Former President Donald Trump has pledged to support Bitcoin and other cryptocurrencies if he were to be re-elected to the White House. Speaking in Nashville to a crowd of cryptocurrency enthusiasts, Trump declared his intention to defend cryptocurrencies from attacks and reduce regulations to establish America as a global cryptocurrency hub. He attributed the criticisms of cryptocurrencies to a larger leftist strategy to undermine their power through government intervention.
Trump promised to halt the anti-crypto efforts of the current administration under Joe Biden and Kamala Harris and vowed to protect the cryptocurrency industry from persecution once back in office. Highlighting his campaign’s acceptance of donations in bitcoins and other digital currencies, Trump claimed to have raised $25 million in cryptocurrency donations over the past two months. He also proposed significant deregulation and the creation of a national reserve of bitcoins under government control.
In a bid to counter the US government’s push for a central bank digital currency, Trump announced plans to establish a “Presidential Council on Bitcoin and Cryptocurrencies” comprised of industry supporters to craft new regulations. While the specifics of these regulations remain unclear, Trump criticized the Biden administration for its approach to cryptocurrency regulation, including the controversial seizure of bitcoins by law enforcement agencies.
Furthermore, Trump condemned Democratic Senator Elizabeth Warren for advocating tighter regulations on cryptocurrencies and other industries. Following Trump’s pro-crypto stance, Wyoming’s Senator Cynthia Lummis introduced a bill calling for the creation of a national reserve of bitcoins, mandating the US government to acquire one million bitcoins within the next five years.