On July 29, former US President Trump attended the Bitcoin 2024 Conference and announced at the conference that if he returns to the White House, he will list Bitcoin as a strategic reserve asset of the United States. During his speech, the price of Bitcoin once rose to the $69,000 mark.

“I’m going to lay out my plan to make sure that the United States becomes the cryptocurrency capital and the Bitcoin superpower on Earth, and we’re going to get it done,” Trump said.

In his speech, Trump encouraged the proposal of a framework to promote stablecoin legislation, saying that cryptocurrencies will not pose a threat to the US dollar, that billions of people will enter the cryptocurrency field and store their funds and Bitcoin in the future, and that the market value of Bitcoin will soon surpass silver and will surpass gold in the future.

It is reported that people familiar with the matter revealed that Trump has discussed cryptocurrency policies with Tesla CEO Elon Musk and also received executives of crypto mining companies at his Mar-a-Lago estate.

Wall Street analysts said, "Trump has previously severely criticized cryptocurrencies as scams, and now his change in attitude also reflects that cryptocurrency users have become a growing political force during this election."

Trump held a small fundraising event in Nashville that day. David Bailey, CEO of Bitcoin Magazin, the organizer of the Bitcoin 2024 conference, promised to raise $100 million in donations for Trump and mobilize more than 5 million voters to support Trump.

The Trump campaign has received more than $4 million worth of various cryptocurrencies since May.