Donald Trump, the Republican nominee for president, stated on Saturday that he wants to turn the US into a "bitcoin superpower" and detailed his intentions to promote cryptocurrencies if he is elected to a second term.

At a cryptocurrency conference in Nashville, Tennessee, Trump made a pledge to attract cryptocurrency investors by saying that the US would become the "crypto capital of the planet" and that the government would use its existing currency to create a "strategic reserve" for bitcoin.

At the conference, Trump said he would alsoconstitute a crypto advisory council and teasingly asked his supporters at the conference if they would join it.

"We will have regulations, but from now on the rules will be written by people who love your industry, not hate your industry," he said.

Throughout his over one-hour address, Trump made several attempts to draw parallels between the Biden administration's attempts to regulate the cryptocurrency business and his own ambitions to expand it.

The federal government, according to Trump, is "blocking your way." He declared that he preferred cryptocurrencies to be "mined, minted, and made" in the US.

Trump's U-turn on cryptocurrency

Trump's fondness for cryptocurrency is not only new-found but also in stark contrast to his earlier position.

In 2019, Trump dismissed the digital currency, saying their "value is highly volatile and based on thin air."

Two years later, he even called bitcoin a "scam."

However, over the years, Trump has embraced digital currency, and starting this year, his campaign has begun accepting donations in cryptocurrency.