The price of bitcoin stumbled on Monday as traders considered comments Donald Trump made at a BTC conference in Nashville on Saturday – most notably – his decision not to promise to establish an official U.S. bitcoin strategic reserve.
CNBC noted: Instead, Trump pledged simply to maintain the current level of bitcoin holdings that the U.S. already has amassed from seizing assets from financial criminals.
Peter Schiff, the economist who frequently promotes gold as the ultimate safe-haven asset, posted on X on Thursday that Trump will not deliver on promises made during the campaign about his new-found embrace of the crypto.
“The only reason #Trump supports #Bitcoin is to get contributions and votes from the #crypto community. He’s not worried that by supporting Bitcoin he’ll lose support from no-coiners, so it’s a political no-brainer. But any promise to make Bitcoin a reserve asset won’t be kept,” Schiff said.
Trump told the audience in Nashville that if he is elected in 2024, “it will be the policy of my administration, United States of America, to keep 100 percent of all the bitcoin the U.S. government currently holds or acquires into the future.”
That position is a break from the current administration.