July 29, 2024
'No Bears Allowed' at Bitcoin Conference
Dear Subscriber,
 |
| By Marija Matic |
July has been a politically charged, green month for Bitcoin.
It’s up some 13% for the month, with two more days to go. And for the first time in over seven weeks, it even reached $70,000.
This past weekend’s Bitcoin 2024 conference in Nashville is part of the reason for this growing optimism.
This was no intimate gathering. The Bitcoin Conference is the largest event of its kind, with some 20,000 people in attendance and many more watching online.
A sign posted at the door said, “NO Bears Allowed.”
In that bullish spirit, former President Donald Trump delivered remarks that reverberated across the cryptocurrency world.
His speech underscored the growing political clout of the crypto community. This sent a signal that this once-niche sector has become a formidable voting bloc that demands attention.
Trump's remarks emphasized that Bitcoin could soon surpass silver in market cap and might even outstrip gold one day.
Related story: Bitcoin’s Now Bigger Than Silver!
In his address, Trump lavished praise on Bitcoin, calling it “a miracle of cooperation and human achievement.” One that embodies “freedom, sovereignty, and independence from government coercion and control.”
This enthusiastic endorsement was followed by five significant and clear promises.
1. Address Regulatory Concerns: Trump’s speech outlined his plans to tackle key regulatory issues that have long troubled the crypto sector. Which leads to his next promise …
2. Fire Gary Gensler: The SEC chair has faced criticism for his aggressive enforcement actions against both emerging and established crypto businesses. Many argue that these actions stifle innovation and push companies away from the USA.
3. Dismantle Operation Choke Point 2.0: This initiative has been criticized for pressuring banks to avoid serving crypto-related businesses. Trump’s promise to dismantle it aims to ease these restrictions and support a more favorable environment for cryptocurrency.
4. Create Clear and Favorable Regulations: Trump criticized current U.S. crypto regulations as overly vague, unclear and rigid. To address these, he pledged to establish a Presidential Council on Bitcoin and crypto if he retakes office. This council would be tasked with developing transparent regulatory guidelines within 100 days and creating a framework to support the responsible growth of stablecoins, enhancing the global dominance of the U.S. dollar.
5. Address Two Crucial Issues: Trump also tackled a pair of critical concerns for the crypto community:
- No CBDC Under My Presidency: Trump promised that a Central Bank Digital Currency (CBDC) would not be introduced while he is in office. The centralized nature of CBDCs has raised fears of increased government control over financial data and transactions and potential privacy violations. Critics argue that, in a future where paper money is obsolete, CBDCs might even enable governments to completely exclude individuals from the financial system. This would effectively debank those who resist or dissent.
- Defense of Self-Custody: Trump reaffirmed his commitment to defending the right to self-custody, a principal fundamental to cryptocurrency’s ethos of decentralization and financial autonomy. This stance supports individual control over assets, safeguarding them from the potential vulnerabilities and mismanagement associated with centralized custodians.
Further, Trump endorsed Bitcoin mining. He proposed opening new power plants to support this and other industries, highlighting the broader vision for integrating cryptocurrency into the American economy.
Additionally, he noted that the federal government holds nearly 210,000 Bitcoins and promised to retain 100% of these assets, establishing a strategic national reserve.
The Challenge for Kamala Harris
Trump’s stance on cryptocurrency has thrown down the crypto gauntlet for the presumed Democratic presidential nominee.
Harris’ team has reportedly reached out to entrepreneur and Bitcoin enthusiast Mark Cuban to ask questions about crypto.
It’s also reported that her advisers have recently started reaching out to major crypto companies, to try resetting the strained relationship between the Democratic Party and the crypto industry.
As the political stakes rise, the challenge for Harris is not just to respond but to engage meaningfully with a community that Trump has effectively mobilized.
The urgency to connect with this influential group, with many young and single-issue voters, is clear.
Winning over industry leaders or single-issue crypto voters may now be a tough task.
But it’s clear that embracing the sector would be crucial to retain or attract backing from this influential, growing group.
If Harris can clearly define and strengthen her stance on crypto as soon as possible, this could raise the stakes in what promises to be a dynamic electoral season.
Many in the crypto community hope for a bipartisan approach. To build broader support and ensure balanced policies, it’s essential for all candidates to provide clear responses and commitments on this front.
Best,
Marija Matić
Tidak ada komentar:
Posting Komentar