Nashville was the center of the crypto universe over the weekend.
Bitcoin 2024 – the world’s largest Bitcoin (BTC-USD) conference – came to town on July 25. The biggest names in the industry gathered to either speak or network amid the growing adoption of the newest asset class.
I had planned on being at the conference in person. But some travel plans changed, and I ended up watching from afar. That doesn’t mean I wasn’t still able to gather a lot of valuable information…
The most anticipated speaker was Republican presidential candidate and former President Donald Trump. A few years ago, he wasn’t a big advocate of cryptos. But his stance has since changed.
Now, Trump appears to be a new diplomat for the future growth of cryptos.
Trump made the importance of his appearance clear, saying: “I’m thrilled to be the first American president ever to address a Bitcoin event.”
This election cycle marks the first time that Bitcoin and the crypto industry in general is a real topic of conversation. In the past, it was brushed over by candidates. But at this stage in the asset class’s maturity – and given that it will likely be a tight race for the presidency – it could truly be a gamechanger.
Democratic candidate Vice President Kamala Harris was also apparently offered the chance to speak at the conference, but she turned down the invitation. At this point, we don’t have a clear picture of her stance on the crypto industry. But rumors are that she will address the topic in the coming weeks.
Based on what we’ve seen from the Biden administration – which Harris is very much a part of – one could assume that she doesn’t have a favorable view of cryptos. However, my guess is that she’ll change her tone…
Trump’s backing of crypto has certainly helped in terms of political donations from industry leaders. And as we all know, politicians will do and say anything to secure more votes.
Only time will tell.
In the meantime, let’s circle back to Trump’s speech at Bitcoin 2024. Here are the highlights I took from what he had to say:
Regarding current Bitcoin holdings: Should he win the 2024 election, Trump would never sell any Bitcoin that the government either has today or seizes in the future. This is important because part of the recent Bitcoin sell-off can be attributed to the government selling coins seized from illegal operations.
The U.S. government currently holds 210,000 bitcoins. For reference, MicroStrategy (MSTR) – which converts its cash holdings to Bitcoin – currently holds 226,000 bitcoins.
Regarding mining: Trump wants Bitcoin to be “mined, minted, and made in the U.S.A.” In other words, he wants the U.S. to be the leader in Bitcoin mining and championing the industry forward.
Regarding criticism: If he becomes president, Trump plans to fire current SEC Chairman Gary Gensler, who has been tough on the crypto industry. I’m not entirely sure that would happen. But it’s true that Trump would have the power to shake things up at the SEC and appoint a more crypto-friendly chairman.
Bitcoin has drifted higher over the past 24 hours and came within $100 of reaching the $70,000 level again. Trump’s comments were positive. But they may not have been quite as bullish as some had anticipated. That held the crypto back from a massive rally.
It’s also possible that some were disappointed that Trump didn’t lay out a plan to start a Bitcoin strategic reserve in which the government would buy Bitcoin on the open market – similar to the strategic petroleum reserve.
That’s okay, though.
At the end of the day, I believe politicians’ sudden focus on the crypto industry is a positive. With moderate votes up for grabs, Bitcoin could be the difference between who wins and who loses the November election.
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