Trump Reveals Plans for 213,239 US Government Bitcoin If Elected
Trump attended the Bitcoin 2024 conference in Nashville on July 27, as expected. Trump promised crypto supporters what he would do to the US government's Bitcoin assets if elected.
How Trump Will Use US Bitcoin Holdings
Trump said at the Bitcoin conference that if elected, his administration will retain “100%” of the Bitcoin it controls or buys. Trump said the government had “violated a cardinal rule that every Bitcoiner knows by heart,” which is never to sell BTC.
Arkham Intelligence reports that the US government possesses 213,239 BTC ($14.87 billion). The government sold 1,754 BTC in April, its latest verified sale.
Trump's intention for the US to keep all of its Bitcoin holdings is optimistic for Bitcoin, given the US government's prior BTC sales' influence on the token's price. Additionally, the US possesses the most Bitcoin of any government. Thus, such a move might remove a lot of Bitcoin from circulation for a while.
Although Ross Ulbricht developed Silk Road, most of the US government's Bitcoin holdings originated from Silk Road seizures. Interestingly, Trump repeated his vow to commute Ulbricht's sentence if elected.
Even if he is released, Ulbricht is unlikely to recoup the 50,591 BTC supposedly retrieved from the hacker who took him and Silk Road. In 2022, the Silk Road founder relinquished these monies to pay off his money judgment.
Trump supported Bitcoin and other cryptocurrencies before the summit. If Trump wins the November US presidential election, Bitcoin might hit new heights, according to various projections. Standard Chartered estimated Bitcoin might hit $150,000 by year-end if the former President wins.
