What Does Trump’s Bitcoin 2024 Speech Mean for the Future of Crypto?

Though Bitcoin 2024 abounded with speakers, innovative companies, and networking opportunities, the entire conference was centered around the keynote address of one man: presidential candidate Donald Trump. Indeed, the prospect of a president speaking about Bitcoin to a crypto-native crowd created lots of anticipation and speculation about what he would say and announce. Let’s dive into his speech and its consequences for Bitcoin in the United States.

As attendees filed into the venue, the atmosphere was electric with excitement and curiosity. The gender disparity in the crypto world was on full display, with the men's bathroom line consistently stretching to a 20-minute wait, snaking around the Nakamoto stage, while the women's restroom remained readily accessible. This quirk became a running joke among attendees, with some quipping that it was the only place in the world where this would happen.

Security was tight, reflecting the high-profile nature of the event. TSA and Secret Service agents meticulously screened individuals, prohibited bags from entering the venue, and carefully inspected wallets. The heightened security measures added an air of importance to the proceedings, reminding everyone of crypto's significant impact in recent years.

Though Trump was scheduled to start at 2 pm, there was a one-hour delay due to the last-minute addition of a “special guest.” This unexpected hiccup only served to fuel the crowd's excitement. Rumors spread like wildfire, with many speculating that Elon Musk would join Trump in Nashville. Flight logs showing Musk's jet heading directly for the city and tweets suggesting his security team was already at the venue added credence to these theories. The delay created a palpable buzz, with the crowd's anticipation reaching a fever pitch. However, this never materialized, and Musk’s jet flew directly over the city. Whether or not he was ever a special guest remains unknown, but it is possible that he was too late to make the conference and decided to pivot. 

Finally, at 3 pm, the moment everyone had been waiting for arrived. The familiar opening chords of "God Bless the USA" blasted through the speakers, eliciting a roar from the crowd. Trump's entrance was nothing short of theatrical, calibrated to the heightened expectations of the audience. He strode onto the stage with his characteristic confidence, basking in the applause for 90 seconds before beginning his remarks.

Trump certainly played to the audience with lots of talk about Bitcoin “going to the moon.” He told the audience never to sell their Bitcoin and that it would probably surpass the market cap of gold. If elected president, he stated that Bitcoin would skyrocket like never before and surpass the expectations of even the most bullish audience members. The United States will become the “crypto capital of the planet and the Bitcoin superpower of the world” under his administration, and he sees Bitcoin as a complement to the US dollar. Though his remarks were very positive, none of these statements are actionable promises he can control. In a very Trump-like fashion and as an entertainer first and foremost, he knew how to gain the crowd's favor by appealing to their desires.

That being said, Trump reiterated some significant promises during his talk. He promised to fire SEC Chairman Gary Gensler, who has been leading an anti-crypto agenda over the past few years, on his first day in office and replace him with someone who respects crypto innovation in the United States. This was met with so much enthusiasm from the audience that he repeated the statement after the burst of applause and standing ovation and was met with an even larger reaction the second time. He was stunned by the hatred of Gensler by the audience and his understanding of the single issues that crypto holders vote by. Gensler’s removal from the SEC would be a huge relief for the entire crypto industry, as he has been aggressively targeting projects and companies that operate as unregistered securities exchanges and promote securities offerings. If his replacement is truly pro-crypto, we could see a massive boom in innovation and token valuations. For example, DeFi protocols like Uniswap and L2 tokens like Arbitrum have hesitated to activate their fee switch and pay dividends to their token holders for fear of the SEC pursuing legal action against them. If these tokens become more than governance and a real yield-generating asset, they could skyrocket to new all-time highs and usher in a new era of crypto utility. 

Trump restated some of his previous promises, including commuting the sentence of Silk Road founder Ross Ulbricht, never creating a central bank digital currency, and preserving the right to mine and self-custody digital assets. While releasing Ulbricht is an actionable item celebrated by the Libertarian community, the other promises are extremely easy for him to uphold and require no active work on his part. Regardless, they are better than the promises given by other politicians.

Another of his most significant announcements was the creation of a Bitcoin Strategic Reserve in the United States. The Department of Justice has seized over 200,000 Bitcoin from criminals, and Trump plans to use this as the basis of the reserve and no longer sell them. This may be one of the most exciting announcements in the history of Bitcoin, as it finally legitimizes the asset in the eyes of the world’s most powerful country. This could be the beginning of the era of hyperbitcoinization, in which governments scramble to accumulate more Bitcoin as it becomes the world’s reserve currency. 

After his talk, Senator Cynthia Lummis, famously pro-crypto, announced legislation expanding on the strategic reserve. She plans to have the government buy 1 million BTC over the next five years, with it being held for at least 20 years. She noted it would be “our Louisiana Purchase moment” and could solve the United States debt crisis. 

The importance of this announcement cannot be understated, but it is questionable whether this bill would pass. Given that she spoke after Trump, it questions whether or not Trump would support the legislation, especially since he knew about it before he spoke and neglected to mention or endorse it. Additionally, convincing all other senators and congressmen to support the bill would likely be difficult, given how little they know about Bitcoin and cryptocurrencies. Regardless, even the proposal of a bill of this magnitude is a step in the right direction for the future of Bitcoin.

Though Trump’s announcements were more muted than Robert F. Kennedy Jr.’s promises to buy 4 million Bitcoin and make all transactions tax-free, they represent a legitimate and likely advancement of Bitcoin’s adoption and acceptance in the United States. If Trump is elected and keeps his promises, the removal of Gensler could usher in a new age of crypto innovation, and the strategic reserve may start a digital arms race to acquire Bitcoin by major governments. Bitcoin 2024 was a historic event in the history of the space, and its consequences will not be soon forgotten.

By Lincoln Murr

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