Former US President Trump announced at the Bitcoin 2024 conference on Saturday, Eastern Time (early morning of July 28th, Beijing Time), that if he can return to the White House, he will list bitcoin as a strategic reserve asset for the USA. During his speech, the price of Bitcoin experienced a V-shaped reversal, soaring to a high of $69,000 USD. In addition, insiders revealed that Trump has discussed cryptocurrency policies with CEO Elon Musk and received executives from cryptocurrency mining companies at his Mar-a-Lago resort, pledging to reduce the sentence of Ross Ulbricht, who was convicted of operating the notorious dark web market Silk Road, which used Bitcoin as a trading medium. It is worth noting that during his previous presidency, Trump harshly criticized cryptocurrencies, calling them a “fraud”. However, this change in his attitude towards cryptocurrencies reflects the growing political influence of cryptocurrency users in this election season. $Bitcoin (BTC.CC)$During the Bitcoin 2024 conference held in Nashville, USA on Saturday Eastern Time, former US President Trump attended and delivered a keynote speech, actively seeking support from voters in the cryptocurrency industry and raising campaign funds. During the conference, Trump announced that if he re-enters the White House, he will ensure that the government retains 100% of its Bitcoin and will list Bitcoin as a strategic reserve asset for the USA. During his speech, the price of Bitcoin experienced a V-shaped reversal, initially falling by $1200 USD, dropping below the $67,000 USD mark; at the end of the speech, it suddenly surged, recovering all its losses and briefly breaking through the $69,000 USD mark, and is currently trading at $68,684 USD per coin. Trump said, "I will develop my plan to ensure that America is the Cryptocurrency Capital and Bitcoin Superpower of the world, and we will do it." Trump also stated that the market cap of Bitcoin will surpass gold in the future. Bitcoin has become the ninth largest asset globally by market cap since its inception and will soon surpass silver, and eventually gold. If elected, Trump will appoint a Bitcoin Presidential Committee, retain all Bitcoin jobs in the USA, and encourage cryptocurrency mining in the USA. To facilitate mining in the cryptocurrency field, they will focus on developing environmentally friendly power generation methods in the power supply sector, such as fuel cell power generation, nuclear power, and other sustainable power generation methods. He also stated that there will never be a CBDC (Central Bank Digital Currency) during his presidency. During his speech at the Bitcoin 2024 conference, Trump encouraged the proposal of a framework to promote stablecoin legislation and stated that cryptocurrencies will not threaten the US dollar, but the current actions of the US government are threatening the US dollar. In addition, he stated that in the future, billions of people will enter the cryptocurrency field and store their funds and Bitcoin. He listed a series of commitments to a cheering audience of Bitcoin supporters. "On the first day of my election, I will fire the Chairman of the SEC, Gary Gensler." It is reported that Gensler has taken a proactive attitude towards cryptocurrency regulation.
Please use your Futubull account to access the feature.$Tesla (TSLA.US)$CEO Elon Musk discussed cryptocurrency policy and also hosted executives from crypto mining companies at his own lakefront property, vowing to reduce Ross Ulbricht's sentence. Ross Ulbricht was sentenced to life imprisonment for operating the infamous darknet market Silk Road, which used bitcoin as its trading medium.
It is noteworthy that during his previous presidency, Trump harshly criticized cryptocurrencies, calling them a “fraud”. However, this change in his attitude towards cryptocurrencies reflects the growing political influence of cryptocurrency users in this election season.
Trump's major announcement
On Saturday Eastern Time, former US President Trump attended the Bitcoin 2024 conference held in Nashville, USA and delivered a keynote speech, actively seeking support from voters in the cryptocurrency industry and raising campaign funds.
During the conference, Trump announced that if he re-enters the White House, he will ensure that the government retains 100% of its Bitcoin and will list Bitcoin as a strategic reserve asset for the USA.
During his speech, the price of bitcoin experienced a V-shaped reversal. At first, it sharply fell by 1200 US dollars, breaking the support level of 0.067 million US dollars. By the end of the speech, it suddenly surged back and recovered all the losses, briefly reaching the major level of 0.069 million US dollars and now trading at 68236 US dollars per coin.
