Hello Bitcoiners 👋
The Bitcoin 2024 conference in Nashville saw the intersection of cryptocurrency and US politics. Highlighted growing acceptance of Bitcoin as an asset and its potential as a global economic platform.
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A year ago, nobody would have imagined we would be here.
Not a chance.
Not the fanfare and the political attention that we are living through now.
But here we are.
Bitcoin 2024 conference in Nashville, Tennessee.
Former President Donald Trump played out the crypto song on July 27.
US will be "crypto capital of the world."
Trump Declaration.
The crowd, standing and cheerful, some sporting cowboy hats - collectively witnessing a pivotal moment in the history of crypto.
What happened at the conference? We have covered that.
Read: Bitcoin Saturday 🌡️
The main speakers at the Bitcoin 2024 Conference in Nashville
Donald Trump, the 45th President of the United States.
Robert F. Kennedy Jr., an independent presidential candidate.
Michael Saylor, the CEO of MicroStrategy.
Edward Snowden, former American NSA contractor and a whistleblower.
Vivek Ramaswamy - an American entrepreneur and politician.
Other notable speakers included Senator Marsha Blackburn, Congressman Ro Khanna, and various Bitcoin industry leaders, miners, and cultural figures.
Who said what? Trump Takes the Stage
“I'm thrilled to be here in Nashville to become the first American president ever to address a Bitcoin event anywhere in the world anywhere in the world”
“One day it (Bitcoin) probably will overtake gold”
“Bitcoin is not just a Marvel of Technology as you know it's a miracle of cooperation and human achievement”
Vision for America
"If we don't embrace crypto and bitcoin technology, China will, other countries will … They'll dominate, and we cannot let China dominate. They are making too much progress as it is."
“I'm laying out my plan to ensure that the United States will be the crypto capital of the planet and the Bitcoin superpower of the world and we'll get it done if crypto is going to define the future I want to be mined minted and made in the USA it's going to be it's not going to be made anywhere else and if Bitcoin is going to the Moon as we say it's going to the moon I want America to be the nation that leads the way”
“I’ve got a low I.Q. opponent. I’m not talking about him; I’m talking about her.” - about Vice President Kamala Harris.
Promises Made
“On day one, I will fire Gary Gensler,”
“The moment I’m sworn in, the persecution stops, and the weaponisation ends against your industry,” … “I will appoint a new SEC chairman who believes that America should build the future, not block the future.”
“There will never be a CBDC while I’m president of the United States, and I will always defend the right of self-custody.”
“I am announcing that if I am elected it will be the policy of my Administration United States of America to keep 100% of all the Bitcoin the US government currently holds or acquires.”
No Energy Struggles?
“We'll be having power plants built at the sites we'll be releasing people from certain ridiculous requirements and we'll be using fossil fuel to make electricity because we're going to have to we'll be using nuclear we'll be doing it in an environmentally friendly way but we will be creating so much electricity that you'll be saying please please President we don't want any more electricity we can't stand it you'll be begging me no more more electricity sir we have enough we have enough.”
Robert F. Kennedy Jr.'s Big Bet
Bitcoin as a Strategic Asset
“I intend, as President of the United States, to sign an executive order on day one, directing the Department of Justice and the US Marshals to transfer the approximately 200,000 bitcoin held by the US government to the United States Treasury, where it will be held as a strategic asset.”
Building a Reserve
“On day one as president, I will sign another executive order directing the US Treasury to purchase 550 bitcoin daily until the US has built a reserve of at least 4 million bitcoins, ensuring a position of dominance that no other country will usurp.”
“Our nation holds approximately 19% of global gold reserves. This policy will give us about the same proportion of total bitcoin. The cascading impact of these actions will eventually move bitcoin to a valuation of hundreds of trillions of dollars.”
“On day one as President, I will also sign an executive order directing the IRS to issue public guidelines that all transactions between bitcoin and the US dollar are unreportable transactions, and by extension, non-taxable.”
“On day one as president, I will sign an executive order directing the IRS to treat bitcoin as an eligible asset for 1031 exchange into real property.”
Michael Saylor's call to the bull pen
Sky high predictions
“Bitcoin's $13 million a coin in the year 2045.”
“It could be a $3 million bear case, it could be a $49 million bull case.”
Maxing out Bitcoin
Encourages listeners to become "triple maxi" Bitcoin bulls. How?
“You financed the house for Bitcoin, you buy Bitcoin, you flip all your assets to Bitcoin, and then you move to a cheap tax jurisdiction where you actually can avoid some taxes and invest an extra fifty grand in Bitcoin.”
“Physical assets might last 1,000 years, [but] probably about 50 to 75 years is the best you’re going to get ... There’s a reason it’s called Earth and not Heaven.”
“Bitcoin is immortal, immutable, and immaterial, […] and it is the solution to our economic dilemma.”
Bitcoin is “not in the physical world” and has “an infinite lifespan.”
Edward Snowden's word of caution
“Cast a vote, but don’t join a cult.”
“They are not our tribe. They are not your personality. They have their own interests, their own values, their own things they’re chasing. Try to get what you need from them, but don’t give yourself to them, even if you have to vote for them.”
“We are winning ladies and gentlemen but we haven't won and so we have to make sure that we don't get caught”
The not-so-secret ledger
Edward Snowden emphasized that Bitcoin transactions are not truly anonymous and can be traced back to individuals.
He highlighted that exchanges and regulatory compliance enable the tracking of transaction histories, risking personal privacy.
“They know what you read, what you buy, who you send [bitcoin] to, who you support politically, like where your donations went, all of that is available to them. They can infer your thinking, they can infer your affiliations”
The Bitcoin 2024 conference in Nashville was like no other before. The high stake political participation put the spotlight of growing political interest in Bitcoin.
It also highlighted the growing acceptance of Bitcoin as a legitimate asset, with large fund house ETFs for both Bitcoin and Ethereum.
All the Bitcoin 2024 speeches playlist here.
It was perhaps the biggest push for Bitcoin’s potential as a global economic platform.
Week That Was 📆
Saturday: Bitcoin Saturday 🌡️
Friday: Birthday, Worldcoin 🎂
Thursday: Crypto's Gender Disparity ⚠️
Wednesday: Chinese Checkers 🧲
Tuesday: Ethereum ETFs ▶️
Monday: Joe Out. Kamala In? And Crypto 🤔
Week in Funding 💰
Caldera. $15M. Specialises in building high-performance, customisable, and application-specific layer-two blockchains.
Mezo. $7.5M. Bitcoin economic layer, L2 network for Bitcoin tokens, driving a circular Bitcoin economy that is more than just a savings technology.
aPriori. $8M. MEV infrastructure and liquid staking protocol, designed for the parallel execution era and natively built on Monad.
RedPill. $5M. Democratises access to top AI models by aggregating them into a single API, offering faster, more affordable, and verifiable AI services globally.
Roxom. $4.3M. Bitcoin-priced and denominated stock, commodities, and futures exchange. User can now view and trade global markets in Bitcoin terms.
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