Trump promises American crypto "going to the moon"
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Donald Trump speaks to a Bitcoin crowd. Photo: Brady Dale/Axios
NASHVILLE, Tenn. — Former president Donald Trump took the stage an hour late Saturday to make his speech at the Bitcoin 2024 conference at the Music City Center, but that didn't dampen the enthusiasm from the capacity crowd.
Why it matters: Cryptocurrency has become, for the first time, an issue in a U.S. presidential campaign, ever since Trump vowed in May that he would make sure America dominates bitcoin production going into the future.
"I'm thrilled to be the first American president ever to address a Bitcoin event," Trump told assembled investors and enthusiasts at the conference, the pre-eminent gathering of Bitcoiners and Bitcoin companies in the world.
- During his remarks, Trump veered into various stump campaign talking points, such as support for Israel, ending wars and energy independence. "Bitcoin stands for freedom," he said later in his speech.
But he didn't disappoint the crowd by merely paying lip service to Bitcoin.
- He struck a few major themes in terms of how he would advance the Bitcoin and cryptocurrency industry in the U.S.
- First, he promised to ramp up the production of electricity, using all available sources, including fossil fuels and nuclear. He said this would be necessary not just for Bitcoin, but also for winning the race to dominate artificial intelligence.
- Second, he said the U.S. should never sell any bitcoin (BTC) it takes into its possession (such as when it is seized it from accused criminals). He said this would effectively form the core of a "strategic national bitcoin stockpile."
By the numbers: The U.S. government holds over 210,000 BTC, making it one of the single largest holders in the world (technology company MicroStrategy holds over 226,000 BTC).
- Trump also touched on competitiveness. "[If] we don't embrace bitcoin and cryptocurrency, China will," he said. "I want [it] to be mined, minted, and made in the USA. It's not going to be made anywhere else. And if bitcoin is going to the moon, as we say … I want America to be the nation that leads the way."
- And he promised to end the regulatory hostility to cryptocurrency that industry participants have said characterized the Biden years.
Inside the room: Security was tight in the convention's main room, with people showing up hours in advance to see the former president address the crowd.
- The general vibe in the room was one of strongly pro-Trump sentiments, with patches of red "MAGA" hats throughout.
- As the crowd waited for him to take the stage, people jumped up to take photos every time it seemed he was on his way out.
Friction point: During his speech, the former president claimed that the Biden administration had put the brakes on its pressure on the industry after he came out in support of cryptocurrency.
- "Because of me, they are leaving you alone," Trump told the crowd.
- He also claimed that he's raised $25 million in bitcoin and other cryptocurrencies since opening up such donations in May.
What we're watching: Sen. Cynthia Lummis (R-Wyo.) took the stage following his speech to announce legislation that would direct the U.S. government to acquire one million bitcoin.
- Recently, wallets believed to be controlled by the U.S. government have been moving small portions of those holdings onto exchanges, which typically precedes a sale.
The bottom line: During his presidency and afterward, Trump had said that his favorite form of currency was the U.S. dollar. Saturday, in Nashville, he described blockchain technology as cementing the dollar's global dominance.
- Calling out government spending and expansionary monetary policy, he said it's politicians that have weakened the domestic currency.
- "The danger to the U.S. dollar does not come from crypto. It comes from Washington, DC."
