Bitcoin experienced significant volatility after former President Donald Trump announced his intention to make the United States a “bitcoin superpower” during a weekend conference. Trump’s remarks, made in Nashville, propelled Bitcoin to its highest level since mid-June, with the cryptocurrency rising as much as 2.9% to $69,998.26 on Monday before erasing those gains by the afternoon.

Trump’s declaration included several measures aimed at bolstering the crypto industry. He proposed removing SEC Chair Gary Gensler and creating a “strategic national bitcoin stockpile” by retaining tokens confiscated in criminal cases. These comments marked a stark shift from Trump’s previous anti-crypto stance during his presidency, where he famously labeled Bitcoin “a scam against the dollar.”

The announcement also revealed that Trump has raised $25 million in cryptocurrency donations over the past two months, indicating growing support within the crypto community. Notably, Cameron and Tyler Winklevoss, co-founders of Gemini, contributed $250,000 to a pro-Trump super PAC, underscoring the significant financial backing from leading crypto investors.

Independent presidential candidate Robert F. Kennedy Jr., a strong advocate for cryptocurrency, criticized Trump for his prior actions that he claimed stifled Bitcoin’s growth. Kennedy highlighted Trump’s previous opposition to Bitcoin and his failure to pardon Ross Ulbricht, who is serving a life sentence for running the Silk Road marketplace. Trump responded by promising to commute Ulbricht’s sentence if elected.

Trump’s comments align with the GOP’s 2024 platform, which supports the right to mine Bitcoin and self-custody digital assets, free from government surveillance. This growing political support within the Republican Party suggests a potential shift in the regulatory landscape for cryptocurrencies in the United States.

As the presidential race intensifies, Trump’s pro-crypto stance could influence market dynamics and regulatory approaches, contributing to ongoing volatility in the cryptocurrency market.