Trump Supports Bitcoin at Conference
Speaking at the Bitcoin Conference this week, the former US leader attempted to conquer a new constituency that is concerned about bitcoin. Constituent part of this demographic sees bitcoin as means to what they regard as more liberty in Americas and other corners of planet earth. In their view, bitcoin will be an important component in a future period when mining will merge with energy generation revival while there is skyrocketing demand for AI computation.
President Trump gave a stump speech, covering many themes his followers would be familiar with. Nevertheless, he also made some clear statements he hoped would help him win those who vote in relation to bitcoins.
The first thing he did was prove himself among top experts in bitcoin, economists, technologists and human right activists who were present by admitting that Bitcoin currently ranks 9th globally based on capitalization market and might overtake gold one day.
Of course, this was not news to bitcoiners but now this message will be heard by many conservatives who have inherent inclination towards gold and rely on Trump’s gut feeling which is certainly going to make many more conservative minds open to bitcoin and consequently, its usage.
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Trump also expressed his gratitude to bitcoiners for understanding the threat of inflation, which he said was a ‘country buster’, that once led the nation of Germany down a very dark path a hundred years ago. He said that contrary to those who think that bitcoin is a menace to the dollar, he thinks that it is Washington D. C. that poses a menace to the dollar system.
The most important of all was a statement that any bitcoin that the federal government has will not be sold and will instead be stored as a “reserve. ” While he did not come out and say that the Treasury will begin to buy bitcoin, the establishment of a strategic bitcoin reserve from bitcoin already in the government’s possession is the first step that can lead to a later discussion on how much bitcoin should the government own.
(Indeed, U. S. Senator Cynthia Lummis has already, after Trump’s speech, declared her intention to introduce a bill that will compel the U. S. Treasury to purchase one million bitcoins.)
This, in essence, translates to the fact that the U. S. may not be too far from leading the next industrial revolution given that a good share of the bitcoin industry is based in the country. Thus, Trump’s statement today in support of individual bitcoin owners’ private property rights means that the slander of bitcoin as belonging to criminals is no longer relevant.
