updraftplus domain was triggered too early. This is usually an indicator for some code in the plugin or theme running too early. Translations should be loaded at the init action or later. Please see Debugging in WordPress for more information. (This message was added in version 6.7.0.) in /home/aonyeani76/cryptocurrencypanther/wp-includes/functions.php on line 6131hustle domain was triggered too early. This is usually an indicator for some code in the plugin or theme running too early. Translations should be loaded at the init action or later. Please see Debugging in WordPress for more information. (This message was added in version 6.7.0.) in /home/aonyeani76/cryptocurrencypanther/wp-includes/functions.php on line 6131wpforms-lite domain was triggered too early. This is usually an indicator for some code in the plugin or theme running too early. Translations should be loaded at the init action or later. Please see Debugging in WordPress for more information. (This message was added in version 6.7.0.) in /home/aonyeani76/cryptocurrencypanther/wp-includes/functions.php on line 6131US Republican Presidential candidate Donald Trump made his much-anticipated appearance at the Bitcoin 2024 conference in Nashville on July 27. Trump made several promises to the crypto voters in attendance, including what he would do to the US government’s Bitcoin holdings if elected.
During the Bitcoin conference, Trump stated that if elected, his administration would implement a policy mandating the US government to keep “100%” of the Bitcoin it currently holds or acquires. Trump made this statement while remarking that the government has, up until now, “violated a cardinal rule that every Bitcoiner knows by heart,” which is never to sell their BTC.
Data from the on-chain analytics platform Arkham Intelligence shows that the US government currently holds 213,239 BTC ($14.87 billion). However, the government is known to have offloaded some of its holdings in the past, with its last confirmed sale coming in April when it sold 1,754 BTC.
Trump’s plan for the US to hold all of its Bitcoin holdings undoubtedly provides a bullish outlook for Bitcoin, considering the impact that the US government’s BTC sales have had on the token’s price in the past. Moreover, the US holds the most Bitcoin among all governments. Therefore, such a move could remove a significant amount of Bitcoin from circulation for a considerable period.
It is worth noting that most of the US government’s Bitcoin holdings came about through the seizures made from the dark web marketplace Silk Road, which Ross Ulbricht created. Interestingly, Trump again reaffirmed his promise to commute Ulbricht’s sentence if he is elected.
However, even if he eventually becomes a free man, it remains unlikely that Ulbricht will be able to recover the 50,591 BTC that was reportedly recovered from the hacker who stole Ulbricht and Silk Road in a previous hack. This is because the Silk Road founder forfeited claims to these funds in 2022 to offset the unpaid balance of his money judgment.
Before the conference, Trump had already affirmed his support for Bitcoin and other cryptocurrencies. This led to several predictions that Bitcoin could reach unprecedented heights if Trump wins the US presidential elections in November. For instance, Standard Chartered predicted that Bitcoin could reach $150,000 by year-end if the former President wins.
A Trump victory is also expected to usher in clearer and more favorable crypto regulations, which will undoubtedly positively impact crypto prices. This is most likely to happen, seeing how the US Securities and Exchange’s (SEC) regulation by enforcement approach has left a sour taste on the crypto market. Interestingly, Trump promised to fire the SEC chair, Gary Gensler, who has spearheaded this approach from the Commission so far.
Featured image created with Dall.E, chart from Tradingview.com
During the industry day of the annual Bitcoin conference in Nashville, Tennessee, Robert Kennedy Jr., an independent candidate for the US presidency, unveiled an ambitious financial policy plan that could transform the United States into the world’s largest holder of Bitcoin. The policy centers on the strategic acquisition of Bitcoin, valued at $619 billion, to match the current US gold reserves. This move, according to Kennedy Jr., is aimed at redefining monetary policy and enhancing fiscal discipline within the federal government.
During a roundtable discussion with Scott Melker and Caitlyn Long, CEO of Custodia Bank, Kennedy Jr. emphasized the philosophical alignment between his policies and the Bitcoin community’s ideals of personal freedom, property rights, and governmental integrity. “This is more than about increasing the size of your pile,” Kennedy Jr. said, underlining Bitcoin’s potential to enhance self-sovereignty and counteract what he describes as a “destructive war economy” driven by fiat currency.
“Bitcoin is not only an offramp to this inflationary highway which is the highway to hell, but it also is a way of restoring integrity to our government. It’s a way of restoring personal freedoms, it’s a way the middle class can isolate itself from inflation which is just a form of government theft,” the independent candidate stated.
