US presidential candidate Donald Trump mentioned he’ll make Bitcoin a strategic reserve asset if elected throughout his keynote speech on the Bitcoin 2024 Convention on July 27.

“I am announcing that, if I am elected, it will be the policy of my administration, the United States of America, to keep 100% of all the Bitcoin the US government currently holds or acquires into the future,” mentioned Trump. “This will serve in effect, as the core of the strategic national Bitcoin stockpile.”

The concept of Bitcoin turning into a reserve asset aligns with Trump’s latest shift towards a extra pro-crypto stance, a serious departure from his earlier criticism of digital currencies. The transfer might bolster Bitcoin’s legitimacy, entice new buyers, and doubtlessly drive up its price whether it is carried out.

Beforehand, billionaire entrepreneur Mark Cuban steered that Bitcoin might emerge as a world reserve asset. Based on Cuban, Bitcoin might function a “safe haven” amid geopolitical uncertainties and inflationary pressures.

Trump additionally shared his plans to rework the US right into a Bitcoin superpower in the course of the convention. He emphasised the necessity to preserve the nation’s management within the crypto trade to stop China and different nations from taking the lead.

“If we don’t adopt crypto and Bitcoin, others will,” Trump acknowledged.

Trump additional introduced his intention to fireside SEC Chair Gary Gensler on his first day in workplace, changing him with a frontrunner who helps technological innovation. He criticized the present administration’s harsh stance on crypto as “un-American” and vowed to terminate Operation Chokepoint 2.0.

“I pledge to the Bitcoin community that the day I take the oath of office, Joe Biden and Kamala Harris’s anti-crypto crusade will be over,” Trump asserted.

Moreover, Trump proposed appointing a Presidential crypto advisor to create a supportive atmosphere for the crypto trade. He highlighted Bitcoin’s fast ascent to turning into the ninth-largest asset by market capitalization globally and predicted it might at some point surpass gold.

Trump has rebranded himself as a pro-crypto candidate and actively voiced help for the trade. He has additionally known as for US management within the crypto sector and highlighted the necessity for the nation to dominate Bitcoin mining.

Trump’s marketing campaign additionally accepts donations in numerous digital currencies, together with Bitcoin, Ethereum, and Dogecoin.

Earlier this month, the Republican Nationwide Committee, influenced by Trump, declared its platform to help crypto improvements and forestall any crackdowns on crypto, whereas opposing the event of a central financial institution digital forex (CBDC).

Trump’s latest remarks got here after Robert F. Kennedy Jr. revealed that Trump would possibly announce plans to authorize the US authorities’s buy of 1 million Bitcoins as a strategic reserve asset on the occasion.