential advisory council and create a national “stockpile” of bitcoin using cryptocurrency the U.S. government currently holds. He also stated that he would like to see expanded bitcoin mining by U.S. firms.
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Trump’s speech generated mixed reactions. The price of bitcoin initially eased after his remarks, but then rebounded. Some crypto advocates praised Trump’s proposal for a strategic bitcoin reserve, while others expressed concerns about his past skepticism towards cryptocurrency.
The Republican candidate’s statements highlight the growing political influence of cryptocurrency users. It remains unclear how many voters would prioritize crypto over other issues at the ballot box, but it’s clear that crypto is becoming a key topic in the 2024 election.