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U.S. Senator Bill Hagerty has discussed former President Donald Trump’s bitcoin plan, which includes creating a national bitcoin stockpile. The lawmaker expects to see several legislative proposals beyond what Trump announced. He believes this move will establish credibility for the currency and demonstrate national support for it.
Senator Hagerty Discusses Trump’s Bitcoin Strategy
U.S. Senator Bill Hagerty (R-TN), a member of the Senate Banking and Foreign Relations Committees, discussed former U.S. President Donald Trump’s bitcoin promises, including the potential national bitcoin stockpile plan, during a Monday interview with Fox Business.
He detailed:
President Trump announced a very clear plan. He said we’ve got a great deal of bitcoin already in the coffers of the United States. This is bitcoin that has been confiscated, et cetera. He’s going to hold onto that.
The senator added: “He did not announce a broader program to begin to acquire bitcoin, but what he talked about was retaining that in our coffers and not selling it, and making that a benchmark that really gives credibility to the bitcoin currency.”
Elaborating on Trump’s broader vision for cryptocurrency, Hagerty emphasized an end to the current Administration’s adversarial stance toward crypto. He explained that Trump opposes a central bank digital currency (CBDC), which he views as a tool for financial control akin to China’s digital yuan. Hagerty noted that the former President supports the decentralized nature of cryptocurrencies and advocates for self-custody, aiming to foster innovation domestically rather than driving it offshore, as was the case with semiconductors.
Moreover, Hagerty highlighted the alignment of Republican principles with the values of the cryptocurrency community, such as liberty, freedom, prosperity, and innovation. He believes this connection is attracting new voters and supporters to the Republican Party, with Trump at the forefront.
Regarding the potential benefits of a national bitcoin stockpile, he stated: “I think there are a number of legislative proposals about what might happen beyond what President Trump announced.” The lawmaker from Tennessee concluded:
I think what that does is establish a level of credibility for the currency and shows that this is something that we’re going to be supporting as a nation moving forward. I’m most interested in the productivity and innovation that will come with it as well.