Trump’s Bitcoin 2024 Keynote Includes Plan for US Bitcoin Reserve

Bybit
Trump delivering a keynote address at the Bitcoin 2024 conference in Nashville.
NiceHash

Trump Goes All-In on Crypto

In his talk given at the Bitcoin 2024 conference in Nashville on July 27, Donald Trump, the erstwhile POTUS, drew the ears of the entire floor and took a significant approach in the sector besides the authorities

Elaborating on his pro-crypto policy, Trump was there to argue in favor of an ecumenical approach. He talked about various issues in the business such as; the American bureaucrat in charge of the crypto industry, SAB 121, CBDCs, stablecoins, and the present administration’s attitude to cryptocurrency.

Following the suit of cryptocurrency enthusiasts, Trump showed a resolution to stash in the Treasury “100% of all the Bitcoin the U.S. government currently holds or acquires in the future”:

“It’s my plan, as the government of the United States, to not just hold, but also secure and use 100% of the US government Bitcoin holdings into the future […] This, in essence, is the strategic national Bitcoin stockpile.”-

‘Crypto Capital of the Planet’

Trump opened with these words, being of one firm voice supporting the tech area. By supporting this non-zero-sum game of development, the US will stand at the top of this high-tech pyramid and adopt this paradigm, pledged Trump to the audience of Bitcoin 2024 as he was projected into the future by himself. The crypto capital of the planet will be this country, if I am elected, Trump quips up, “geo-coding” China in the debate:

“If we do not become the master of the crypto game provided by crypto and Bitcoin, China and other countries will. They will be our main competitors […] We do want China to be successful, but we should be the best, was a part of the answer given by President Trump.”

With the not-so-subtle acknowledgment of the discontent of the crypto sector with the current national leadership, Trump assured the crowd, “I with my first act will fire Gary Gensler and assign new chairman of SEC.”, which was very well received and a rage from the attendants.

bybit

According to the former U.S. president, democratic presidential hopeful Kamala Harris is “aoznt crpto” (i.e. she is against crypto). Earlier today, FT revealed that some of Harris’ assistants had put in touch with some of the top crypto company executive personnel with a hope to “reset relations”.

Trump, on the other hand, mentioned his dissatisfaction with the new legislation, namely SAB 121, the banking rule that forces the US banks to keep the different kind of financial security assets together with cryptocurrencies. Trump emphatically rejected the idea of the government’s closing down Choke Point 2.0, which the crypto industry has dubbed as the U.S. government’s crypto-unfriendly regulation based on them. One major nuance is SAB 121 among other rules.

Trump gives his nod of the head in cryptocurrency, resulting in possible reformation of the political environment in which he will be defined as the crypto industry’s biggest champion in opposition to the Democrats.

He not only appeared against the pres of the Democratic Party but as well as the Republican pres nominee, who, as CNBC informed us today, also organized a fundraising event that took place in Nashville, where there were tickets with prices ranging from $844,600 and upwards.

Cantor Fitzgerald LP, a worldwide financial services company, has entered into the Bitcoin financing sector in a big way by unveiling a $2 billion initiative to offer a leverage to cryptocurrency investors. This very ambitious plan was unveiled by Cantor Chairman and CEO Howard Lutnick at a recent Bitcoin conference in Nashville, Tennessee.

Lutnick Compares Bitcoin to Gold

During his address, Howard Lutnick reiterated the company’s commitment to facilitating global Bitcoin trade through equating Bitcoin with gold.

“In my opinion, Bitcoin, like gold, should be the one digital currency that is free to be traded in every corner of the world, and as the largest wholesaler in the world, we are going to make it happen with the help of our customers,” said Lutnick.

He went into more detail on the issue saying Cantor Fitzgerald, the world’s biggest wholesaler will employ its financial muscle to give incentives for the widespread circulation of Bitcoins. The firm already has a large amount of Bitcoin in its possession indicating the level of involvement it has in the cryptocurrency market.

Strategic Collaborations and Future Plans

According to Cantor, the new business is also going to collaborate with the selected Bitcoin custodians, even though the specific parties and the launch schedule are kept confidential. Lutnick outlined the firm’s approach to ramping up its commitments by $2 billion additional amounts, provided that the initial capital is fully invested.

This endeavor is part of a larger strategy Cantor pursues in the digital asset sector. Besides, it operates as a custodian and provides the USDT stablecoin service for Tether Holdings. Also, it has financed Bitdeer, TeraWulf, Riot Platforms, and Cipher Mining, the major digital asset companies.

Jersey City’s Pension Fund to Invest in Bitcoin ETFs

As an additional occurrence, exploiting Bitcoin ETFs, the municipal pension plan of Jersey City has laid the groundwork for investment. The Employees Retirement System of Jersey City is hitting the regulatory roadblock with the SEC to bring Bitcoin ETFs on board. Mayor Fulop was mostly tight-lipped about the allocation, but he said the city’s strategy would be similar to the one of the state pension fund of Wisconsin, which was 2% to Bitcoin ETFs as of this year.

Industry Reactions and Future Implications

The public statement by Cantor Fitzgerald has given an extra jolt to the cryptocurrency community. Republican presidential candidate Donald Trump was also a participant in the same event and was rumored to present his masterplan by stating the necessity for the US government to have an outstanding Bitcoin reserve. This measure is expected to become one of the loudest calls that Trump will make to the digital currency sector.

Ed Tolson, the founder, and CEO of the quantitative fund Kbit revealed that digital asset space is being ripe to monetize as the chance for higher returns in comparison to traditional strategies is accelerated. Provided they engage in the said centralized crypto trading platforms and invest in the specified crypto instruments like tokens, perpetual swaps, and derivatives, the chances of reaping the benefits would still be high.

Cantor Fitzgerald’s pioneering move is a major stepping stone toward Bitcoin’s inclusion in the mainstream financial market and consequently, ideally, it will turn others to follow suit.

Blockonomics