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In an unexpected turn of events, Donald Trump, the former president of the United States, made a remarkable 45-minute late entry at the Bitcoin Conference 2024 in Nashville, Tennessee. The presence was enough to send tremors in the crypto community and ignite an explosion of speculation and excitement. The crowd at the conference was curious to know the stance behind Trump’s sudden shift in response to Bitcoin.
Will it be the doom or the beginning of a new journey for cryptocurrency? This blog post reveals Trump Bitcoin 2024's involvement in making the Bitcoin boost reach the sky. Will the opposite happen?
Trump Promises to Make America a Bitcoin Superpower
As you already know, at the Bitcoin conference on July 27, 2024, Trump took to the podium and claimed to empower America as a world leader in digital currencies and Bitcoin. He pointed out that if he elected the next president, the cryptocurrency would boom and would make America.
- Crypto capital of the planet
- Bitcoin superpower of the world
Trump Speech
When does Trump speak at Bitcoin 2024? Here are speech snippets:
The Bitcoin Conference 2024 was doing great, confirming the stability of cryptocurrencies and the innovation of new technologies. However, the US president’s sudden presence sent shockwaves through the spectators. The crowd and pro-crypto candidates were in a hurry to know what was going to unfold.
At first, he received a standing ovation, and then he made people feel that he was a crypto supporter.
Throughout his speech, he praised Bitcoin and cryptocurrency’s contribution to the economy and expressed his full support for Bitcoin’s potential growth and development in the superpower country.
Mentioning Trump’s past statement, he was sceptic about Bitcoin and unturned every stone to call it “a scam.” He further declared digital currency “not a real currency.”
The atmosphere was full of excitement about this, and the audience was happy to hear that Trump spoke well about cryptocurrency. Many raised confusion while others forecasted his point of view as a win for the Bitcoin market. Overall, the community wondered what his support meant.
Contrast with Biden Administration
Bitcoin 2024 Nashville Trump, the former president, mirrored himself as a true crypto advocate. He set himself distant from other democrats and Biden's presidency, whom he said have proven disdain for the crypto market. At the Bitcoin Conference, he assured to remove Gary Gensler, the current chair of the Securities and Exchange Commission, because he was the primary opponent worldwide.
Expected Outcomes of Bitcoin 2024 Trump
As you all are aware, the style of former president Donald Trump is outspoken regarding American politics. Confining the same tone, he recently shifted his sights on the cryptocurrency saga. The aim is to boost the US economy.
However, there is mostly concern about the future of cryptocurrencies and Bitcoin. And in what manner will his interest mould the crypto market? Here are the expected outcomes from the lens of Trump's Speech at the Bitcoin Conference 2024.
1. Embracing Crypto
Trump’s constant involvement in cryptocurrencies and other digital assets motivates other renowned celebrities, such as Elon Musk and the Winklevoss twins, to declare their support. While refining the policies, he suggested developing a national “stockpile” of Bitcoin to act as a lasting or permanent asset for the country. At the same time, he did not specify how this would work.
2. Bitcoin Reserve Proposal
Since a standing-room-only crowd attended the conference, the speech received huge applause. Other speakers, namely Cynthia Lummis, R-Wyo, and Sen proposed introducing a bill to produce a Bitcoin reserve.
3. Political Implications
Trump’s speech was a highlight and reverted the conference vibe into political. It featured Republican speakers who showed their support for digital currencies. Also, there was a Democrat, California Rep. Ro Khanna, honoured the stage and criticised his party for adhering to the conventional ways of financial centres. You won’t believe it, but a group of Democratic candidates and lawmakers sent a letter to the Democratic National Committee asking for support for cryptocurrency.
4. Stability of Bitcoin and Ethereum
Bitcoin and Ethereum typically enjoyed a good July; their values show record increases of 14.68% and 12.13%, respectively. However, Trump's appearance at the conference flipped the situation 180 degrees. However, it is expected that their prices will increase further after the speech due to certain factors
- Ethereum start to trade
- Trump will win the presidential election by supporting Bitcoin
- Issues will be resolved with the Mt.Gox exchange
- The Federal Reserve will cut interest rates in September.
Moreover, technical analysis and expert opinions suggest that Bitcoin's value may hit $70,000. Some hypotheses include Trump's announcement at the next conference of Bitcoin’s membership in the US foreign exchange reserve. Surely, it would be an enormous victory for the cryptocurrency.
Ethereum is the next crypto asset to follow Bitcoin with its upcoming launch of ETFs. Many speculate that this step will result in a $5-6 billion investment, greatly increasing ETH demand.
Conclusion
Donald Trump’s attendance at the Bitcoin Conference 2024 is a historical moment in the cryptocurrency domain. Whether the step was a co-incidence or a foolproof strategic plan, it has an impact on the crypto community’s growth. Trump's speech has increased speculation and raised excitement among pro-crypto advocates. Time will tell whether the motto behind it is Trump’s true support for crypto or just a political game.
