Donald Trump Backs ‘Strategic Bitcoin Stockpile’ in Speech to Crypto Faithful

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Wired 4d ago

Donald Trump Backs ‘Strategic Bitcoin Stockpile’ in Speech to Crypto Faithful - Wired

Quick Summary:

Appearing onstage at the Bitcoin 2024 conference, Trump also promised to "fire” SEC chair Gary Gensler, set up a crypto advisory council, and make the United States the "crypto capital of the world.

Trump has drastically changed his tone about bitcoin from his time as president, when he said it “seems like scam.” He’s since described himself as “good” with crypto.

The bill further provides that the US will “convert excess reserves at our 12 federal reserve banks into bitcoin over five years,” so that instead of holding a depreciating asset (the US dollar, which she said has been “designed to debase at least 2 percent per year”), it’ll be holding an asset with potential for growth.