Bitcoin 2024 Conference Highlights: Politicians in the Ring, Various Positive Signals, Implicit Criticism

Author: Tuo Luo Finance

This year's Bitcoin conference was quite lively.

Famous politicians, investment institutions, and major corporations gathered in Nashville, a traditional cultural center in the United States, to engage in a war of words over Bitcoin and the emerging field of cryptocurrency. In mainland China, it is almost impossible to see so many important political figures, including presidential candidates, giving speeches and campaigning at a conference organized by a private institution, but in the United States, it is a real-life power card house.

The core reason lies in the fact that in today's complex and murky American political landscape, Bitcoin and the broader cryptocurrency sector have inadvertently become the eye of the storm in the electoral ecology, and the Bitcoin conference has become a portal for supporters of the crypto party to raise their flags and attack competitors, with various favorable policies emerging, such as increasing reserves to 1 million coins, establishing a crypto capital, and national asset reserves, all of which invigorate the hearts of crypto practitioners.

On the other hand, the politicians' wavering positions have raised discussions among industry insiders, with Barron's previously stating that it is "just a means of fundraising for the campaign." This sentiment was indeed evident before the conference. For example, Trump's special event was priced at $846,000 per person for VIP reception, roundtable discussions, and photos with Trump, excluding the roundtable discussions, which cost $60,000 per person, with a 17% discount for two people attending together. To align with the theme, payments were also accepted in cryptocurrency. In this regard, it seems that the roundtable with the former president is still not as expensive as a lunch with Buffett.

Against this backdrop, Trump's highly anticipated speech at the conference was described by foreign media as the most direct means of campaigning, but it was criticized by the crypto industry for being filled with political jargon and lacking direct actionable measures. After all, both asset reserves and the title of crypto capital require a series of long-term legislative guarantees, rather than casually thrown around empty promises.

Because of this, the crypto market remained quite calm. From the beginning to the end of the conference, Bitcoin remained stable at around $68,000, and the long-term favorable outlook seemed to have little impact on market decisions.

Nevertheless, this Bitcoin conference, as a convergence point for crypto information across various fields, officially kicked off the wave of political elections for cryptocurrencies, still holding a unique and prominent position. In this regard, Tuo Luo Finance has compiled some viewpoints from the conference for everyone's reference.

01 Politicians Rush to State Their Positions, Battling in the Crypto Arena

Trump: Will remove the current SEC chairman and establish a Bitcoin strategic reserve

According to Trump, his speech at the conference can be divided into three main categories: boasting about his term's achievements, subtly criticizing the Biden administration and the Democratic Party, and supporting the crypto industry. Without discussing the other two categories, he mainly mentioned changes in regulatory direction and the national reserve of Bitcoin, with some statements as follows:

"Kamala Harris is an extreme leftist, by the way, she opposes cryptocurrency. The Biden-Harris administration's suppression of cryptocurrency and Bitcoin is wrong and detrimental to our country. On my first day in office, I will fire Gary Gensler (the current SEC chairman) and appoint a new SEC chairman who must believe that America should build the future, not hinder its development.

When I am president again, there will never be a CBDC. We will create a framework for the safety and expansion of stablecoins. This will expand the dominance of the dollar, America will become wealthier, the world will be better, and billions of people will be brought into the crypto economy, depositing their savings in Bitcoin.

With low energy costs, America will become a globally recognized Bitcoin mining powerhouse. You will become a Bitcoin mining powerhouse. You don’t have to move your family to China. You will not move to China.

Bitcoin does not threaten the dollar; the current U.S. government is the one threatening the dollar. The threat to the dollar does not come from cryptocurrency but from Washington, D.C. The U.S. government is one of the largest holders of Bitcoin. The federal government holds nearly 210,000 Bitcoins, accounting for 1% of the total supply. But for a long time, the U.S. government has violated a fundamental principle known by every Bitcoin enthusiast: HODL.

I announce that if I am elected, the U.S. will retain 100% of all Bitcoins currently held or acquired in the future, which will effectively serve as the core of a strategic national Bitcoin reserve.

Ultimately, my commitment to everyone is: I will be the president that America needs, the one our citizens deserve, supporting innovation and Bitcoin."

If you are interested in watching the full text, here is the link: https://www.tuoluo.cn/article/detail-10114550.html

U.S. presidential candidate Robert F. Kennedy Jr.: If elected, will instruct the U.S. Treasury to increase Bitcoin holdings to 4 million coins

Compared to Trump, Robert F. Kennedy Jr.'s measures are more practically feasible. He promised to issue three executive orders to support the crypto sector upon taking office.

He will instruct the U.S. Department of Justice and the U.S. Marshals Service to transfer approximately 200,000 Bitcoins held by the U.S. government to the Treasury as strategic assets.

He will instruct the U.S. Treasury to purchase 550 Bitcoins daily until the U.S. reserves reach 4 million BTC. Currently, there are about 21 million Bitcoins in circulation. "Our country holds about 19% of the world's gold reserves. This policy will allow us to acquire a roughly equivalent proportion of Bitcoin. This chain reaction and these actions will ultimately drive Bitcoin's valuation to trillions of dollars."

He will instruct the IRS to issue guidance stating that all transactions between Bitcoin and the dollar do not require reporting, thus no taxes are owed.

Congressman Wiley Nickel (D-NC): Democrats urge Harris's campaign team to 'reset' cryptocurrency stance

U.S. Vice President Kamala Harris understands cryptocurrency and may use it as a topic in her newly launched White House campaign. We have thoroughly reset the presidential election, and we have been working to encourage the Vice President to restart her campaign. The future must be bipartisan; if we politicize cryptocurrency, we will only poison Congress for a decade.

