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Trump Proposes a “Fort Knox” for Bitcoin

Posted October 24, 2024

Matt Insley

By Matt Insley

Trump Proposes a “Fort Knox” for Bitcoin

Readers from across the country shared valuable insights on early voting

Tim T., an Officer of Elections in Virginia, observes: “When I went to vote yesterday, I had to stand in line for over 20 minutes. It would appear that Republicans, at least in my district, are heeding the admonition to vote early this year.”

Another Virginia resident, Kevin M., notes high early turnout: “I have not seen a line this long to vote since Obama became president.”

Lou S., a veteran living in North Carolina, highlights the convenience of drive-up voting: “We vote early since standing in line is not physically possible for [my wife with MS]. Thank God! They asked for ID, and not only was the process dignified and safe, we sat and watched the long lines from the comfort of our warm car.”

James W. of Colorado also reports a positive voting experience: “ID was required. No problem with early voting. And I received a confirmation from the Elections Department that my vote was accepted. Good confidence that my vote meant something!”

On the other hand, Beverly B., who represents a handful of naysayers, expresses concern: “I believe early voting encourages fraud.”

Finally, Ricardo R. shares his shift in voting habits: “I had never voted early. I always voted on Election Day in person. This election season, I voted early in person as soon as the option was available.”

As always, thanks for all the insightful feedback!

Our topic today? One we’ve held in reserve for weeks…

Send your opinions to, feedback@newsyoucanacton.com

Your Rundown for Thursday, October 24, 2024...

A Strategic National Bitcoin Stockpile

Donald Trump, once a cryptocurrency skeptic, has emerged as a champion for digital assets throughout his 2024 presidential campaign.

As well, Trump’s running mate Senator J.D. Vance is a known crypto advocate, further solidifying the ticket's pro-crypto credibility.

At the Bitcoin 2024 conference in Nashville, Trump unveiled an ambitious vision to transform the United States into the “crypto capital of the planet” and a “Bitcoin superpower.”

Central to his crypto strategy is the creation of a Strategic National Bitcoin Stockpile:

  • To wit, Trump pledges to retain 100% of Bitcoin currently held by the U.S. government — estimated to be worth over $5 billion and potentially comprising 2.2% of all Bitcoin.

This stockpile would serve as a core national asset — akin to gold stockpiled at Fort Knox.

But Trump's pro-crypto stance extends beyond Bitcoin. He proposes establishing a “Bitcoin and crypto presidential advisory council,” signaling a shift from Team Biden’s regulatory approach.

Trump has also taken a firm stance against Central Bank Digital Currencies (CBDCs), vowing to block the Federal Reserve from creating digital dollars — or what Paradigm’s Jim Rickards calls “Biden Bucks.”

While Trump's crypto policies have energized many in the industry, questions remain about the feasibility and implications of a government-held Bitcoin stockpile.

[This just in: Samson Mow, CEO of Bitcoin technology company Jan3 — speaking before the German Bundestag last week — urged Germany to integrate Bitcoin into its national strategic reserves, proposing the acquisition of 281,267 Bitcoin to enhance financial resilience. All to say, the idea is catching on!]

Trump's embrace of cryptocurrency marks a significant shift in mainstream political discourse around digital assets.

Vice President Kamala Harris, meanwhile, has not taken an official position on cryptocurrency during her campaign.

Market Rundown for Thursday, Oct. 24, 2024

S&P 500 futures are up 0.50% to 5,865.

Oil is up 0.75% to $71.30 for a barrel of WTI.

Gold’s up 0.80% to $2,751.10 per ounce.

And Bitcoin is up 1.65% to $67,300 at the time of writing.

Send your comments and questions to, feedback@newsyoucanacton.com

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