NASHVILLE — In a fervent address, former U.S. President Donald Trump pledged to establish a “strategic national bitcoin reserve” and committed to retain the government’s confiscated bitcoin assets indefinitely, solidifying his dominance over the cryptocurrency electorate and fundraising community.

The anticipation among cryptocurrency enthusiasts was palpable, with many speculating that Trump would unveil such a reserve. Speaking before a packed audience of over 3,000 attendees at the Bitcoin Conference in Nashville, Trump declared his vision for bitcoin: “I want it mined, minted, and made in the U.S.” He articulated a detailed cryptocurrency policy encompassing stablecoin regulation and the right to self-custody bitcoin.

This speech marked a pivotal moment for bitcoin, transitioning from its obscure origins in internet subcultures to a significant topic in American political discourse. “If we don’t embrace it, China will,” Trump asserted, likening the digital currency revolution to the steel industry of a century ago. He predicted that bitcoin could one day eclipse gold, emphasizing its unprecedented nature.

“They Will Be Vicious”

Trump forewarned that a Democratic victory would spell disaster for the crypto industry. “If they win this election, every one of you will be gone. They will be vicious. They will be ruthless. They will do things you wouldn’t believe.” His immediate plans, if elected, include dismissing Gary Gensler, the controversial chair of the Securities and Exchange Commission, a move that was met with resounding applause. “I didn’t know he was that unpopular,” Trump remarked, also promising to establish a “bitcoin and crypto advisory council” upon assuming office.

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Arriving at Nashville’s Music City Center after a major fundraising event, Trump attracted deep-pocketed crypto executives, raising tens of millions of dollars. Thousands of bitcoin enthusiasts waited for hours to see Trump, who, having once criticized digital assets, is now the first president to attend a bitcoin event. He acknowledged the event’s organizers and notable crypto figures, including Gemini’s Tyler and Cameron Winklevoss and MicroStrategy’s Michael Saylor.

Crypto’s Political Surge

Cryptocurrency surged into the 2024 election spotlight in late May when Trump declared himself the industry’s candidate. “If you’re in favor of crypto, you’re gonna vote for Trump because they want to end it,” he proclaimed. His endorsement catalyzed a political shift within the crypto elite, drawing support from previously Democratic-leaning voters—hedge fund lawyers, startup founders, and financiers—frustrated by President Joe Biden’s regulatory stance.

The conference, attended by 20,000 people, saw throngs of Trump supporters donning “Make Bitcoin Great Again” hats. Trump’s newfound support for bitcoin seemed to align with the crowd’s sentiments. Behind the scenes, industry leaders rewarded Trump’s pivot with substantial financial backing; a fundraiser preceding his speech charged nearly $900,000 per ticket. Other candidates held their fundraisers in Nashville, seizing the moment.

Crypto advocates view the 2024 election as a crucial opportunity to reform U.S. regulations, with many considering Trump the ideal candidate despite his previous dismissal of bitcoin as “based on thin air.” Trump, ever the marketer, capitalized on the crypto trend post-presidency, releasing successful NFT collections, which provided him with a fresh perspective on the industry he once disparaged.

The Biden campaign, prior to the President’s withdrawal from the race, showed little interest in courting crypto supporters, even disparaging Trump NFT buyers as “suckers.” This, coupled with years of regulatory actions by Biden-appointed Gensler, was a breaking point for many in the crypto community.

Vice President Kamala Harris’ potential candidacy might offer Democrats a chance to reposition on crypto, though she has yet to make a significant move. “She’s against crypto, by the way, and she’s against it very big. You gotta get out and vote,” Trump urged.