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Breaking News: Forfeited Bitcoin Linked To Samourai Case Not Sold, Confirms White House Crypto Advisor
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Breaking News: Forfeited Bitcoin Linked To Samourai Case Not Sold, Confirms White House Crypto Advisor

Donald Trump Reveals Plans For US Government’s 213,239 Bitcoin If Elected

Scott Matherson
Scott Matherson
Last Updated: July 29, 2024 11:00 am
3 mins read
Donald Trump Bitcoin

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US Republican Presidential candidate Donald Trump made his much-anticipated appearance at the Bitcoin 2024 conference in Nashville on July 27. Trump made several promises to the crypto voters in attendance, including what he would do to the US government’s Bitcoin holdings if elected. 

What Donald Trump Plans To With The US Bitcoin Holdings

During the Bitcoin conference, Trump stated that if elected, his administration would implement a policy mandating the US government to keep “100%” of the Bitcoin it currently holds or acquires. Trump made this statement while remarking that the government has, up until now, “violated a cardinal rule that every Bitcoiner knows by heart,” which is never to sell their BTC.

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Data from the on-chain analytics platform Arkham Intelligence shows that the US government currently holds 213,239 BTC ($14.87 billion). However, the government is known to have offloaded some of its holdings in the past, with its last confirmed sale coming in April when it sold 1,754 BTC. 

Trump’s plan for the US to hold all of its Bitcoin holdings undoubtedly provides a bullish outlook for Bitcoin, considering the impact that the US government’s BTC sales have had on the token’s price in the past. Moreover, the US holds the most Bitcoin among all governments. Therefore, such a move could remove a significant amount of Bitcoin from circulation for a considerable period. 

It is worth noting that most of the US government’s Bitcoin holdings came about through the seizures made from the dark web marketplace Silk Road, which Ross Ulbricht created. Interestingly, Trump again reaffirmed his promise to commute Ulbricht’s sentence if he is elected. 

However, even if he eventually becomes a free man, it remains unlikely that Ulbricht will be able to recover the 50,591 BTC that was reportedly recovered from the hacker who stole Ulbricht and Silk Road in a previous hack. This is because the Silk Road founder forfeited claims to these funds in 2022 to offset the unpaid balance of his money judgment. 

How Trump’s Candidacy Continues To Provide A Bullish Outlook For Crypto

Before the conference, Trump had already affirmed his support for Bitcoin and other cryptocurrencies. This led to several predictions that Bitcoin could reach unprecedented heights if Trump wins the US presidential elections in November. For instance, Standard Chartered predicted that Bitcoin could reach $150,000 by year-end if the former President wins. 

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A Trump victory is also expected to usher in clearer and more favorable crypto regulations, which will undoubtedly positively impact crypto prices. This is most likely to happen, seeing how the US Securities and Exchange’s (SEC) regulation by enforcement approach has left a sour taste on the crypto market. Interestingly, Trump promised to fire the SEC chair, Gary Gensler, who has spearheaded this approach from the Commission so far. 

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Scott Matherson
Scott Matherson

Scott Matherson

Scott Matherson is a prominent crypto writer at NewsBTC with a knack for capturing the pulse of the market, covering pivotal shifts, technological advancements, and regulatory changes with precision. Having witnessed the evolving landscape of the crypto world firsthand, Scott is able to dissect complex crypto topics and present them in an accessible and engaging manner. Scott's dedication to clarity and accuracy has made him an indispensable asset, helping to demystify the complex world of cryptocurrency for countless readers.

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Scott’s experience spans a number of industries outside of crypto including banking and investment. He has brought his vast experience from these industries into crypto, which allows him to understand even the most complex topics and break them down in a way that is easy for readers from all works of life to understand. Scott’s pieces have helped to break down cryptocurrency processes and how they work, as well as the underlying groundbreaking technology that makes them so important to everyday life.

With years of experience in the crypto market, Scott began to focus on his true passion: writing. During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others.

Scott’s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott’s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry.

Scott is an advocate for sustainable practices within the crypto industry and has championed discussions around green blockchain solutions. His ability to keep in line with market trends has made his work a favorite among crypto investors.
In his personal life, Scott is an avid traveler and his exposure to the world and various way of life has helped him to understand how important technologies like the blockchain and cryptocurrencies are. This has been key in his understanding of its global impact, as well as his ability to connect socio-economic developments to technological trends around the globe like no one else.

Scott is known for his work in community education to help people understand crypto technology and how its existence impacts their lives. He is a well-respected figure in his community, known for his work in helping to enlighten and inspire the next generation as they channel their energies into pressing issues. His work is a testament to his dedication and commitment to education and innovation, as well as the promotion of ethical practices in the rapidly developing world of cryptocurrencies.

Scott stands steady in the frontlines of the crypto revolution and is committed to helping to shape a future that promotes the development of technology in an ethical manner that translates to the benefit of all in the society.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

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