Trump stated, "I will develop my plan to ensure that America is the Cryptocurrency Capital and Bitcoin Superpower of the world, and we will do it."
Trump also stated that the market cap of Bitcoin will surpass gold in the future. Bitcoin has become the ninth largest asset globally by market cap since its inception and will soon surpass silver, and eventually gold.
Trump stated that if elected, he will appoint a Bitcoin Presidential Committee, retain all Bitcoin jobs in the USA, and encourage cryptocurrency mining in the USA. To facilitate mining in the cryptocurrency field, they will focus on developing environmentally friendly power generation methods in the power supply sector, such as fuel cell power generation, nuclear power, and other sustainable power generation methods. He also stated that there will never be a CBDC (Central Bank Digital Currency) 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 cryptocurrencies will not threaten the US dollar, but the current actions of the US government are threatening the US dollar. In addition, he stated that in the future, billions of people will enter the cryptocurrency field and store their funds and Bitcoin.
He listed a series of commitments to a cheering audience of Bitcoin supporters. "On the first day of my election, I will fire the Chairman of the SEC, Gary Gensler." It is reported that Gensler has taken a proactive attitude towards cryptocurrency regulation.
On that day, Trump also held a small fundraising event in Nashville, where attendees were required to pay between $600,000 USD to $840,000 USD. David Bailey, CEO of Bitcoin Magazine, which organized the Bitcoin 2024 conference, promised to raise $100 million USD in donations for Trump and mobilize over 5 million voters to support Trump.
According to members of Trump's campaign team, they have received various cryptocurrency donations worth over $4 million USD from 12 states since May.
According to data from OpenSecrets, donors in the cryptocurrency industry have contributed to more funds towards the 2024 election than in all previous cycles combined.
Due to the expectations of potential bullish policies, capital is pouring into the cryptocurrency market. CoinShares Ltd. data shows that Bitcoin investment products received $1.27 billion USD (approximately RMB 9.2 billion) in inflows last week as the price of Bitcoin soared to its highest level in over a month.
Due to expected bullish policies, funds are flowing into the cryptos market. According to data from CoinShares Ltd., Bitcoin investment products received an inflow of 1.27 billion US dollars (about 9.2 billion yuan) last week as Bitcoin prices soared to their highest level in more than a month.
According to insiders, Trump has discussed cryptocurrency policies with Tesla CEO Elon Musk. He also hosted executives from cryptocurrency mining companies at his Mar-a-Lago estate and vowed to reduce Ross Ulbricht's sentence. Ulbricht was sentenced to life imprisonment for operating the Silk Road dark web market, which was designed to ensure anonymity and only allowed transactions to be made in bitcoin.
Bitcoin miner Zachary Bradford, co-founder of Futubull, described Trump's speech as a "historic moment." Trump has repeatedly referenced mining and said that "the United States will become the undisputed bitcoin mining capital of the world."$CleanSpark (CLSK.US)$Paul Veradittakit, a partner at Pantera Capital Management, said that Trump's promises are very positive for the cryptocurrency industry and he is very optimistic about the industry's future.
But there are also doubts about Trump's promises. Ali Paul, an investment officer at Blocktower, said, "The likelihood of the United States introducing a bitcoin strategic reserve in the next four years is very low. This statement does not mean that we regard 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 Fund, said: "People do not believe that the United States can implement a bitcoin strategic reserve. But at this moment, the strategic reserve plan is the inevitable choice."
Shortly after Trump's speech, Republican Senator Cynthia Lummis of Wyoming, who attended the Nashville Bitcoin 2024 conference, said she plans to draft a bill requiring the government to establish a national reserve of up to 1 million bitcoins and hold them for 20 years. During these 20 years, these national bitcoin reserves can only be used to reduce national debt.
On Friday local time, independent presidential candidate Robert Kennedy promised in a speech to launch a 4 million bitcoin reserve plan if he is elected president, and will require the government to buy 550 bitcoins per day until the reserve reaches 4 million. Although US Vice President Harris refused the request of the Bitcoin 2024 conference, insiders revealed that her campaign team has seriously considered inviting a crypto lobbyist and former White House advisor, who declined to be named, 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.
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