The Bitcoin 2024 conference in Nashville, where Trump will speak tomorrow, is in its second day.
The first day was a build-up and did not bring anything interesting. The second day, today, is replete with recognizable speakers:
- Robert Kennedy Jr.
- Mike Saylor.
- Republican Senator Cynthia Lammis.
- Edward Snowden.
Sailor needs no introduction, but is unlikely to say anything revolutionary; Snowden is a figure who, in principle, has a minimal impact on the crypto market. But you can expect interesting statements on the topic of “national BTC reserve” from politicians, Kennedy Jr. and Lummis. In the end, BTC adoption is the key issue right now. And this is largely the responsibility of politicians.
Kennedy Jr., as an independent presidential candidate, in an interview recently announced his intention to force the government to add BTC to the gold equivalent balance if he is elected.
The US government currently holds 8,134 tons of gold. This is the equivalent of $615 billion or more than 9.17 million BTC out of a total of 21 million. If we approach the issue strictly according to the wording, this is the goal. Although it is very unlikely that it will be possible. BUT if the price of BTC increases significantly in the coming years and the share of BTC needed for the purpose decreases - why not.
The story with Cynthia Lummis is even more interesting -#FOXreports that she intends to present a bill to add BTC to the Fed balance sheet as a strategic reserve asset.
In her X week, she announced “big things.” According to journalists, she hopes for Trump's support.
Let's see what Trump says tomorrow. BUT knowing his penchant for populism and his ability to not keep promises, he can promise anything that will not harm his campaign. And if Kennedy Jr. and Lummis set the bar with the topic of creating a BTC reserve, he may well support it. And this is potentially a very powerful topic for the market. At a minimum, this is a reason to believe that more than 200,000 BTC in US government wallets will not go into the market. At the most, this is a reason to expect an accumulation race from states.
While we're on the topic of politicians, a separate story happened with five-minutes-to-five Democratic presidential candidate Kamala Harris. On July 24, information appeared that she would also be at Bitcoin 2024 and perform.
BUT on the same day, the CEO of the conference in Nashville, David Bailey, said in a harsh manner that Harris refused:
“Kamala Harris will not speak at the Bitcoin Conference. Not surprising. What can she tell us when she is actively jailing developers, pushing our industry overseas, attacking PoW... It would be a disaster for her.
Now all eyes are on Trump."
Despite Harris' refusal to speak at the Bitcoin 2024 conference,#SkybridgeCapitalCEO Anthony Scaramucci came to her defense. According to him, Harris had nothing to do with the formation of crypto policy, and statements that her administration was hostile to cryptocurrencies also apply to Trump.
Scaramucci believes Trump chose the topic of cryptocurrencies because he saw it as an opportunity to increase campaign fundraising and support. After all, back in 2022, he called BTC a “scam.”
The arguments are quite workable, but, for that matter, Mike Saylor was against BTC at one time. Or rather, he didn’t believe in him. And many other current BTC supporters went through this stage.
Scaramucci also said that, in private and public conversations, Harris allegedly had an open mind about digital assets. She is allegedly “not friends” with Treasury Secretary Janet Yellen and will fire Gensler as head of the SEC.
Whether Scaramucci is right is unknown. But it’s safe to assume that Harris’ office started working with crypto influencers 😁
In any case, when politicians of this rank begin to fight for the status of “the main supporter of cryptocurrencies”, this is always a plus for the crypto market.
