Politicians gather, over the course of ten years, the Bitcoin conference has evolved from a technical forum to a political stage
Bitcoin may not need politicians, but politicians now need cryptocurrency.Author: flowie, ChainCatcher
Editor: Marco, ChainCatcher
On July 28, Beijing time, the three-day Bitcoin 2024 (Nashville) came to a close.
Bitcoin 2024 is destined to leave a significant mark in the history of cryptocurrency. Coinciding with the critical time of the 2024 U.S. presidential election, this Bitcoin technology forum has become one of the largest political stages.
Compared to previous years' focus on Bitcoin technological innovation, Bitcoin 2024 attracted a crowd of politicians, with the market's attention almost entirely centered on their crypto commitments.
U.S. presidential candidates Donald Trump, Robert F. Kennedy Jr., and several U.S. senators participated in the conference, presenting key strategies regarding Bitcoin and its potential impact on the future direction of the crypto market.
After more than a decade of development, the Bitcoin conference has evolved from a forum primarily attended by tech enthusiasts to a political stage filled with politicians, reflecting the expanding influence of cryptocurrency, which has finally gained mainstream acceptance.
Bitcoin may not need politicians, but politicians now need cryptocurrency.
Timing, Location, and People: Bitcoin 2024 as a Political Stage
Bitcoin 2024's transformation from a technology forum to a political stage may have far-reaching implications for the direction of the crypto market in the coming years.
The last election year was 2020, when the crypto market was not only in a bear market but also faced disruptions due to the global pandemic, preventing the Bitcoin conference from taking place as scheduled.
Bitcoin 2024 occurs at a critical juncture of the U.S. presidential election, with the crypto market in a bull run, attracting more voters, especially younger ones, to pay attention and participate.
The continuous expansion of Bitcoin and the crypto market capitalization has led to the emergence of a significant crypto voter base, which cannot be ignored by crypto politicians.
In 2013, the first Bitcoin conference was launched when the price of Bitcoin was around $120, while in the last election year of 2020, it was around $8,000.
During Bitcoin 2024, the price of Bitcoin approached $70,000. This year, Bitcoin's market capitalization briefly surpassed that of silver. Trump also stated in his speech at the conference that given the momentum of Bitcoin's development, it may one day surpass gold.
Crypto voters have a significant influence in key battleground states during the election. A study released by Coinbase on July 11 showed that one-sixth of cryptocurrency holders reside in these critical states.
Crypto voters are young and diverse, and they are politically active, with 90% planning to vote on November 5, and their enthusiasm for supporting crypto candidates is four times that of non-voters.
In addition to the influence of crypto voters, the financial power of crypto newcomers cannot be overlooked.
After experiencing regulatory crackdowns in 2022-2023, many crypto companies like Ripple, Coinbase, and Kraken have sought to improve their survival environment through crypto donations. By June, crypto newcomers had donated over $200 million to the U.S. elections, setting a new record.
Furthermore, Trump's assassination attempt has made him the most likely candidate to become the next U.S. president, bringing significant attention to Bitcoin 2024. Trump and Bitcoin Magazine CEO David Bailey had already formed a strategic alliance before the assassination attempt, with Bailey's team providing advice for Trump's campaign and confirming his attendance and speech before the incident.
Bitcoin 2024, which has become an important stage for politicians, may not be easily replicated in the future, and it is bound to leave a significant mark in crypto history.
The Crypto Commitments of Politicians at Bitcoin 2024 May Have Far-Reaching Implications
At Bitcoin 2024, where politicians gathered, there were several crypto commitments worth noting beyond Trump's speech.
Currently the most likely candidate to become the next U.S. president, Trump, in his speech early on July 28, not only criticized the Biden administration for suppressing the crypto market and discussed the enormous potential of Bitcoin but also mentioned several commitments to support crypto development if elected.