Kennedy Jr. drew a contrast between his consistent advocacy for Bitcoin and the recent supportive gestures from former President Donald Trump, who will speak at the conference on Saturday. Kennedy pointed out Trump’s prior skepticism and his recent controversial decision to potentially appoint JPMorgan CEO Jamie Dimon as Treasury Secretary, which Kennedy criticized as contrary to the ethos of draining the political “swamp.”
He added, “President Trump also was connected with Steve Mnuchin who tried to end person-to-person Bitcoin transactions,” emphasizing the need for a cautious approach towards Trump’s newfound enthusiasm for Bitcoin.
Moreover, Kennedy Jr. detailed his plan to incrementally integrate Bitcoin into the US treasury. Starting with the issuance of treasury bills anchored to a basket of hard currencies—including platinum and gold—Kennedy proposed a phased approach that would begin with 1% of new treasury issuances backed by these hard assets, scaling up to 100% over time.
“I would be willing to add Bitcoin to the balance sheet. I’m going to do that. I’m gonna actually do a basket of hard currencies of maybe platinum and gold and other hard currencies and begin issuing at least the class of treasury bills that are anchored to hard currency. Let’s say the first year by 1% and then maybe the next year by 2% to watch how that goes because that will inject discipline into the product and ultimately get up to 100%,” Kennedy Jr. explained.
Notably, his strategy would involve direct purchases of Bitcoin to achieve holdings equivalent to the US gold reserves. “I would like to have the federal government begin to buy Bitcoin and over the term my term of office ultimately have an equivalent amount of Bitcoin that we have gold. Because Bitcoin is an honest currency, it’s a currency that’s based upon proof of work,” he declared.
According to data by Arkham, the US government currently holds 213,239 BTC worth $14.3 billion confiscated through law enforcement. That means, even if Kennedy would transfer all of these into a strategic reserve, the US would need to buy much more BTC at current prices.
The US currently holds the largest official gold reserves in the world, with 8,134 tons of gold valued at approximately $619 billion. To match this value with Bitcoin at current prices would require purchasing about 9.4 million BTC. This acquisition would represent nearly 45% of the total 21 million BTC that will ever be mined.
For perspective, MicroStrategy, the largest corporate holder of Bitcoin, owns 226,331 BTC, and BlackRock, the largest spot Bitcoin ETF manager, controls 334,000 BTC.
At press time, BTC traded at $66,976.
Featured image from YouTube, chart from TradingView.com
According to Kennedy, backing the dollar with Bitcoin would help stabilize the economy. Kennedy has also spoken against anti-Bitcoin laws.
Robert F. Kennedy Jr. announced he would back the US dollar with Bitcoin (BTC) if he wins the next election and becomes the president of the United States. The Democratic candidate spoke at Wednesday’s Heal-the-Divide PAC event, expressing his opinion on balancing the American economy.
Kennedy believes “hard assets”, including Bitcoin, would help. The presidential aspirant says the plan would be to start slowly, backing 1% of all issued Treasury bills using Bitcoin, platinum, silver, or gold.
“Backing dollars and US debt obligations with hard assets could help restore strength back to the dollar, rein in inflation and usher in a new era of American financial stability, peace and prosperity.”
As part of his plans for Bitcoin when he becomes president, Kennedy also said he would create tax exemptions for Bitcoin. The aspirant said all Bitcoin conversions to the US dollar would not be liable to capital gains taxes. He believes doing this would encourage investors to keep their investments and related businesses in the US instead of moving them to crypto-friendly countries like Switzerland.
Robert Kennedy’s declaration of official support for Bitcoin and related tax exemptions ties into his previous comments about his campaign. At the Bitcoin 2023 conference in Miami, the presidential candidate announced to attendees that he is open to receiving Bitcoin donations.
Kennedy spoke at the conference, saying that Bitcoin has a definite link to democracy and freedom, and touted the king coin’s power, durability, and flexibility. The candidate likely attended the conference to appeal to the crypto community and is now announcing pro-Bitcoin regulations to pull the community closer.
In a Twitter thread posted on May 3, Kennedy criticized the US government for its anti-crypto position. According to Kennedy, because Bitcoin and digital assets are a “major innovation engine”, the government’s position will “hobble the industry and drive innovation elsewhere”.
