Donald Trump spoke at the Bitcoin 2024 conference: abstracts and results.
First, let’s say that we went through a classic “cut” in two directions. Well, and most importantly, Trump really promised to stop the US Government’s sale of confiscated BTC and create from them the starting basis for a national BTC reserve! The thesis was prepared at the very end, as the strongest.
The speech also contained a lot of flattery towards Bitcoiners, a lot of general phrases about supporting the industry and the need to ensure US leadership in the crypto industry.
Key points:
- The United States will become the cryptocurrency capital of the planet and the world's Bitcoin superpower.
- If we don't take action on Bitcoin, China will.
- This shouldn't happen anywhere else. And if Bitcoin skyrockets to the moon, I want America to lead the charge. You will be very pleased with me.
- Bitcoiners are people with high IQ.
- Bitcoin is the superpower of the world.
- I count on the support of Bitcoiners; if we don’t win, we will lose the country.
- There will never be a CBDC (digital dollar) in the US as long as I am president.
❗️-On the first day of my presidency, I will create a Bitcoin council to create transparent regulatory rules
- As long as I am president, there will be no new wars. When the wars stop, cryptocurrencies will skyrocket like never before.
❗️-Bitcoin does not threaten the dollar.
❗️-I will stop the sale of confiscated BTC by the US government (this was the strongest rebound in the BTC rate during the speech - approx.).
- Never sell your BTC.
❗️-If elected, I will create a strategic national reserve of bitcoins.
Trump admitted that BTC’s capitalization could in the future outpace gold. And he confirmed his previous intentions to make the United States a more favorable jurisdiction for crypto business - including mining.
Separately, Trump attacked Biden and Harris (the clear thesis is “Kamala Harris against Bitcoin”). Remembered Elizabeth Warren. He criticized the US authorities and accused them of repression against the crypto industry.
He promised “on the first day” to fire Gary Gensler from the post of head of the US SEC, which earned him the biggest ovation from the audience of the entire speech.
And with this, the price of#BTCshowed the second strongest rebound of the entire performance. Let's make a note for the future - Gensler's resignation will be an important bullish event for the market.
The result of all this is on the graph. The#BTCchart on expectations for a speech is highlighted in yellow, and on Trump’s speech itself in red.
In the middle of the speech, there was abnormal BTC sales activity - $1.45 billion in 14 minutes. The classic “sell on the news” couldn’t be avoided.
Liquidations on the crypto market during the hour of Trump's speech (according to #Coinglass):
- longs for $45.23 million.
- shorts for $8.79 million.
The bulls have gotten the worst of it so far. But now the price is recovering. The latest and strongest theses left a positive aftertaste for the market. But many bulls were waiting for them earlier. And as the speech progressed, fears grew that key promises would not be made.
