NASHVILLE — Former U.S. President Donald Trump vowed to maintain a “strategic national bitcoin reserve” and “never sell” government-seized bitcoins in an impromptu speech that cemented the Republican nominee’s grip on the nation’s digital currency. about blockchain voting and cryptocurrency fundraising.

Before the event, there was speculation and hope among cryptocurrency fans that Trump would announce such a reserve.

Speaking to a packed hall Saturday before more than 3,000 attendees at the Nashville Bitcoin Conference, Trump said of bitcoin: “I want it mined, minted and manufactured in the U.S.A.” He then laid out a “comprehensive” cryptocurrency policy that ranges from regulating stablecoins to granting bitcoin self-custody rights.

The speech capped bitcoin’s steady march from the deepest recesses of the internet to the heart of American politics — from before it was the maligned currency of choice for darknet markets.

“If we don’t do it, China will,” he said of embracing digital assets. Crypto is “the steel industry of 100 years ago, you’re just in its infancy,” he said. “One day, it will probably surpass gold. … There’s never been anything like it.”

He added that Democrats holding the White House would be a disaster for crypto. “If they win this election, you’re all going to go away. They’re going to be cruel. They’re going to be ruthless. They’re going to do things you wouldn’t believe.”

If elected, Trump said his plans for Day One included firing Gary Gensler, the influential chairman of the Securities and Exchange Commission who has been widely criticized in the cryptocurrency industry. The promise drew loud applause from the crowd. “I didn’t know he was what unpopular,” Trump said. Trump also said he will appoint a “bitcoin and crypto advisory board” upon taking office.

Trump arrived at Nashville’s Music City Center after a massive campaign fundraiser that targeted deep-pocketed cryptocurrency executives and raised tens of millions of dollars, according to sources. Thousands of bitcoiners camped out for hours to catch a glimpse of the former president, a new convert to crypto after previously bashing digital assets. He is now the first sitting president to appear at a bitcoin event.

In his opening moments, he thanked the event organizers and said there were many legends in the room. Trump named several cryptocurrency figures, including Tyler and Cameron Winklevoss, the founders of cryptocurrency exchange Gemini, and Michael Saylor of MicroStrategy.

Cryptocurrencies exploded onto the 2024 election agenda in late May when Trump declared himself the industry’s candidate and declared, “If you’re in favor of cryptocurrencies, you’re going to vote for Trump because they want to shut it down.”

His embrace supercharged a partisan realignment within the upper echelons of the crypto industry. Suddenly, well-connected voters — hedge fund lawyers, startup founders and financiers — who had previously voted Democratic began murmuring about supporting Trump as a salve for years of perceived bullying from President Joe Biden’s regulatory state.

They were joined at this three-day conference by throngs of die-hard Trump fans who packed Nashville wearing “Make Bitcoin Great Again” hats of every color. For many of the 20,000 attendees, supporting Trump seemed like a foregone conclusion. It turns out he was now a bitcoin supporter, too.

Behind the scenes in Nashville, industry leaders rewarded Mr. Trump’s shift with mountains of cash to fuel his campaign; a fundraiser immediately before his speech asked for nearly $900,000 per ticket. Other candidates on smaller ballots in Nashville held their own fundraisers.

Cryptocurrency proponents widely see the 2024 election as their best chance to overhaul hostile U.S. regulations; many consider Trump the candidate best suited to do so. This despite his previous stance during his presidency that bitcoin was “based on nothing.”

Ever the marketer, after leaving the White House, Trump launched sold-out collections of NFTs depicting himself in various states of patriotism. His millions of dollars in revenue have given the entrepreneur a different perspective on the industry he once shunned.

Before Biden dropped out of the race, his campaign made no effort to court crypto fans or Bitcoin adherents, going so far as to call buyers of Trump’s NFTs “suckers.” After years of legal controversy involving Biden appointee Gensler (who insists the industry is largely flouting U.S. law), Biden’s message was, for many in the crypto world, the final straw.

Vice President Kamala Harris’s rise could give Democrats a chance to reposition themselves. Some lawmakers are pushing her for change. But the presumptive Democratic presidential nominee has yet to deliver.

“She’s against crypto, by the way, and she’s very much against it. You have to go out and vote,” Trump said.

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