Senator Lummis: Proposes the U.S. purchase of 1 million Bitcoins to reduce national debt

"Bitcoin is a great store of value. Over the past four years, it has grown by about 55% annually. During the same period, the dollar has depreciated, and we have seen inflation rise. Therefore, I believe that having a hard asset that supports the dollar and appreciates rather than depreciates is valuable."

In this regard, he proposed to introduce a bill next week instructing the U.S. Treasury to purchase 1 million Bitcoins over five years (valued at approximately $68 billion at current prices).

Congressman Ro Khanna: Hopes the U.S. will become a Bitcoin leader

Ro Khanna stated that he hopes the U.S. will become a leader in the Bitcoin space, allowing the country to benefit from the appreciation of this asset. The U.S. should set financial standards in the market and reaffirm the views of crypto executives that bipartisan cooperation should be strengthened in supporting cryptocurrency regulation.

He pointed out that the U.S. is a financial leader, but without proper rules and innovation, the country will lose its leadership position, emphasizing the quality of assets. "The U.S. should not be complacent. We have the best financial system in the world, so sometimes we do not realize the importance of Bitcoin in other parts of the world… If we do not have Bitcoin, if we do not have cryptocurrency, we will lose our leadership in financial innovation in the 21st century. Why would we do that?"

02 Institutions Focus More on Practical Interests

In stark contrast to the political stances, Wall Street institutions focus on more practical interests. The financial institutions present generally hold a positive outlook on the future of crypto assets, expressing optimistic views or planning to take relevant measures to enter this field, among which MicroStrategy's statements are the most radical.

MicroStrategy founder Michael Saylor: 2024 will be the first year of mainstream Bitcoin adoption, and BTC will reach $49 million in the future

In his speech at the 2024 Bitcoin conference, Saylor compared cryptocurrencies to physical assets, stating that they can exist for a thousand years, but ordinary people can only last 50 to 75 years at most. However, Bitcoin is "immortal, immutable, and non-material," and is the solution to "our economic predicament."

Additionally, Saylor released an infographic showing Bitcoin's price and market cap over 21 years, categorized into bear, baseline, and bull market scenarios. In a bull market scenario, Bitcoin's market cap would be $103 trillion, with each Bitcoin priced at $49 million. Meanwhile, in the baseline scenario, Bitcoin's price would reach $13 million, with a market cap of $28 trillion.

"You finance your home with Bitcoin, you buy Bitcoin, you convert all your assets into Bitcoin, and then you move to a tax-friendly jurisdiction where you can avoid some taxes and invest an additional $50,000 in Bitcoin."

Cantor Fitzgerald CEO Howard Lutnick: Plans to launch Bitcoin financing business with $2 billion in initial funding

Cantor Fitzgerald has arranged and financed a large number of securities and commodities and is a staunch supporter of Bitcoin. They will now build an incredible platform to support the financing needs of Bitcoin investors.

"I personally own Bitcoin, and Cantor Fitzgerald also holds a significant amount of Bitcoin. Bitcoin should trade freely around the world like gold. As the largest wholesaler in the world, we will do everything we can to achieve this."

The business will start with an initial funding of $2 billion and will increase by $2 billion increments.

Skybridge founder Anthony Scaramucci: Bitcoin's market cap will surpass gold

"This is an asset class, so it should not be compared to the market cap of NVIDIA or Apple. It must be compared to the market cap of gold, and I believe it is better than gold. By 2025, asset managers may discuss tactical asset allocation models for all institutional investors, aiming to increase the Bitcoin investment ratio to 1% to 3%."

BlackRock Digital Assets Head Michael Mitchnick: Clients are only interested in BTC and ETH

"I want to say that, at this stage with our clients today, their interest in Bitcoin accounts for the vast majority. Of course, they are also interested in Ethereum, but besides these two currencies, almost no one is interested right now. Currently, the proportion of independent advisors registered with BlackRock allocating funds to Bitcoin ETFs is about 2-3%. Large wealth consulting platforms like Morgan Stanley, UBS, and Merrill have not yet started offering Bitcoin ETFs in a solicited manner, which means they will only provide ETFs when clients request them."

03 Voices of Criticism Arise

Beyond politicians and institutions, there are also individuals expressing dissatisfaction with the current politicization and institutionalization of the crypto ecosystem. Critics argue that the political leanings are too pronounced, thus losing the essence of Bitcoin, with technical personnel reacting most strongly.

Jimmy Song: Dislikes conference topics, values are skewed

"The greatness of Bitcoin lies in freedom, autonomy, and self-sovereignty. These are the very foundations upon which this country was built. Unfortunately, due to money and the power of the printing press, we have a ruling administrative state that thinks it is better than us.

I hate the topics discussed at Bitcoin conferences, such as banks, ETFs, and BlackRock. These are not my values, not Bitcoin's values, and not America's values. They represent the interests of the rent-seeking class and the administrative state, which contradict the ideals of freedom, autonomy, and self-sovereignty."

Edward Snowden: Participate in voting, but do not blindly follow political ideologies; be vigilant about Bitcoin privacy issues

"Many legislators are trying to win the support of Bitcoin users, but they are not our group. They are not your persona. They have their own interests, their own values, and their own pursuits. Try to get what you need from them, but do not give yourself to them, even if you have to vote for them."

Additionally, one must be vigilant about privacy issues. Bitcoin transactions are not anonymous and can be traced back to individuals, posing risks to personal privacy. Although people generally mistakenly believe that Bitcoin transfers provide complete anonymity, Snowden clarified that most transactions can be linked through various entry and exit points, such as regulated exchanges. This linkage makes it possible to trace transaction histories, which may reveal sensitive information about users' lives and relationships.