Interpretation of Trump's Speech at the Bitcoin Conference

On the weekend, Trump attended the 2024 Bitcoin Conference and delivered a nearly 50-minute speech.

The information revealed in this speech is very rich, and today I would like to share some noteworthy points that I found in this speech.

Odaily published a full translation of this speech (see reference link at the end). The points I share below are summarized from this translation document.

1. Understanding Bitcoin

"It (note: Bitcoin) is already bigger than ExxonMobil. Soon it will surpass the entire silver market's market cap. One day, it may even surpass gold."

I am completely convinced of this, and I believe that the future crypto ecosystem will become a new system. This system will nurture great on-chain "companies" like Apple, Nvidia, and Tesla. At that time, the value of Bitcoin will certainly not just exceed that of gold.

"Those who say Bitcoin threatens the dollar are completely wrong. I believe the opposite is true. Bitcoin does not threaten the dollar."

I remember a few years ago, Trump clearly stated in an interview that he believed Bitcoin threatened the dollar's status. But now his attitude has made a 180-degree turn; I wonder if he says this purely for election votes or if there has been a genuine change in his understanding.

I think the discussion of whether Bitcoin threatens the dollar is not very meaningful for ordinary people, but one thing is very clear: the pricing power of Bitcoin and the entire crypto asset market has been regained by the dollar. This actually reinforces the dollar's position in the crypto ecosystem. So Trump has no reason to oppose Bitcoin based on this unfounded viewpoint.

"If I am elected, my government policy will be that the U.S. will retain 100% of all Bitcoin currently held or acquired in the future. We will retain 100%. I hope you do well. This will actually serve as the core of a strategic national Bitcoin reserve."

I find this point completely unsurprising. When El Salvador started buying Bitcoin during the last bull market, I was convinced that global governments would one day incorporate Bitcoin into national reserves like gold.

For the U.S. government, regardless of whether Trump is elected and whether he will implement this promise, I also believe that one day the U.S. government will definitely incorporate Bitcoin into its national reserves.

Moreover, if Trump really can be elected and fulfill this promise, then Bitcoin's price will likely have a long-term, strong support. This would be a significant long-term positive for the market.

And just over the weekend, I noticed that senior officials in the Hong Kong government also mentioned that they are considering incorporating Bitcoin into the government's reserves.

All of this shows that Bitcoin and crypto assets are making significant strides toward the forefront and beginning to enter our mainstream lives.

"Never sell your Bitcoin."

On this point, I basically agree. However, in pursuit of maximizing profits, I will try to take advantage of Bitcoin's bull and bear cycles for disciplined buying and selling (dollar-cost averaging), but I always keep 20%-30% of my Bitcoin in a cold wallet untouched.

If this statement came from a crypto asset investor, I wouldn't be surprised, but coming from a political figure like Trump still surprises me. It seems that some American politicians' understanding of Bitcoin has far exceeded my imagination.

2. Possible Policies Towards the Crypto Ecosystem if He is in Power

"On my first day in office, I will fire Gary Gensler and appoint a new SEC chairman who believes that America should build the future, not hinder it, which is exactly what they want."

"Your government will no longer sit idly by while Bitcoin jobs and businesses flee to other countries because U.S. laws are too unclear, too harsh, too angry, and too rigid. We will keep every Bitcoin job in America. That's what we will do. As soon as I take office, I will immediately establish a Presidential Advisory Committee on Bitcoin and Cryptocurrency. Is anyone willing to join this special committee?"

If the U.S. were to have a more crypto-friendly chairman in the future and genuinely move in this direction, America's position in the crypto ecosystem would likely only strengthen, while the gap between other countries and the U.S. would only widen.

3. Competition with China

Trump repeatedly mentioned in his speech the need to gain a leading position in the competition with our country in the crypto ecosystem and not to lose to our country.

Frankly speaking, I believe his crypto advisory team cannot be unaware of what is happening in our country. And as long as they understand a little about the policies our country has adopted towards the crypto ecosystem in recent years, he wouldn't need to worry about our country posing competition to the U.S. in this regard. Moreover, even if they are unaware of our national conditions, as long as they know that even the largest exchange is under U.S. control, there is nothing to worry about.

Therefore, I think he is using this card to create and reinforce a sense of panic in the tech community, political circles, and among the uninformed American public to garner votes.

The above are several details from this speech that I think readers should pay attention to.

Many people view this speech as Trump's attitude towards Bitcoin and the entire crypto ecosystem, but I prefer to see it as the perspective of some American tech elites on Bitcoin and the entire crypto ecosystem. The content expressed throughout the speech covers many aspects, which clearly comes from a team's comprehensive and meticulous consideration. And this team is certainly not a makeshift group.

The team members summarizing these viewpoints are likely to exert influence on the future crypto policies of the U.S. Their views will at least guide the direction of U.S. crypto policies in a broad sense.

Regardless of whether Trump is elected or whether he will implement these promises one by one after being elected, I believe that the direction of the U.S. in terms of crypto policy and its basic attitude towards the crypto ecosystem have been clearly revealed in this speech.

And these viewpoints and attitudes undeniably indicate that Bitcoin is undoubtedly moving towards the mainstream.

Reference link:

Full text of Trump's Bitcoin Conference speech: https://www.odaily.news/post/5197170