Former US President Donald Trump made a striking campaign promise at the Bitcoin 2024 conference in Nashville, vowing to end the “war on crypto” and make the United States the “crypto capital of the planet” if re-elected in November.
Addressing an enthusiastic crowd, Trump likened Bitcoin to the early steel industry, emphasizing its potential to revolutionize finance. He went even further, boldly predicting:
“One day, Bitcoin will overtake gold.”
The speech marked a significant shift in Trump’s stance on cryptocurrency, as he once dismissed digital assets. Now, he is actively courting the crypto and Bitcoin communities, positioning himself as their best political ally.
Energy and Economic Plans: A Crypto-Fueled Vision
Trump also addressed concerns about Bitcoin mining’s energy consumption, promising to increase fossil fuel production to generate more electricity. He dismissed climate-focused energy policies and reiterated his opposition to federal incentives for electric vehicles and charging stations.
“We’ll have so much electricity that you’ll be saying, ‘Please, President sir, we have too much electricity.’”
His pro-Bitcoin stance contrasts sharply with regulatory crackdowns under the Biden administration, signaling a potential policy shift if he returns to office.
RFK Jr.’s Aggressive Bitcoin Reserve Proposal
However, Trump wasn’t the only presidential hopeful to make headlines at Bitcoin 2024. Independent candidate Robert F. Kennedy Jr. (RFK Jr.) outlined an ambitious pro-Bitcoin plan, including:
- An executive order directing the US Justice Department to transfer 204,000 BTC held by the Federal Reserve into a strategic reserve.
- Daily Bitcoin purchases of 500 BTC until the US reserve reaches 4 million BTC, which would give the US government control over nearly 20% of Bitcoin’s total supply.
RFK Jr. argued that such a move would make the US a dominant force in global crypto markets, preventing other nations from surpassing it.
Edward Snowden’s Warning: ‘Don’t Join a Cult’
While Trump and Kennedy championed Bitcoin as a political cause, NSA whistleblower Edward Snowden took a different stance.
Speaking at the conference a day earlier, Snowden cautioned the crypto community:
“Cast a vote, but don’t join a cult.”
He warned against trusting politicians who suddenly embrace Bitcoin as a campaign strategy, stating:
“Try to get what you need from them, but don’t give yourself to them, even if you have to vote for them.”
His remarks resonated with some Bitcoin purists, who fear that political opportunism could co-opt the decentralized ethos of cryptocurrency.
The Battle for Crypto Voters Heats Up
With both Trump and RFK Jr. actively courting crypto voters, Bitcoin and digital assets are emerging as a key issue in the 2024 election.
Trump’s pro-crypto rhetoric and pledge to end regulatory crackdowns could win over Bitcoin miners, investors, and crypto entrepreneurs frustrated by current US policies. Meanwhile, RFK Jr.’s proposal to build a massive US Bitcoin reserve adds another layer of intrigue to the crypto-political landscape.
Whether these promises translate into real policy changes remains uncertain. But one thing is clear: crypto is no longer just a financial movement—it’s now a political battleground.