Trump: 'Bitcoin is a revolution like steel was 100 years ago. With me it will go to the moon"

"Bitcoin is like the steel industry a hundred years ago. I think it is only just beginning. In just 15 years, Bitcoin has gone from an idea posted anonymously on an online forum to becoming the ninth most valuable asset in the world. It is already bigger than Exxon Mobil and will soon surpass the entire silver market. And one day, it will probably surpass even gold. There has never been anything like it and I think you have never seen anything like it. The blockchain and Bitcoin are not just a technological marvel, but a miracle of cooperation and human achievement. It's like the steel industry a hundred years ago that built America and now blockchain has the potential to build the future of the global economy'. These were the words of Donald Trump, Republican candidate for the US presidential election in November, over the weekend during the Bitcoin Conference in Nashville.

The speech was expected, as were some points of view already known to insiders. In the midst of the election campaign, however, the tycoon stepped up his game, well aware that he was addressing not only the audience in Tennessee but the entire US electorate. According to a study commissioned by Coinbase and conducted by Morning Consult, 67 million Americans have invested in Bitcoin or other cryptocurrencies, 20% of the population. Trump addressed various points, from Bitcoin's role as a strategic reserve to full support for the mining industry. From stablecoins to the hypothesis of a Federal Reserve digital currency.

There has been much interest in the idea of including Bitcoin as a reserve asset. Today, the US has 600 billion in gold reserves and about 15 billion in Bitcoin, seized by the authorities over time. "If I am elected, it will be the policy of my administration to keep 100 per cent of all Bitcoins that the US government currently owns or acquires in the future. We will keep them all. The federal government owns almost 210,000 Bitcoins, or one per cent of the entire supply that will ever exist. This will, in fact, serve as the core of the national Bitcoin strategic reserve. As you know, most of the Bitcoins currently held by the US government have been obtained through anti-crime actions. They were seized from criminals and illegal organisations. Instead of selling these Bitcoins, we will store them as a permanent resource for the benefit of all Americans. This decision represents a sea change in digital asset management, recognising the strategic importance and long-term value of Bitcoin'. Some Bitcoiners would have liked Trump to reiterate the point, i.e. to announce a specific accumulation plan to increase the federal government's holding of Bitcoin. On this point, it should be noted that at the same Bitcoin Conference, Senator Cynthia Lummis, a well-known supporter of the crypto-industry, announced that she would present a bill to create a strategic reserve of Bitcoins in the United States, on a par with gold and other foreign currencies, and purchase 1 million Bitcoins, which at the 29 July price of $69,500 would correspond to an investment of $69.5 billion.

Among the other points Trump touched on was that of support for the mining industry. "With low energy costs, America will become the undisputed mining powerhouse of Bitcoin. You won't have to move your families to China. As we implement these reforms, Bitcoin and cryptocurrencies will grow our economy, consolidating American financial dominance and strengthening the entire country in the long run. I want America to become the leading nation in Bitcoin mining technology. We will build energy plants at mining farms, releasing people from ridiculous environmental requirements and using fossil fuels to produce the electricity we need, because we have to. We will be a fuel for your industry, we will not destroy it. We will make sure you don't have to move your operations to China or elsewhere. America will be the best place for Bitcoin mining'.

Trump said he opposed the Federal Reserve's plan to create a digital currency. "I will immediately order the Treasury Department and other federal agencies to cease and desist from all steps necessary to create a central bank digital currency (CBDC). There will never be a CBDC while I am President of the United States. These central bank digital currencies pose a grave risk to the freedom and privacy of citizens. I will not allow the government to have total control over the financial transactions of American citizens. Instead, I will defend the right to self-custody of your digital assets, ensuring that you can hold and manage your Bitcoins and other cryptocurrencies without government interference. My administration will strongly oppose the creation of any CBDC, protecting your financial freedom and privacy."