Trump Proposes National Bitcoin Stockpile if Re-Elected
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In a surprising development, former President Donald Trump has suggested creating a national Bitcoin stockpile should he win the presidency again in the November 2024 election.
This proposal has sparked significant interest and debate among cryptocurrency investors and the broader financial community.
At the Bitcoin 2024 conference on July 27, former President Donald Trump proposed creating a centralized repository for all Bitcoin held or acquired by the U.S. government. He envisions this stockpile as a long-term national asset for the benefit of all Americans.
However, this proposal has sparked concern among former prosecutors and legal experts. Critics argue that Trump’s plan could potentially redirect seized digital assets from their intended use—compensating victims of crime.
Under current U.S. forfeiture laws, seized assets, including Bitcoin, are generally liquidated to repay victims and support law enforcement efforts. Trump’s pledge to retain Bitcoin and other cryptocurrencies directly challenges this principle.
Amanda Wick, a former federal prosecutor, expressed concerns about the potential implications of Trump’s strategy. She emphasized that a significant portion of seized crypto likely belongs to victims of cybercrimes such as hacks and scams, and criticized the idea of prioritizing a national Bitcoin stockpile over the rightful compensation of these victims.
