Former U.S. President Donald Trump has said that if he returns to the White House, he will ensure that the government retains its entire bitcoin holdings and includes bitcoin as a strategic reserve asset for the United States.

At the Bitcoin 2024 conference in Nashville, Tennessee, Trump attended and delivered a keynote speech, actively seeking to win over cryptocurrency industry voters and raise campaign funds.

During Trump's speech, Bitcoin showed a V-shaped move, first dropping $1,200 in a short period of time to break the $67,000 mark. At the end of the speech, Bitcoin rallied violently, regaining all lost ground to about $69,000 per coin.

Trump said, "This afternoon I'm going to lay out my plan to make sure that the United States becomes the cryptocurrency capital of the world and the superpower of bitcoin, and we're going to do it."

Shortly after Trump's speech, Republican Senator Cynthia Lummis of Wyoming said she plans to draft a bill that would require the government to build up a national reserve of up to 1 million bitcoins within five years and hold it for 20 years. During that 20-year period, those national bitcoin reserves could only be used to reduce the national debt.

Trump claimed that the Biden-Harris administration's crackdown on cryptocurrencies and Bitcoin is wrong and very bad for the United States.

He listed a series of promises to the Bitcoin supporters in the audience, the first and foremost being to reverse the Biden administration's crackdown on the crypto industry. "On day one, I would fire Gary Gensler," said Gensler, who has reportedly taken an aggressive stance on cryptocurrency regulation.

Trump also promised to appoint a Bitcoin Presidential Advisory Council, which will set U.S. cryptocurrency policy. Trump said there will never be a central bank digital currency (CBDC) during his presidency.

Trump also said that Bitcoin's market capitalization will surpass gold in the future. Since its inception, Bitcoin's market capitalization has grown to become the ninth-largest asset in the world by market capitalization, and will soon surpass silver and will overtake gold in the future.

According to previous disclosures by the Trump campaign, the campaign has received more than $4 million worth of donations in various cryptocurrencies since May, with contributors coming from 12 states, including some swing states.

Trump has harshly criticized cryptocurrencies during his time in office, calling them a scam. Trump's shift in attitude also reflects the fact that cryptocurrency users have become an increasingly powerful political force during this election.

Paul Veradittakit, a partner at Pantera Capital Management, commented that Trump's series of promises have been very favorable to the cryptocurrency industry and are very optimistic about the future of the industry, with one of the most exciting being Trump's desire for the U.S. to become the crypto capital.