At the Bitcoin conference in Nashville, held from July 25 to 27, presidential candidate Donald Trump managed to attract a whopping $25 million. This news was confirmed by David Bailey, the director of Bitcoin Magazine, and spread to the masses by Fox News journalist Eleanor Terrett.
Trump’s support from the crypto community was hardly surprising. During his speech at the event, Trump expressed his admiration for Bitcoin and announced his intention to create a "strategic national Bitcoin stockpile." It seems he is serious about adding Bitcoin to the list of the country's reserve assets.
If this plan works, the US government would be spending public funds to buy BTC, which would likely send the cryptocurrency’s price soaring. After all, nothing heats up the crypto market quite like news that the government is ready to buy Bitcoin in bulk.
Meanwhile, the US government under Joe Biden has taken the opposite approach, deciding to offload Bitcoin rather than hoard it. About a week ago, authorities transferred 58,742 BTC to the Coinbase exchange, likely selling them for nearly $4 billion.
Economist Peter Schiff speculated that officials might continue to liquidate the remaining $13.4 billion worth of Bitcoin, possibly before Trump’s potential inauguration on January 20, 2025.
