Bitcoin 2024 Conference is the largest Bitcoin conference, and this year's conference is even more unusual because of the participation of Trump and his team. On the afternoon of July 27th, US time, and the early morning of July 28th, Beijing time, Trump delivered a nearly 50-minute speech. The content of the speech was quite shocking, and he clearly supported Bitcoin and digital currency innovation. Afterwards, the summary of the speech quickly spread through social networks, and everyone should have seen it. But what's interesting is: why is it that with such a big positive news, the entire digital currency market reacted very coldly to it, and the price has hardly fluctuated. Let's first see what Trump said and wrote, and then we'll talk about why the market is so calm. Summary of Trump's speech
Most of the summaries you have seen are extracted based on the content that the Web3 industry is concerned about. However, after watching the entire speech, you will know that the main purpose of this speech is to canvass votes. Simply put, there is only one purpose. In November, you have to vote for me. Once I am elected, I will guarantee to introduce policies that are beneficial to this industry. If you vote for the other party, then you will suffer, and the good days will definitely be over. A large amount of space in the speech is to affirm myself, belittle my opponents, and make some promises to the Bitcoin community by the way. These promises are the chips for canvassing votes. What are the promises? In chronological order of the speeches, as follows: How Bitcoin rose from an idea on an anonymous message board to become the world's ninth most valuable asset is a great innovation. The United States must lead in technology, science, manufacturing, artificial intelligence, space, and energy production. The United States must dominate Bitcoin and related innovations and become the capital of Bitcoin. Bitcoin will be mined, minted, and manufactured in the United States. If it goes to the moon, it will start from the United States. The Biden/Harris administration opposes Bitcoin because it represents freedom, sovereignty, and independence from government coercion and control. The day Trump is sworn in, the anti-crypto campaign of Joe Biden, Kamala Harris, and Elizabeth Warren will end. He will fire Gary Gensler on his first day! Trump promises to shut down Operation Chokepoint 2.0 immediately and create a Presidential Advisory Council on Bitcoin and Cryptocurrency. In 100 days, put in place fair rules written by people who want cryptocurrencies to thrive. There will never be a central bank digital currency (CBDC). He will defend the right to self-custody, freedom of exchange, freedom of association, and freedom of speech. He will support USD stablecoins and global Bitcoin savings. He recognizes that the actions of the current US government are a threat to the dollar, not Bitcoin. The Biden/Harris administration has presided over the greatest inflation in US history. Inflation destroyed Weimar Germany. Bitcoin holders understand inflation better than anyone. Inflation is a hidden tax and a national disgrace.Make the United States the world’s lowest-cost energy producer, harness its natural resources, and transform it into a Bitcoin mining powerhouse. The current U.S. government has broken the most important rule: never sell your Bitcoin. He will prevent the U.S. government from selling its Bitcoin. This will serve as the core of a strategic national Bitcoin reserve. He will commute Ross Ulbricht’s (Silk Road founder) life sentence to time served. He promises to be the pro-innovation, pro-Bitcoin, and pro-tech president America deserves. He will make America and Bitcoin stronger, richer, freer, and greater. Trump also mentioned China several times in his speech, which shows that in Trump’s mind, looking at the world, China is America’s biggest competitor and the most innovative country. Why the market reacted flatly
Trump is in a good situation now and is likely to become the next president. If he is elected and fulfills his promises, it will be a huge boon to Bitcoin, blockchain, or the entire Web3 industry. But why is the market reaction so flat? In addition to the fact that market expectations have been digested, the fundamental reason is that many big funds do not take his words too seriously. In fact, when the news that Trump’s team agreed to participate in the Bitcoin 2024 conference was confirmed, the market reacted and the price rose slightly. Most of the promises in this speech were mentioned or guessed before, which is in line with expectations, so there is not much to rise. In addition, the key lies in:
This is just one of the countless speeches to get votes. We have long anticipated the promises of American politicians. We listen to their words and watch their actions. The key is to watch their actions. It is too early to tell.
Trump himself is a big shot. His speech this time actually slapped himself in the face, and it was also a possible change in his personal policy. When Trump was in the White House a few years ago, his attitude towards Bitcoin was negative; in other words, he was not always supportive of Bitcoin;
Trump is one of the few presidents in American history who lacks legal training. For example, Gensler’s position at the SEC cannot be fired at will. There must be sufficient reasons to fire him. It can also be said directly that the president does not have this power. This was given by Chief Justice Sutherland in the case of Humphrey Executor v. United States in 1935:
a. “The authority of Congress, in creating quasi-legislative or quasi-judicial agencies, to require them to act in discharge of their duties independently of executive control cannot well be doubted; and that authority includes, as an appropriate incident, power to fix the period during which they shall continue in office, and to forbid their removal except for cause in the meantime.”
b. The SEC is a quasi-judicial agency that is independent of its executive branch.
Similarly, even if Trump wants to push for the implementation of other promises, there will always be obstacles, and he cannot really do it just because he wants to. You can recall how hard it was for Trump to push for the construction of a wall on the US-Mexico border and how difficult it was for Obama to promote health insurance reform.
Conclusion
Nevertheless, this is still a long-term positive for BTC. At least it shows that the Crypto industry has become an industry that cannot be ignored, and politicians need to take this group into consideration when considering policies, which is a huge improvement compared to a few years ago. No matter who comes to power, they will inevitably promote the regulation, compliance and innovation of digital currencies.
In addition, Trump is also the first president to accept digital currency donations. At this Bitcoin conference, they also held a fundraising event with the highest ticket price reaching US$844,600.
Meanwhile, organizers of the Bitcoin 2024 conference said they briefly discussed having Vice President Kamala Harris attend the conference, but she ultimately declined the invitation.