- On the first day in office, he would fire SEC Chairman Gary Gensler and immediately appoint a Presidential Advisory Council on Bitcoin and Cryptocurrency;
- There will never be a CBDC (Central Bank Digital Currency);
- He commits not to sell the Bitcoin held by the U.S. government and to include it in the national strategic reserve;
- He will also develop the energy sector to support Bitcoin mining.
Trump stated he wants to "ensure that America becomes the global capital of cryptocurrency and a superpower in Bitcoin," to lead and set standards.
However, that evening, Trump's memorable quotes did not replicate the momentum of the memes from his assassination attempt, such as "FIGHT." Without the guidance of radical emotions, the only phrase distilled into a memorable meme that night was "Never sell your Bitcoins," abbreviated as "NSYB."
Unexpectedly, NSYB was quickly overshadowed by a meme named after the newly adopted Shiba Inu, Neiro, owned by a dog owner. Currently, NSYB has essentially gone to zero.
In addition to Trump, "including Bitcoin in the national strategic reserve" was also a key commitment made by several politicians during their speeches. Compared to Trump, the commitments made by independent presidential candidate Robert F. Kennedy Jr. were more specific and radical.
Kennedy promised in his speech that on the day he is elected, he would initiate a reserve of 4 million Bitcoins, starting with the Bitcoins stored by the U.S. government from criminal seizures. Additionally, he would require the government to purchase 550 Bitcoins daily until the reserve reaches 4 million.
Kennedy stated, "The U.S. BTC holdings should match the scale of our gold reserves."
Following Trump, Wyoming Republican Senator Cynthia Lummis read her legislative proposal, suggesting accumulating 1 million Bitcoins in the official U.S. federal reserve within five years.
Lummis stated, "This money will be held for at least 20 years for one purpose: to reduce our debt."
Previously, many research institutions have analyzed that including Bitcoin in the U.S. national strategic reserve would have multiple impacts.
First is the price; if Bitcoin becomes a strategic reserve asset, the demand for Bitcoin from investors will undoubtedly surge, thereby driving up its price, potentially elevating its status to that of gold.
At the same time, it would also encourage other countries or regions to follow the U.S. example and include Bitcoin in their reserve assets.
In response to the speeches at the Bitcoin conference, Hong Kong Legislative Council member Wu Jiezhuang immediately expressed on social media that, under compliant circumstances, consideration could be given to including Bitcoin in the strategic financial reserves in the future.
Several senators also committed to promoting policies favorable to the development of digital assets. U.S. Democratic Congressman Ro Khanna stated at the Bitcoin 2024 conference that he has formally written to the Democratic National Committee urging them to revise their digital asset policy, advocating for a supportive approach to foster the growth and development of digital assets.
Democrat Wiley Nickel also stated that 28 elected Democratic members have written to party leaders, proposing four demands to the Democratic National Committee and the next Democratic presidential candidate: to include support for digital assets in the party platform, to choose a vice presidential candidate well-versed in digital asset policy, to select an SEC chairman who supports innovation, and to engage meaningfully with the industry.
Additionally, several politicians stated that they personally hold Bitcoin assets and will continue to expand their holdings to show support for Bitcoin and cryptocurrency. Kennedy claimed that most of his wealth is invested in Bitcoin, while Massachusetts Republican Senate candidate John Deaton announced that he has invested 82% of his total net worth in Bitcoin.
Despite the continuous positive remarks about crypto at the conference, not all reactions were favorable. Edward Snowden, a former employee of the NSA, mentioned the privacy issues brought by Bitcoin in his keynote speech at the conference. He argued that Bitcoin transactions are not anonymous and can be traced back to individuals, posing risks to personal privacy.
As for the crypto commitments made by politicians to win over crypto voters, they also face skepticism regarding their fulfillment. BitMEX co-founder Arthur Hayes reminded crypto users not to easily trust their promises, stating on X, "Don't be foolish; let these vampires do something positive for crypto before considering giving them money."
