Trump and RFK Jr., speaking at the Bitcoin conference, call for rejecting centralized banking

Presidential candidates Donald Trump's and Robert F. Kennedy Jr.'s speeches at the 2024 Bitcoin conference, which took place this weekend in Nashville, Tennessee, elated cryptocurrency fans and investors.

Kennedy appeared on a conference panel and described the government's reliance on the Federal Reserve as "parasitical."

"The relationship between Congress and the Fed is both parasitical to our country and it’s a symbiotic relationship. The Fed is not a public institution. ... The decision-makers are appointed by the banking industry."

'I want America to be the nation that leads the way.'

"Lockdowns ... shut down all the small business in this country, which is what we should be nurturing, and kept open the Walmarts, and the Amazons, and Facebook, and the oil industry, and the processed food industries, and Big Ag. They all flourished during that period," Kennedy continued, according to Coindesk.

Kennedy then called for more "sovereignty over our own wallets" and stated that America needed to remain the leader in blockchain technology.

RFK Jr. also made a surprise appearance at the Karate Combat mixed martial arts event taking place during the conference, telling commentators that he is a "huge supporter of Bitcoin."

"I have most of my wealth in Bitcoin," he added. "I am fully committed."

The candidate also somewhat upstaged Trump by revealing that the Republican nominee had plans to announce a government stockpile of Bitcoin should he be elected.

According to Business Insider, Kennedy said, "I understand that [Trump] may announce his plan to build a Bitcoin Fort Knox and authorize the U.S. government to buy a million Bitcoin as a strategic reserve asset. And I applaud that announcement."

Image by Peter Gietl

Similarly, Trump called cryptocurrency "the steel industry of 100 years ago" in his speech and reportedly pledged to keep all of the Bitcoin owned by the federal government as a "strategic national Bitcoin stockpile."

Quoting the popular "to the moon" phrase, Trump said that if crypto is indeed headed in that direction, he wants it to be "mined, minted, and made in the USA."

"I want America to be the nation that leads the way," he added.

Newsweek noted a series of pledges made by Trump at the conference in addition to his idea of a national stockpile.

This included crypto-friendly policies, with the former president saying that the nation has "never thrived" by trying to "censor new ideas."

The Republican also garnered huge applause when he pledged to fire Gary Gensler, the chairman of the Securities and Exchange Commission, and promised to end the "anti-crypto crusade" by the SEC.

Other propositions by Trump included creating a "Bitcoin and crypto presidential advisory council," with policy written by "people who love" the cryptocurrency industry, not those who "hate" it. This came alongside a promise to end "Operation Choke Point 2.0," referring to federal regulators' efforts to discourage banks from working with cryptocurrency companies and providing crypto services.

Lastly, Trump warned that if the United States didn't take the lead in crypto, "China will do it."

His latest remarks are a stark contrast from his previous views on crypto in 2019, when he said "Bitcoin and other Cryptocurrencies" are "not money" and are "highly volatile."

'Does this feel normal to you?'

Return's managing editor, Peter Gietl, who was in Nashville covering the conference, said Trump likely re-evaluated his stance after he saw Bitcoin become a financial powerhouse.

"When Trump first took office, Bitcoin was still viewed nationally as a fringe issue or even a scam. As the price skyrocketed in 2020, more countries and major financial institutions took notice and began to get involved," Gietl said.

"As of today, it's worth almost $1.4 trillion and is the ninth-most valuable asset in the world. It's no longer possible to ignore the power Bitcoin has in the world. I believe President Trump and other politicians recognize this transformation and are now ready to work with the companies and personalities leading the Bitcoin charge," he added.

Appearances from other politicians at the conference, like Republicans Tim Scott and Vivek Ramaswamy, drew skepticism from some, including whistleblower Edward Snowden.

Image by Peter Gietl

"Cast a vote, but don't join a cult," he remarked, according to the Tennessean. "They are not our tribe. They are not your personality. They have their own interests, their own values, their own things that they're chasing. Try to get what you need from them, but don't give yourself to them."

Oppositely, X owner Elon Musk responded to the event by saying he did see "merit" in Bitcoin.

"I'm not going to be promoting crypto — at most, in a joking way. If you see me pumping crypto, it's not me," the billionaire said, according to the Block. "I do think there's some merit in Bitcoin, and maybe some other cryptos, and I've sort of got a soft spot for Dogecoin because I like dogs and memes," he added.

Nonetheless, the attention the conference received is a giant step up from where the industry was just a few years ago. It now seems like an entire generation has passed since the Dogecoin millionaires were created and the Winklevoss twins became Bitcoin billionaires.

Should Trump be elected, it could result in an entirely new era of crypto capitalists emerging with some serious power in the economy.

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