RFK Jr.'s Bitcoin Fort Knox promise was not fulfilled by Trump.

• During his keynote speech at the 2024 Bitcoin Conference, Donald Trump did not guarantee the creation of an official U.S. bitcoin strategic reserve currency.
• Trump promised to preserve the current amount of bitcoin held by the U.S. from confiscating assets from criminals.
• RFK Jr.'s proposal of building a 4 million bitcoin strategic reserve was more radical than Trump's pitch.

During his speech at the largest conference of the year, former President Donald Trump refrained from pledging to create an official U.S. bitcoin strategic reserve currency.

The Republican presidential nominee vowed to preserve the current amount of bitcoin held by the U.S. from confiscating assets from criminals.

At this year's Bitcoin Conference in Nashville, Trump stated that our government has disregarded the fundamental rule that every bitcoiner remembers: "Never sell your bitcoin."

"My administration, as the United States of America, will maintain a policy of keeping 100% of all bitcoin currently held or acquired in the future," he stated.

The crypto community advises holding onto your bitcoin stake permanently, regardless of market conditions, while the U.S. government currently takes a different approach.

The U.S. Marshals Service frequently sells off bitcoin and other cryptocurrencies held in the country's treasury, including Bitcoin and other cryptocurrencies. These sales can sometimes cause a drop in crypto prices, as seen earlier this month when Germany liquidated hundreds of millions of dollars worth of bitcoin it had seized.

During a private meeting with donors prior to Trump's speech on Saturday, the former president expressed his belief that the government should consider holding bitcoin.

According to two sources, the gathering was attended by investors Tyler and Cameron Winklevoss, musician Kid Rock, Republican Senators Cynthia Lummis, Bill Hagerty, and Marsha Blackburn, among others.

Robert F. Kennedy Jr.'s pitch was more sweeping than Trump's proposal, which did not meet the expectations of some crypto enthusiasts.

During his speech at the Bitcoin Conference on Friday, Kennedy stated that he comprehends that President Trump may reveal his plan to establish a Bitcoin Fort Knox and sanction the U.S. government to purchase a million bitcoin as a strategic reserve asset.

Kennedy pledged to create a 4 million bitcoin reserve to match the country's gold holdings, while Trump promised to sign an executive order directing the Treasury to purchase 550 bitcoin daily.

Trump's failure to match Kennedy's "bitcoin Fort Knox" commitment is significant as the issue gains prominence on the campaign trail due to the increasing influence of the crypto lobby in Washington.

Trump's reservation highlights the challenges of maintaining a bitcoin strategic reserve that is equivalent to the gold standard.

The Trump campaign did not immediately respond to a request for comment.

Can a president unilaterally launch a bitcoin reserve?

In short, no.

To establish a U.S. bitcoin reserve, the president would need new legislation and congressional approval, which some lawmakers have already begun.

Following Trump's speech at the Bitcoin Conference on Saturday, Senator Lummis of Wyoming revealed her intention to propose new legislation that would promote a bitcoin reserve.

"Lummis stated that the United States plans to amass 1 million bitcoin, which accounts for 5% of the global supply, over a period of five years. This bitcoin will be held for a minimum of 20 years and can only be utilized for one specific purpose: To decrease the country's debt."

Lummis stated that creating such a reserve would strengthen the dollar against inflation.

How would the U.S. fund a bitcoin reserve?

The government seizes bitcoin from criminals during high-profile sting operations.

The U.S. government could establish a bitcoin strategic reserve by regularly purchasing a set amount of bitcoin, using an existing bitcoin stockpile as the foundation.

U.S. taxpayers may fund the additional bitcoin purchases.

The Treasury Department, which is partly funded by Congress and the Federal Reserve System, would pay for a bitcoin reserve under Sen. Lummis' proposed legislation.

Lummis stated at the Bitcoin Conference that reducing the federal deficit is the ultimate goal, which could offset the initial spending.

What would happen to bitcoin?

The adoption of bitcoin by Wall Street would increase the legitimacy of the digital currency, further solidifying its position in the financial market.

U.S. markets saw the launch of spot bitcoin exchange-traded funds for the first time in January, with the approval of the U.S. Securities and Exchange Commission. This listing was viewed as a significant milestone that solidified bitcoin's status as a permanent asset class.

The adolescent currency, launched in 2009 and characterized by volatile performance with occasional windfalls for its investors, could receive a significant boost if a national reserve were to be launched. Trump, who has been a naysayer of bitcoin, recently called the currency "a scam."

The price of bitcoin would increase in the short term due to its new status.

"According to 's CEO Fred Thiel, if the U.S. government established a strategic reserve, other countries would likely follow suit, which would remove a significant amount of bitcoin from the market, ultimately driving down the price."

Despite Trump's less aggressive promises on bitcoin, the cryptocurrency is currently trading at approximately $68,000 and markets remain unphased.