Republican presidential candidate Donald Trump continues to seek the crypto industry's backing for the 2024 Elections, vowing to make the US the "Bitcoin capital of the world."
Speaking in front of over 20,000 attendees during the three-day Bitcoin Conference in Nashville, Trump claimed to bring back the "cardinal rule" in the industry: "Never sell your bitcoin."
(Photo : Stephen Maturen/Getty Images)
To do so, the former President promised to "keep 100% of all the bitcoin the U.S. government currently holds," only stopping short of promising a national crypto reserve.
Despite the ambitious plan, Trump did not provide much information on the mechanics of the strategy but claimed that much of the bitcoin holdings would be stockpiled from criminal seizures.
Republicans Push to Utilize Seized Bitcoin to Leverage US's Crypto Market Position
Republicans have long signaled plans to utilize the over 1 million bitcoins the federal government has seized in the past five years as regulatory crackdowns increased during the end of Trump's first term and throughout President Joe Biden's administration.
One of the biggest seizures came from the crypto hedge fund FTX's downfall in 2022 as the Securities and Exchange Commission took over handling the volatile market.
Trump, who previously distanced himself from the crypto market, recently did a 180 as he opposed the current administration's approach, claiming it violates cryptocurrency's first rules of a free market with minimal regulatory intervention.
Also Read: Donald Trump Will Start Accepting Crypto Donations Amid Costly Legal Battles
Trump Gains Support from Silicon Valley, Crypto Leaders
Trump's recent support for the crypto industry follows his campaign team's recent moves to woo Silicon Valley and tech leaders to oppose the party's biggest competition.
So far, several notable tech figures, including Elon Musk, have endorsed Trump in the upcoming voting polls.
Trump is the second presidential hopeful after Robert Kennedy Jr. put forward the crypto industry in his bid for the presidency in the upcoming 2024 US Elections this November.
Other industry leaders, however, cautioned against tech leaders recklessly endorsing "pro-crypto" politicians, noting that blanket support of the crypto industry only empowers support for authoritarian figures.
Related Article: Ethereum Co-Founder Warns About 'Pro-Crypto' Politicians Ahead of 2024 US Elections