Furthermore, Kennedy specifically tackled the earlier proposed 30% tax on crypto mining, which was later suspended. Although Kennedy admits that Bitcoin mining presents energy concerns, he believes the energy use might be “somewhat overstated”. The presidential candidate also added that it is unfair to stifle the crypto sector over energy use because “bitcoin mining uses about the same as video games”. He believes the real reason for going after crypto is because it “threatens elite power structures”.
In addition to energy concerns, Kennedy defended Bitcoin and cryptocurrencies against arguments about criminal use. While conceding that criminals may use crypto to shield illicit transactions, he argued that ordinary citizens and dissidents also want privacy. Crypto makes it difficult for the government to punish dissidents by freezing their bank accounts and other payment platforms.
In a May interview, Kennedy also criticized the United States Securities and Exchange Commission (SEC) for going after the crypto industry. He said the SEC now protects banks and no longer serves its original purpose of safeguarding Americans. He then added that the SEC should only consist of neutral and pro-crypto people, and should not have anti-crypto officials as members.
Tolu is a cryptocurrency and blockchain enthusiast based in Lagos. He likes to demystify crypto stories to the bare basics so that anyone anywhere can understand without too much background knowledge.
When he’s not neck-deep in crypto stories, Tolu enjoys music, loves to sing and is an avid movie lover.
Crypto News: In a strange development that could shake the crypto market in the next few months, Thailand opposition party leaders made an innovative election promise that involves giving away of crypto tokens. The party leaders made the promise in the wake of the country’s bad economic situation. Latest reports suggested that Thailand’s main opposition party is offering to give away $15 billion in cash via blockchain based digital wallets. The move is intended to revive the country’s economy and to fight debts.
Also Read: Mt. Gox To Commence Repayment Of 142K BTC As Deadline Passes; Bitcoin Price In Danger?
According to a Bloomberg report, the opposition party led by Pheu Thai, if elected to power, will distribute 10,000 baht each to about 55 million eligible citizens. This will amount to roughly $300 worth crypto transferred to individual digital wallet. The report quoted a party representative as saying,
“The money will be disbursed using digital wallets built on blockchain technology that can be spent on goods and services in one’s neighborhood.”
Stating that the “digital wallets will provide the necessary initial revival,” the representative revealed plans on how they would fund this program. Funds will be gathered from an array of government revenue sources, the prime minister’s discretionary fund, and taxes.
Also Read: Dogecoin (DOGE) Price Tanks 9% As Twitter Restores Original Logo, Whales Dump
If implemented successfully, the crypto fund distribution program could potentially come as a boon for the cryptocurrency market. Also, it would act as major validation for the rest of the world, considering El Salvador’s plans to accumulate Bitcoin grabbing eyeballs in the global markets.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Newly elected New York City NYC Mayor Eric Adams has revealed on Sunday that he is “going to look at” how to encourage businesses to accept crypto as a form of payment. This follows after he made headlines a week ago for saying he’ll be taking his first three paychecks in bitcoin.
In his reply to a question by CNN’s “State of the Union” co-host Dana Bash about his plans of pushing businesses to implement crypto payments, Adams explained that the way to get it right is by treading carefully, and he assured his administration will get it just right.
The newly elected NYC mayor Adams recently caused a stir when he took to his Twitter page to announce that his first three payments as mayor of New York City would be issued as bitcoin. He also promises to make New York City, the center of the cryptocurrency industry and other fast-growing, innovative industries.
Now, probably in a bid to throw more light on the subject matter, the mayor-elect made some reaffirming statements on Sunday in line with his vows. He said to CNN’s Bash that his announcement was made to “send a signal.”
He said the city is typically a center of innovation, self-driving cars, life sciences, drone development, and cybersecurity. And so he’s been talking about blockchain and Bitcoins, so as to inspire that kind of energy again amongst young people.
Now however, NYC Mayor Eric Adams has now explained the reasons why he is choosing to receive his first paychecks in Bitcoin and has also responded to those criticizing the idea.
Bitcoin has grown so much in popularity over the past few years, with some still being unclear about the use of cryptocurrency. Last month, the U.S. overtook China as the largest Bitcoin center after Beijing started cracking down on cryptocurrency mining.
Adams won New York City’s mayoral race last week, after defeating Republican opponent Curtis Sliwa by nearly 383,000 votes.
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The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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