Trump, Harris, Vance - All Bitcoiners?
US Bitcoin Strategic Reserve Policy Coming?
It’s official. Presidential candidates see the importance of embracing the world of cryptocurrencies. And it’s playing out this week.
Trump to Speak at Bitcoin Conference ‘24
Nashville, TN will play host this year to the world’s largest Bitcoin conference, and it kicks off today, with some big name headliners, to say the least.
Former President Donald J. Trump, this year’s Republican nominee to regain the office, headlines the event. He is slated to speak on Thursday, July 25th. And he’s not the only big name speaker on the agenda.
Robert F. Kennedy, Jr., who spoke at the conference last year in Miami Beach, will be back again. Kennedy Jr. is also running for president, on an independent line. Kennedy Jr. is the son of the late Robert F. Kennedy and nephew of President John F. Kennedy. Former presidential candidate Vivek Ramaswamy will also appear. Ramaswamy spoke at Miami last year as well. Both are big proponents of Bitcoin, and feel that the US must lead the way in the development of digital currency technology.
And of course, some of the biggest names in Bitcoin and in investing will be headlining the event as well. ARK Investments founder Cathie Wood, who is heavily invested in Bitcoin and technology stocks, will be speaking. Michael Saylor, easily the favorite Bitcoin proponent among the staunch Bitcoiners, will be there as well, sure to draw a huge following. Saylor is CEO of MicroStrategy Corp., which holds more Bitcoin than any publicly-held US company. They currently hold over $7.5 billion worth, and their stock is up 300% over the past year.
President Trumps’s appearance will reportedly include an opportunity to be photographed with the 45th president, for a mere $60,000. Campaign fundraising, you know, never stops.
Trump’s eldest son, Donald J. Trump Jr., 46, will also be at the Bitcoin Conference. He’ll be hosting a special event at the L27 Rooftop Lounge, for a bit more affordable price of $3,000. A VIP meet-and-greet, however, will set you back $20,000. The event will include a keynote from Don Jr. on the future of crypto, as well as a panel discussion with several soon-to-be-announced featured guests.
“45” Hints at Bitcoin Reserve Policy
The former president has recently changed his stance on Bitcoin, after previously calling it “a scam against the US dollar.” His previous viewpoint was not unexpected, considering he has made his vast fortune through real estate and television ventures. Lately though, his tune has changed. Consider:
Trump is now advocating for Bitcoin and other digital currencies to be “made in the USA,” as opposed to in China. Trump is still keenly focused on the Chinese and how their economy competes with the US.
“If we don’t do it, China is going to figure it out, and China’s going to have it—or somebody else,” he told Bloomberg in an interview, marking a stark departure from his previous dismissal of Bitcoin as a “scam.” - Donald J. Trump, per Yahoo Finance.
In May of this year, Trump declared his intention to “stop Joe Biden’s crusade to crush crypto.” But that wasn’t all.
Recently, investment managers have speculated about the possibility of Trump creating a Bitcoin reserve in the US treasury, should he get elected. Asset manager Bryan Courchesne of DAIM recently appeared on CNBC to discuss Bitcoin’s potential to become a strategic reserve asset of the United States government under a future Trump administration. According to the asset manager, adopting Bitcoin as a reserve asset would be difficult but not impossible. Courchesne pointed to the Department of Justice’s vast holdings of 200,000 BTC, making the US government the largest holder of Bitcoin behind Satoshi Nakamoto. (per the site cointelegraph.com)
J.D. Vance a Bitcoiner, too
Trump’s pick to join his ticket as vice presidential nominee, Sen. J.D. Vance of Ohio, reportedly owns between $100,000 and $250,000 of Bitcoin, per his federal financial disclosure filings.
And Vance, 39, has plans to formulate a more crypto industry-friendly strategy on how to regulate crypto, including Bitcoin. According to a Politico.com article, the senator is already working on legislation:
The Ohio Republican has started circulating draft legislation that would revamp how the U.S. regulates digital assets, according to five people granted anonymity to discuss private conversations with Vance’s staff. They said Vance, who serves on the Senate Banking Committee, hopes to improve on Republican-led legislation that the House passed last month with support from 71 Democrats.
Kamala Harris Studying Up on Crypto
Newly-anointed Democratic presidential nominee, Vice President Kamala Harris, 59, has been studying the world of crypto lately, and may be poised soon to adopt a policy concerning crypto regulation.
Billionaire investor Mark Cuban reports that the Harris campaign has reached out to him and his associates to ask several questions about crypto. Cuban takes that as a good sign.
“The feedback I’m getting, but certainly not confirmed by the VP, is that she will be far more open to business, [artificial intelligence], crypto and government as a service,” - Mark Cuban.
There’s Actually a Harris Memecoin!
If you had invested in Kamala Horris, you would have seen 4,000% growth.
A cryptocurrency named Kamala Horris, which was launched a month ago, skyrocketed after Harris announced her nomination. The memecoin jumped 40% in one day and is currently trading at around $0.035. In just a month, the crypto has seen an insane growth of nearly 4,000%, according to crypto tracking site CoinGecko — meaning if you had invested $100 a month ago, you would have $4,000 now.
Check out my latest book, House of Cards: The Rise and Spectacular Collapse of the FTX Crypto Empire, available on Amazon.com.
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Podcasts - To hear the top names in Bitcoin, and learn more than you could imagine, check out The Pomp Podcast with Anthony Pompliano, What Bitcoin Did with Peter McCormack, and The Wolf of All Streets Podcast with Scott Melker.
Issue No. 138, July 24, 2024
Rick Mulvey is a CPA, crypto consultant, and frequent contributor to Bitcoin Magazine. He writes about all things Bitcoin, and yells at the Yankees and Giants. He also runs marathons and makes wine, neither professionally.