This morning, as scheduled, Trump attended the “Bitcoin 2024” event held in Nashville, Tennessee, the “capital” of the United States, and delivered a keynote speech. Yesterday, in a speech by little Kennedy about his willingness to include Bitcoin in the US national reserves, it was introduced in the July 27, 2024 article “Bitcoin Will Enter the Era of National Reserves” on Jiao Chain. Trump’s arrival and his unique provocative speech have once again brought this topic to a new climax.
Just as Trump was giving his keynote speech, at around 4 a.m. Beijing time, both the bulls and bears launched a fierce battle over BTC. Just as described in the July 14, 2024 Jiao Chain article “Bullet Shot at Trump, but Killed the Bear Market,” this time at the “Bitcoin 2024” conference, the forces behind the bears launched a “sniper attack” on BTC in the cryptocurrency market, momentarily pushing the front line from 69k on the 27th to 66.6k, attempting to extinguish the fiery prospects of Bitcoin that Trump had inspired. However, the bulls quickly organized a defensive battle and successfully counterattacked, firmly defending the 68k line. The bullet aimed at Trump was dodged by him, and the bear’s sniper attack on BTC was unsuccessful. The intensity of the behind-the-scenes game is evident.
Trump said, “Bitcoin is like the steel industry 100 years ago,” “it is still in its infancy,” “one day, it may surpass gold. Based on the current trend, this is entirely possible.”
In an article written by Jiao Chain on December 4, 2023, when BTC was priced at $40,000 with a market value of nearly $800 billion, and gold was worth nearly $14 trillion, the former was about 1/17th of the latter.
Today, BTC has reached $68,000 with a market value of $1.34 trillion, which is only 1/12th of the $16 trillion market value of gold.
If BTC catches up with the current $16 trillion market value of gold, it can be easily calculated that the price of each BTC will be multiplied by 12, reaching over $800,000.
Trump said, “Bitcoin and cryptocurrencies will drive our economic growth, consolidate America’s financial dominance, and enhance the strength of the entire country in the future for a long time.”
He used his influence to spread knowledge: “Many Americans don’t know that the U.S. government is one of the largest holders of Bitcoin.” “The federal government owns nearly 210,000 bitcoins, accounting for 1% of the total supply.”
Then he criticized the U.S. government for repeatedly violating the “HODL” principle and selling off BTC. From Trump’s skillful use of the crypto jargon “HODL,” it can be seen that he and his team have done their homework.
As for the holdings of various governments, readers can review the July 9, 2024 Jiao Chain article “Don’t Be Afraid of Government Selling Pressure, This Cycle Is Enough to Neutralize It Completely!” In which it was mentioned that the German government, which was laughing at the time, had already cleared its position. If the largest holder, the U.S. government, does indeed HODL as Trump said, it will undoubtedly greatly reduce the uncertainty of selling pressure and be a huge positive.
Trump called out, “Never sell your Bitcoin.”
So he made a major announcement on the spot. He said, “I declare that if I am elected, my government policy will be to retain 100% of all Bitcoin currently held or acquired in the future by the United States.” “This will actually be the core of the national Bitcoin strategic reserve.”
Trump passionately stated, “My commitment to everyone is that I will be the president that America needs to support innovation and support Bitcoin. This will be a prosperous industry, a great industry.”
Of course, among all the points in Trump’s speech, which one received the loudest applause? Readers can guess.
It was when he announced, “On my first day in office, I will fire Gary Gensler and appoint a new SEC chairman.”
In fact, before the current SEC chairman Gary Gensler took office, the entire U.S. cryptocurrency industry had high hopes for him. As a technical bureaucrat, he had taught Bitcoin-related courses at American universities and should have a better understanding of cryptocurrencies.
However, Gary Gensler’s performance was a disappointment to the industry. Although he approved the listing of Bitcoin ETF and Ethereum ETF during his tenure, which is enough to leave a mark in the history of cryptocurrency development, his inherent conservatism and resistance to change eventually led to calls for his resignation from the entire industry and more and more people.
As early as February 14, 2023, Jiao Chain introduced in an article “He Swore to Bring Down the Chairman of the SEC,” that Ryan Selkis, the founder of Messari, had fired at Gary Gensler: “My new goal in life is to end Gary Gensler’s political career and make him the reason for Biden’s re-election failure.”
In Jiao Chain’s view, Gary Gensler’s problem is not that he doesn’t understand the industry or that he is too cautious, but that he insists on using old laws to regulate new things and suppress public sentiment for personal gain. This seriously violates the laws of historical development and will inevitably hinder industry innovation and global progress. Specifically, it was analyzed by Jiao Chain in the “July 25, 2024 Jiao Chain Internal Reference: The Market Expects a 100% Rate Cut by the Fed in September,” that “Gensler has always insisted that separate legislation for crypto regulation is not needed and advocates that the 1933 Securities Act and the 1934 Securities Exchange Act are perfectly applicable to regulating crypto, which hidden his ulterior motive, after all, no crypto project was done before 1933…” His absurd proposal is like advocating managing email with the management approach of postal service, managing public accounts with the management approach of newspapers, managing short videos with the management approach of television, managing WeChat chats with the management approach of text messages, and managing e-commerce on the Internet with the management approach of physical stores…
The Democratic Party, which should be leaning towards left-wing progressivism, has become an image of hindering innovation and technological progress. On the other hand, the Republican Party, which is supposed to be leaning towards right-wing conservatism, suddenly turned to support the Bitcoin and cryptocurrency revolution.
Republican Trump said, “The suppression of cryptocurrencies and Bitcoin by the Biden-Harris administration is wrong and very detrimental to our country. This is un-American.”
After years of struggle between the two parties, they ultimately ended up becoming like each other.
Tags:
Liu Jiao Chain
Bitcoin
Note: The views expressed in all articles do not represent investment advice.
Original article link: https://www.bitpush.news/articles/7001542
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