NASHVILLE, Tenn. — Republican presidential candidate Donald Trump has vowed to make America the world leader in bitcoin and other digital currencies if elected, comparing the cryptocurrency space to “the steel industry of 100 years ago.”
Speaking to a packed audience at the annual Bitcoin conference in Nashville, Tennessee, Trump vowed to make America “the cryptocurrency capital of the world and the bitcoin superpower of the world.”
Trump has presented himself as an advocate for cryptocurrencies, in contrast to the Biden administration and other Democrats, who he says have been hostile to their cause.
Trump said, to enthusiastic applause from the Nashville crowd, that if elected, he would fire the current chairman of the Securities and Exchange Commission, Gary Gensler, who the crypto world considers his main adversary within the government because of his agency’s position. decisions on digital tokens and lawsuits against bitcoin exchanges.
“I will appoint an SEC Chairman who will build the future, not block it,” Trump said.
His embrace of the cryptocurrency comes amid high-profile endorsements from bitcoin advocates including Tesla CEO Elon Musk and Cameron and Tyler Winklevoss, the twin brothers best known for suing Mark Zuckerberg over the creation of Facebook and who founded the cryptocurrency exchange Gemini.
Trump’s remarks are likely to strengthen his growing alliance with other right-wing tech figures, though the novelty of his appearance at the conference was not lost on him. While praising the audience as “geniuses,” he acknowledged that he was still learning about crypto.
“Most people have no idea what it is,” he joked. “So what happens when everyone finds out? It’s going to be something.”
Trump has proposed creating a national “stockpile” of bitcoin that he said would serve as a “permanent national asset,” but has not given many details.
The idea of creating a strategic reserve of cryptocurrencies has quickly gained traction among bitcoin supporters. On Friday, independent presidential candidate Robert F. Kennedy Jr. also proposed creating a bitcoin reserve, saying he would ask the Treasury to buy 4 million bitcoins, which at current prices would be worth about $272 billion.
Immediately after Trump’s remarks, Sen. Cynthia Lummis, Republican of Wyoming, said she would introduce legislation to create the reserve.
However, the price of bitcoin fell slightly following Trump’s remarks on Saturday, perhaps reflecting unmet expectations among cryptocurrency traders for a more definitive commitment on the reserve idea from the presidential candidate.
Although the Bitcoin conference is officially apolitical, Trump’s speech punctuated an event whose political panelists tended to lean Republican, including four sitting Republican senators and three Republican Senate candidates.
The lone elected Democrat, California Rep. Ro Khanna, spoke early Saturday and criticized the trend within his own party to further strengthen traditional financial centers.
“I thought Democrats were opposed to monopoly power. … We don’t want banks and the Fed to have a monopoly on fast payments,” Khanna said during a panel Saturday.
Shortly after his morning remarks, Bitcoin Magazine reported that a group of Democratic representatives and candidates sent a letter to the Democratic National Committee urging party leaders to increase their support for crypto.
In addition to Khanna, the letter’s signatories included representatives from purple districts in key states like North Carolina and Arizona.
“The hostility of the current administration,” the signatories said, does not reflect “the progressive, forward-looking and inclusive values of our Party.”
“A new leader of the ticket represents an opportunity to change this perception,” they wrote.
In a follow-up interview with NBC News at the conference, Khanna said positive engagement with the crypto community would be in line with Democrats’ desire to be “the party of the future.”
“They’re passionate, they’re active on social media, they’re engaged,” Khanna said. “And that’s a community that’s going to vote.”
Conference organizers said Democratic presidential candidate Kamala Harris declined an invitation to participate in the conference. Organizers declined to comment further on the matter, though conference chairman David Bailey said Democratic presidential candidate Kamala Harris declined an invitation to participate in the conference. criticized Harris‘ absence on XThe Harris campaign did not comment.
In an interview with NBC News on Friday, Bailey said that even though Harris was not at the conference, the window had not closed on Democrats’ ability to win support from the crypto community.
“There’s a whole progressive argument for bitcoin,” he said. While that logic may not have gotten as much attention, Bailey said, “My hunch is that’s going to happen in the next four years.”
On Saturday, the Financial Times reported that Harris had approached major cryptocurrency companies to request a “reset” of relationships, citing unnamed sources.
Bailey said it would eventually become a political necessity for all political parties to engage with bitcoin supporters as a political bloc.
“It’s not too late. In fact, everyone will have to get used to it,” he said. “Otherwise, they will not be viable.”
Outside the conference early Saturday, pro-Trump bitcoin supporters made their presence known.
Ohio resident Chad Kozman wore a “Free Ross/Vote Trump” T-shirt, referencing the community’s desire to see Silk Road founder Ross Ulbricht’s life sentence for drug trafficking and money laundering commuted, something Trump has promised to do.
Kozman told NBC News that while Trump’s overtures to the crypto community were opportunistic, it was also a sign that the community had matured beyond its individualistic roots to become a group of voters to be reckoned with.
“For the Bitcoin community, it’s been a very difficult road to get people to see the benefits of collectivization and union,” he said.