At the Bitcoin 2024 convention, Donald Trump promised to make the U.S. the leading cryptocurrency market, pledging to amass a Bitcoin 'stockpile' and adopt crypto-friendly regulations to counter China's progress.

Trump Proclaims Crypto Leadership

At a Bitcoin conference on Saturday, Republican presidential candidate Donald Trump told attendees that the United States must lead the industry or face competition from China, Reuters reports. This is the latest effort by Trump to win over cryptocurrency supporters, a market that Beijing has regulated and which Trump has called a "scam."

At the Bitcoin 2024 convention in Nashville, Trump sought to establish himself as the pro-crypto candidate in the run-up to the November 5th presidential election. He promised to make the United States the leading cryptocurrency market and to adopt more crypto-friendly regulations than Kamala Harris, the likely Democratic nominee for vice president.

Trump Criticizes Democratic Crypto Regulations

Trump has criticized Democratic efforts to regulate the cryptocurrency sector, while the Republican Party has pledged less regulation of the industry.

"If we don't embrace crypto and bitcoin technology, China will, other countries will. They'll dominate, and we cannot let China dominate. They are making too much progress as it is," Trump mentions.

Strict limits on the movement of funds across China's border and crackdowns on cryptocurrency are in place. However, Chinese citizens can still use cryptocurrency exchanges to buy and sell tokens like Bitcoin, and investors can open bank accounts abroad to purchase crypto assets.

Plan for Bitcoin 'Stockpile' Announced

Trump has declared his intention to form a crypto presidential advisory council and amass a "stockpile" of bitcoin using the digital money that the federal government already has, much of which was confiscated in legal proceedings.

In his remarks, Trump emphasized the importance of never selling Bitcoin. "If I am elected, it will be the policy of my administration, the United States of America, to keep 100% of all the bitcoin the U.S. government currently holds or acquires into the future," stated Mr. Trump.

Even though Trump referred to cryptocurrencies as a "scam" in 2021, he now wants to see American companies mine more bitcoin.

According to AOL, despite a brief dip in value following Trump's address, bitcoin has since recovered and is now trading at $68,182, an increase of 0.94%.

In addition, Trump reaffirmed his intention to commute the life sentence of Ross Ulbricht, who is presently doing time for developing and running the online marketplace known as Silk Road, where users could covertly purchase and trade illicit goods.

Under thunderous cheers and shouts of "Free Ross" from the assembled throng, Trump said that Ulbricht's sentence had been long enough.

Digital currencies that are run by private entities and are very unpredictable have raised concerns in several countries, including the United States, about potential threats to government oversight of the economy, increased systemic risk, the encouragement of financial crime, and losses for investors.

It is not apparent how many cryptocurrency users will choose crypto over other topics while casting their ballots, but advocates of digital assets claim that cryptocurrency users are becoming a stronger political force this election year.

If the United States were to establish a national bitcoin reserve—an action that some crypto enthusiasts are endorsing—they would certainly view it as a significant step toward legitimizing cryptocurrency.

Strike CEO Supports Bitcoin Reserve Plan

According to Strike CEO Jack Mallers, who spoke with Reuters, Trump's plan to establish a strategic bitcoin reserve was an "unbelievable vote of confidence."

The enforcement actions of the Securities and Exchange Commission under President Joe Biden's tenure have irritated crypto CEOs.

Cryptocurrency exchanges like Binance and Coinbase have been under fire from the government for allegedly allowing the trading of unregistered digital assets on their platform.

In a letter delivered on Saturday to Harris and the Democratic National Committee, almost thirty Democratic senators and congressional candidates urged them to adopt a "forward-looking" stance toward digital assets.

"From an electoral standpoint, crypto and blockchain technologies have an outsized impact in ensuring victories up and down the ballot," according to them.