On Saturday Eastern Time (early morning of July 28th Beijing Time), former US President Trump announced at the Bitcoin 2024 conference that if he can return to the White House, he will list Bitcoin as a strategic reserve asset of the United States. During his speech, the price of Bitcoin experienced a V-shaped reversal, reaching the $69000 mark at one point.
According to informed sources, Trump has discussed cryptocurrency policies with Tesla CEO Elon Musk, and has also hosted executives from a cryptocurrency mining company at his Mar-a-Lago estate, vowing to ease Ross Ulbricht's sentence. Ross Ulbricht was sentenced to life imprisonment for operating the notorious dark web marketplace Silk Road, which uses Bitcoin as a trading medium.
It is worth mentioning that during his previous presidency, Trump harshly criticized cryptocurrency, calling it a "scam". The change in Trump's attitude also reflects that cryptocurrency users have become a gradually growing political force during this election period.
Trump's Major Announcement
On Saturday Eastern Time, at the Bitcoin 2024 conference held in Nashville, Tennessee, former US President Trump attended and delivered a keynote speech to actively engage voters in the cryptocurrency industry and raise campaign funds.
At the meeting, Trump announced that if he can return to the White House, he will ensure that the government retains 100% of its Bitcoin holdings and will list Bitcoin as a strategic reserve asset of the United States.
During his speech, the price of Bitcoin staged a V-shaped reversal, first falling by $1200 in the short term, falling below the $67000 mark; At the end of the speech, there was a sudden violent surge, which recovered all the losses and once reached the $69000 mark, now reporting $68684 per coin.
Trump said, "I will formulate my plan to ensure that the United States becomes the cryptocurrency capital and Bitcoin superpower on Earth, and we will accomplish it
Trump also stated that the market value of Bitcoin will surpass that of gold in the future. Since its inception, Bitcoin's market value has been increasing and it has become the ninth largest asset in the world in terms of market value. It will soon surpass silver and in the future, it will surpass gold.
Trump said that if elected, he would appoint a Bitcoin Presidential Committee. All Bitcoin jobs in the United States will be retained. I hope cryptocurrency can be mined in the United States. In order to facilitate mining in the encrypted digital field, efforts will be intensified in the power supply sector to develop fuel power generation, nuclear power, and other environmentally friendly power generation methods. He also stated that there will never be a central bank digital currency (CBDC) during his presidency.
During his speech at the Bitcoin 2024 conference, Trump encouraged the proposal of a framework to promote stablecoin legislation and stated that cryptocurrency will not threaten the US dollar, and the actions of the current US government are threatening the US dollar. In addition, it stated that billions of people will enter the cryptocurrency field and store their funds and Bitcoin in the future.
He made a series of promises to the cheering Bitcoin supporters in the audience. On the first day of my election, I will dismiss the Chairman of the US Securities and Exchange Commission, Gensler. It is reported that Gensler has taken a positive attitude towards cryptocurrency regulation.
On Saturday, Trump also held a small fundraising event in Nashville with participation thresholds ranging from $60000 to $840000. Bitcoin Magazine CEO David Bailey, who organized the Bitcoin 2024 conference, has pledged to raise $100 million in donations for Trump and mobilize over 5 million voters to support him.
According to personnel from the Trump campaign team, since May, the team has received various cryptocurrencies worth over $4 million from donors in 12 states.
According to data from OpenSecrets, donors in the cryptocurrency industry have invested more funds in the 2024 election than the total of all previous cycles combined.
How significant is the impact?
Based on the expectation of potential favorable policies, funds are pouring into the cryptocurrency market. According to data from CoinShares Ltd., as the price of Bitcoin soared to its highest level in over a month, Bitcoin investment products received $1.27 billion (approximately RMB 9.2 billion) in capital inflows last week.
Insiders have revealed to US media that Trump has discussed cryptocurrency policies with Tesla CEO Elon Musk. He also hosted executives from a cryptocurrency mining company at his Mar-a-Lago estate and vowed to reduce Ross Ulbricht's sentence. Ross Ulbricht was sentenced to life imprisonment for operating the dark web marketplace Silk Road, which was designed to only allow access through Tor and only use Bitcoin as a trading medium to ensure anonymity.
Zachary Bradford, co-founder of Bitcoin miner Cleanspark, described Trump's speech as a 'historic moment'. Trump has repeatedly mentioned mining and stated that 'the United States will become the undisputed major Bitcoin mining country in the world'.
Paul Veradittakit, a partner at Pantera Capital Management, commented that Trump's series of commitments are very positive for the cryptocurrency industry and very optimistic about the future of the industry.
But there are also voices questioning Trump's promises. Blocktower investment officer Ali Paul said, "The possibility of the United States introducing a strategic reserve of Bitcoin in the next four years is extremely low. This statement does not mean that we consider Bitcoin as a strategic reserve asset. Will Trump's impromptu remarks be seen as a statement? The US government has been continuously seizing (accumulating) Bitcoin
Dennis Porter, CEO and co-founder of the Satoshi Nakamoto Act Fund, said, "People don't believe that the United States can implement a Bitcoin strategic reserve. But at this moment, a strategic reserve plan is an inevitable choice
Shortly after Trump's speech, Republican Senator Cynthia Loomis from Wyoming, who attended the Nashville Bitcoin 2024 conference, announced her plan to draft a bill that would require the government to establish a national reserve of up to one million bitcoins within five years and hold them for 20 years. During these 20 years, these Bitcoin national reserves can only be used to reduce national debt.
On Friday local time, independent presidential candidate Robert Kennedy promised in a speech that if he is elected president, he will launch a reserve plan of 4 million bitcoins and require the government to purchase 550 bitcoins per day until the reserve reaches 4 million.
Although US Vice President Harris has declined the request for the Bitcoin 2024 conference, insiders have revealed that the Harris campaign team has seriously considered the invitation. An anonymous crypto lobbyist and former White House adviser said in an interview, "Harris doesn't have much time to redefine herself, she only has a short time to say with certainty that she is an independent person." The source claimed that Harris is expected to clarify her views on cryptocurrency in the coming weeks.