President Donald Trump has made a major reversal on his stance towards Bitcoin, now fully embracing the cryptocurrency industry.
He has accepted over $4 million in Bitcoin donations for his 2024 campaign and is courting crypto voters, citing the need for the U.S. to lead in Bitcoin and crypto innovation before China.
At the Bitcoin 2024 conference in Nashville, Trump stated, “Never sell your Bitcoin”.
He also proposed creating a strategic national crypto stockpile and vowed to fire SEC Chair Gary Gensler if elected.
Trump believes Bitcoin will likely overtake gold and wants to see all remaining Bitcoin mined in the U.S.
This represents a significant shift from his previous criticism of Bitcoin as “based on thin air” and his desire to keep the U.S. dollar as the world’s sole currency.
Trump now sees embracing crypto as crucial for the U.S. to compete globally, especially with China’s advances in the space.