Trump backs Bitcoin as US reserve asset, plans to fire Gary Gensler

• Trump pledged to create a national BTC reserve. 
• Additionally, he promised to expand stablecoins and fire Gary Gensler. 

Former US president Donald Trump has pledged to create a ‘strategic Bitcoin reserve,’ confirming rumors that have been rife for weeks.

In his overwhelming address at the Bitcoin 2024 conference in Nashville, Trump vowed, 

‘Never sell your Bitcoin. If I’m elected, the US will keep 100% of Bitcoin the government currently holds or acquires to core strategic national BTC stockpile.’  

Such a move would put the world’s largest cryptocurrency on the same level as petroleum, natural gas, and uranium, amongst others, which are part of US national reserves to mitigate against unseen supply disruptions. 

By extension, according to some industry pundits, such a move by the US could initiate Game Theory amongst world states and set BTC for a wild run as every nation races for a strategic BTC position.

The US government currently holds 213K BTC, worth over $14 billion at the current prices.

Trump to fire Gary Gensler, expand stablecoins  

The former president also promised to fire Gary Gensler, chairman of the US SEC, on day 1. His announcement received the wildest reaction and applause from the audience, forcing Trump to pause and interject, 

‘I didn’t know he was that unpopular. Let me say it again, on day 1, I’ll fire Gary Gensler.’

Additionally, Trump pledged to shut down Operation Choke Point 2.0, a reported push to restrict the crypto sector’s access to banking services. Along with enforcement action from the SEC, most crypto firms and associated jobs have been pushed overseas. 

Addressing the same, Trump committed to stopping the purge. 

‘No longer will your government watch as Bitcoin jobs & businesses flee to other countries.”

The former president also reiterated that CBDC (central bank digital currency) will never happen in the US as long as he’s at the helm. 

However, he fully supported expanding stablecoins to boost the US dollar. He reiterated that US government behavior threatened the US dollar, not Bitcoin. 

“Bitcoin is not threatening the dollar. The behavior of the current US government is threatening the dollar.’ 

The former president couldn’t resist taking a swipe at Kamala Harris and Joe Biden. He referred to them as ‘anti-crypto crusaders’ and said that their ‘weaponization’ against crypto will be over if he’s elected. 

Undoubtedly, Trump’s address was well received by the crypto community. Stacks founder Ali Muneeb called the speech ‘historic,’ a sentiment that was echoed across the space. 

On the price charts, BTC tapped $69.3k but later slipped below $68k as of press time. US elections and politics have been key price drivers in the past few weeks.

The upcoming Fed rate decision on July 31st will set BTC’s next price direction.