Former U.S. President Donald Trump promised to build a “strategic Bitcoin stockpile” for the United States at the Bitcoin 2024 conference in Nashville on Saturday. The Republican presidential candidate followed a week of growing rumors and reports on the matter with a relatively vague announcement to the packed room of Bitcoiners.

"As the final part of my plan today, I am announcing that if I am elected, it will be the policy of my administration, the United States of America, to keep 100% of all the Bitcoin the U.S. government currently holds or acquires into the future,” Trump said. “I hope you do well.”

Immediately after, Senator Cynthia Lummis announced specific details of the "strategic Bitcoin reserve" proposal, with a press release noting that the U.S. would "establish a decentralized network of secure Bitcoin vaults operated by the United States Department of Treasury" and seek to acquire 1 million total Bitcoin to hold.

Editor's note: This story is breaking and will be updated with additional details.