Bitcoin 2024 Conference Concludes: Donald Trump Promises Revolutionary Changes in U.S. Politics
The Bitcoin 2024 conference has come to a close, marking a significant milestone in the cryptocurrency landscape. The event featured a myriad of speakers, including industry experts, politicians, and financial leaders.
Among the notable speakers was Donald Trump, who is currently campaigning for the presidency. During his address, he made several electoral pledges that resonated with the audience. In a particularly popular declaration, he vowed to "free" Gary Gensler, the current Chair of the SEC.
“I will appoint a new SEC Chairman who believes that America should build its future rather than block it,” he declared.
Furthermore, Trump pledged that under his administration, the U.S. government would not sell the over 200,000 BTC it has confiscated from criminals over the years—a topic he emphasized would be revisited.
Trump endeared himself to the crowd, turning his speech into something reminiscent of a campaign rally. He asserted that Bitcoin's market capitalization would eventually surpass that of gold.
In a bold statement, he assured the audience, “There will never be a CBDC as long as I am President of the United States.”
Bitcoin in the Federal Reserve’s Reserves
Senator Cynthia Lummis later echoed Trump’s remarks about the 200,000 BTC during her presentation. She committed to advocating for the incorporation of Bitcoin into the Federal Reserve's reserves.
“The Bitcoin reserve we plan to establish will begin with the 210,000 bitcoins mentioned by President Trump, and these will be securely stored in multiple vaults. This is just the beginning,” she explained.
In her vision, the U.S. would purchase 1 million BTC over the next two decades, amounting to approximately 5% of the total Bitcoin supply.
“We currently have the funds, but we will no longer hold them in U.S. dollars or assets that depreciate by at least 2% each year. Instead, we will invest in assets that appreciate in value,” she clarified.
Bitcoin Price Surges: What’s Driving the Increase?
During Trump's speech, Bitcoin's price fluctuated, experiencing both rises and dips. However, as news of the statements made at Bitcoin 2024 spread, the cryptocurrency's value surged significantly. Currently, Bitcoin is trading at approximately $69,800, reflecting a price increase of 3% over the past day and 3.5% over the week.
Ethereum is also witnessing gains, priced at around $3,400, which indicates a 4% increase in the last 24 hours.
The rise in cryptocurrency valuations is attributed not only to the events at Bitcoin 2024 but also to new projections regarding interest rates in the U.S. The Fed Watch Tool indicates a 0% probability that the Federal Reserve will not lower interest rates in September, contributing to the growing optimism within the market.
In summary, the Bitcoin 2024 conference has not only set the stage for potential shifts in U.S. monetary policy but has also invigorated the cryptocurrency market, fostering an environment of excitement and speculation.
