Trump Vows to Stockpile Bitcoin, Senator Lummis Proposes 5% US Stake
Trump Vows to Stockpile Bitcoin if Re-Elected, Senator Lummis Proposes 1 Million Bitcoin Reserve, Igniting Mainstream Adoption and Market Movement.
Key Takeaways:
- Trump will stockpile Bitcoin if re-elected, vowing not to sell.
- Senator Lummis proposes a US government Bitcoin reserve, buying 1 million Bitcoins over five years.
- Growing political interest in Bitcoin sparks mainstream adoption and market movement.
Former U.S. President Donald Trump disclosed his plan to stockpile BTC at the just concluded Bitcoin 2024 Conference in Nashville, Tennessee. If elected, Trump vows to create a “strategic Bitcoin stockpile” for the United States, ensuring the government holds onto its Bitcoin assets without selling.
Trump Will Kick SEC Chair Out and Ban CBDC
Upon taking office, the Republican candidate vows to implement a series of bold measures. He plans to fire the current SEC chair, Gary Gensler, and only appoint crypto proponents to craft industry-friendly rules.
Trump would also ban the development of a CBDC over privacy concerns.
“For too long, our government has violated the cardinal rule that every Bitcoiner knows by heart: Never sell your Bitcoin,” Trump said during his keynote speech at the Bitcoin 2024 Conference in Nashville – the biggest Bitcoin conference of the year.
Concluding his address, Trump charged the audience to “never sell” their Bitcoin, predicting that its value proposition will ultimately surpass the market capitalization of gold.
In the same vein, Senator Cynthia Lummis proposed a government-held Bitcoin reserve, aligning with Trump's vision.
The proposal outlines a plan for the US government to purchase one million Bitcoin, representing approximately 5% of the total supply of 21 million Bitcoin, over a five-year period.
“This Bitcoin Reserve that we are going to create will start with the 210,000 Bitcoin that President Trump just mentioned and pull it into a reserve, stored in geographically diverse vaults, and that's only the beginning,” Lummis explained.
These announcements reflect a growing interest in Bitcoin among political figures, with Robert F. Kennedy Jr. endorsing a similar policy proposal earlier in the conference.
Academic Developments in Bitcoin Research
In a related development signaling mainstream adoption, the University of Wyoming launched the UW Bitcoin Research Institute in August 2024.
The institute, headed by Bitcoin activist and Associate Professor Bradley Rettler, aims to provide “high-quality peer-reviewed” studies about Bitcoin.
Rettler emphasized the need for improved Bitcoin research, stating that “Bitcoin is multi-faceted in theory, and even more so in practice. Journalists can't be experts, so they rely on academics. Too many of those academics have let them down.”
Following these significant announcements, the cryptocurrency market responded with notable price movements.
The Bitcoin price trades at $69,680 at present time.
Jimmy Aki
Drawing from his background in economics, Jimmy has monitored blockchain development for years, firmly believing in its power to democratise finance. Beyond offering commentary on the latest crypto developments, he also spends his time analysing open-source codes of promising projects on GitHub. Jimmy holds Bitcoin and Ethereum.
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