Donald Trump’s Bitcoin Conference speech ignites crypto market, BTC nears $70K

Former President Donald Trump’s keynote speech at the 2024 Bitcoin Conference in Nashville has spurred the crypto market.

The global crypto market cap has surged to $2.48 trillion, reflecting a 3.09% increase in just 24 hours.

Bitcoin, the leading cryptocurrency, is edging closer to the $70,000 mark, currently priced at $69,403 while Ethereum, the second largest cryptocurrency, has also seen notable gains, with its price rising above $3.3k.

Trump stops short of proposing a crypto Federal reserve

In his highly anticipated address at the 2024 Bitcoin Conference days after his assassination attempt, Donald Trump laid out ambitious plans for the cryptocurrency sector.

Trump promised to transform the United States into the “crypto capital of the planet” and ensure that the federal government never sells off its Bitcoin holdings.

While he proposed creating a bitcoin “strategic reserve” using existing government holdings, he stopped short of suggesting the establishment of a formal federal reserve for digital currencies.

He said that if he was reelected, he would stop the federal government from selling its current Bitcoin holdings, stopping short of proposing the formation of a formal crypto federal reserve.

For too long our government has violated the cardinal rule that every bitcoiner knows by heart: Never sell your bitcoin.

Trump’s vision includes removing Securities and Exchange Commission (SEC) Chair Gary Gensler, who has been criticized by the crypto community for his regulatory stance on digital assets.

The former president also vowed to create a “Bitcoin and crypto presidential advisory council,” signalling his intent to develop crypto-friendly regulations.

However, despite these bold promises, Trump did not provide specific details on the strategic reserve’s size or operational framework, leading to mixed reactions within the crypto community.

Robert F. Kennedy Jr. promised to launch a 4M Bitcoin reserve

Speaking at the same conference, independent presidential candidate Robert F. Kennedy Jr. proposed a more concrete plan to establish a substantial bitcoin reserve. Kennedy pledged to direct the US.

According to Kennedy Jr., the treasury would acquire 4 million bitcoins, starting with the digital assets seized from criminal activities.

This ambitious proposal aims to create a reserve that could significantly impact the global crypto landscape.

In a similar vein, Sen. Cynthia Lummis, R-Wy., announced her legislative proposal at the conference, which involves amassing an official US federal reserve of 1 million bitcoins over five years.

This reserve would be held for at least 20 years, with the primary goal of using it to reduce national debt.

Notably, Donald Trump’s, Kennedy Jr.’s, and Lummis’ proposals highlight a growing bipartisan interest in leveraging cryptocurrency to strengthen the US financial system.

BTC price nears $70,000 mark as market rebounds after

Following the flurry of announcements and political pledges at the Bitcoin conference, Bitcoin’s price has surged towards $70,000.

As of the latest figures, Bitcoin is trading at $69,403.49, marking a 2.77% increase over the past 24 hours.

This rise comes amid a broader market rebound, with the total crypto market volume reaching $55.6 billion, a decrease from previous days but still indicative of strong market activity.

Ethereum, the second-largest cryptocurrency, has also benefited from the positive momentum, with its price increasing to $3,388.56.

The total crypto market capitalization now stands at $2.48 trillion, reflecting a 3.09% rise in the past day.

The resurgence in crypto prices underscores the market’s optimistic response to the high-profile discussions and proposals made at the Nashville conference.

Overall, Trump’s speech has energized the cryptocurrency sector, with significant political figures actively proposing measures that could reshape the future of digital assets in the US.

As the crypto market continues to react to these developments, all eyes will remain on how these proposals evolve and impact the industry, less than 100 days after the elections.

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