American politicians who support the crypto industry spoke out at the Bitcoin 2024 conference held in Nashville from July 25 to 27.
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U.S. to become the world’s crypto capital
Presidential candidate Donald Trump mainly touched on topics related to the election campaign but also spoke directly about Bitcoin (BTC).
Trump stated that Bitcoin is the world’s ninth most valuable asset and will overtake gold and silver in market capitalization.
“If we don’t embrace crypto and Bitcoin technology, China will, other countries will, they’ll dominate […] We want China to be successful, but we have to be the most successful.”
Donald Trump, presidential candidate
Trump criticized the current administration’s approach to cryptocurrencies, claiming it restricted financial services and asset exchange.
He labeled Vice President Kamala Harris as an anti-crypto figure, even more critical than Joe Biden.
Trump noted Bitcoin’s 3900% growth during his presidency, from $898 to $35,900.
He promised to fire the U.S. Securities and Exchange Commission head and appoint someone supportive of the crypto industry.
Trump also vowed to make the U.S. a mining hub and keep the 210,000 BTC on the country’s balance sheet as a part of the national reserve.
Purchasing 1 million BTC for the U.S.
Wyoming Senator Cynthia Lummis announced a bill proposing to purchase 1 million BTC for the U.S. balance sheet, 5% of its total supply.
She believes a Bitcoin reserve can strengthen the dollar and cement U.S. financial leadership.
Lummis stressed the importance of a bright future through BTC, suggesting it be stored for 20 years and only used to repay national debt.
The bill aims to create a decentralized, secure BTC storage network under the U.S. Treasury, ensuring financial freedom.
Daily Bitcoin purchase
Independent presidential candidate Robert F. Kennedy Jr. expressed his support for Bitcoin at Bitcoin 2024.
He proposed an executive order for the DOJ to transfer 204,000 BTC to the Federal Reserve and for the Treasury to buy 550 BTC daily.
He also plans to abolish taxes on transactions using dollars and Bitcoin, possibly even for real estate investments.
Bitcoin at $13 million by 2045
MicroStrategy founder Michael Saylor predicted Bitcoin would reach $13 million by 2045, citing an annual return of 29%.
With a current market cap of $1.3 trillion, Saylor believes Bitcoin will hit $280 trillion, 7% of global wealth, by 2045.
Saylor urged the audience to become Bitcoin maximalists and invest in digital gold.
Bitcoin privacy issues
Former NSA and CIA employee Edward Snowden warned voters to remain critical of politicians.
Snowden highlighted Bitcoin’s privacy issues, noting transactions can be traced to individuals despite popular belief.
“They are not our tribe. They are not your personality. They have their own interests, values, and things they’re chasing. Try to get what you need from them, but don’t give yourself to them, even if you have to vote for them.”
Edward Snowden, former NSA and CIA employee
Minimal interest in cryptocurrencies
BlackRock’s head of digital assets, Robert Mitchnick, noted minimal client interest in cryptocurrencies besides BTC and ETH.
Mitchnick predicted few other crypto ETFs besides Bitcoin and Ethereum would emerge.
He mentioned most clients view BTC and ETH as complementary, with a potential 20% allocation to ETH in their crypto portfolios.
Final Words
The involvement of many political figures in Bitcoin 2024 highlights crypto’s growing role in the U.S.
As November approaches, it’s clear that the crypto industry is becoming an integral part of the U.S. political scene.
