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Former President Donald Trump delivered a landmark speech at the Bitcoin Conference in Nashville, Tennessee, promising to make America "the crypto capital of the planet and bitcoin superpower of the world" if elected.
Trump pledged to fire SEC Chair Gary Gensler and appoint a more crypto-friendly successor, while also proposing a national bitcoin "stockpile" as a permanent national asset. The speech marked a significant shift in Trump's stance on cryptocurrency and aligned him with prominent bitcoin advocates.
The Boosting Innovation, Technology, and Competitiveness through Optimized Investment Nationwide (BITCOIN) Act of 2024 was introduced in the Senate, proposing the establishment of a Strategic Bitcoin Reserve.
The bill mandates the Treasury to purchase one million Bitcoins over five years, hold them for at least 20 years, and create a decentralized network of secure facilities across the United States for storage. The legislation also includes provisions for Federal Reserve banks to contribute to Bitcoin purchases through their net earnings.
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