Elections
I’m Grateful for Trump’s Embrace of Bitcoin
Published
3 weeks agoon
By
adminCo-founder of BTC Media eleven years ago, I am passionate about the future of Bitcoin – and in the spirit of free speech and democracy on this election eve – I feel compelled to share my first Bitcoin Magazine opinion article. Weeks ago our editor-in-chief, Aaron Van Wirdum, published his Take, “Trump Does Not Give a Damn About Bitcoin,” and he invited submissions of a counter-take.
Our company was founded on the mission of hyperbitcoinization. Since the beginning, educating Main Street on Bitcoin has been core to our values. We’ve made great strides. I believe Trump – as standing president – with pro-Bitcoin advisors, could significantly fast-track Main Street’s embrace of Bitcoin, create the world’s most pro-Bitcoin economy, and commute Ross Ulbricht’s sentence… a powerful trifecta.
The resounding skepticism found in Aaron’s TAKE is not a sentiment that I share; rather, I trust in Trump’s declared support for Bitcoin. His inner circle is full of fervent Bitcoiners and those who have signaled support for Bitcoin: his children, JD Vance, Elon Musk, RFK Jr., Tulsi Gabbard, Vivek Ramaswamy, Senators Lummis, Blackburn, Hagerty and Scott plus many, many more.
As a newcomer to the Bitcoin space, Trump, like many, is still learning. I recognize and appreciate his ever-student curiosity and desire to fully grasp the future of money. A U.S. president with exposure to Bitcoin, who surrounds himself with pro-Bitcoin advisors and policies, is certainly a more favorable alternative than the openly-hostile administrations of the past and present.
In Aaron’s TAKE, Trump was chastised for failing to transact his own bitcoin purchase at a campaign stop at PubKey – a Bitcoin bar in Greenwich Village; again, there is no stone to throw here. I was elated that Trump accepted PubKey owner Thomas Pacchia’s invitation to make a campaign stop (and as I understand it, that was an invitation extended to both V.P. Harris and Trump, with only Trump accepting). The transaction was a gesture, facilitated by the community, and was a well-received and celebratory moment for that small business and for the global network of Bitcoin businesses that have struggled for this level of acceptance by politicians.
Like others, you might be questioning if donations and votes are the driving force of Trump’s interest in Bitcoin. Does it actually matter what drives any of us as we strive for a common good? We are a diverse community with diverse reasons for embracing Bitcoin — whether a desire for financial sovereignty, an investment opportunity, a sudden inability to purchase basic necessities during a protest, a distrust in the existing financial system and, yes, even politicians seeking the Bitcoin community’s support through donations and votes.
The Bitcoin Community knows Bitcoin will flourish and thrive in spite of politics; however, not all issues are apolitical. At Nashville’s Bitcoin 2024 conference (and the Libertarian National Convention), Trump stated, unequivocally, that he will free Ross Ulbricht if given the opportunity as President. The Ulbricht family needs a miracle, and it is Trump who pledges to deliver it.
I had the golden opportunity to meet Trump backstage at Bitcoin 2024 (alongside two strong, intelligent women – his granddaughter Kai and her mother Vanessa). I found Trump to be warm, humorous, and sincere. I wholeheartedly welcome Trump to Bitcoin and appreciate bipartisanship support in freeing Ross and our mission of hyperbitcoinization.
I encourage you all to vote this Tuesday, and to join Bitcoin Magazine and Stand With Crypto for The Road to Election Day, live from Las Vegas, this Tuesday, November 5, 2024, beginning at 3 p.m. PST.
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Bitcoin crossed $77,000 on Friday, Nov. 8, setting a new all-time high for the second consecutive day.
Bitcoin (BTC) reached a new all time high of $77,020 roughly 48 hours after Donald Trump won the U.S. presidential election, along with the election of several pro-crypto policymakers to Congress. With a market cap of $1.5 trillion, Bitcoin now ranks as the world’s ninth most valuable asset, surpassing Mark Zuckerberg’s Meta.
BTC’s year-to-date growth has exceeded 118% with this recent surge. Over the past 30 days, Bitcoin has increased by nearly 25% as seasonal trends and halving-year data indicated bullish prospects. During the last two election cycles, Bitcoin has reached new highs and has not returned to pre-election levels.
Policy plans
For the first time, crypto money played a significant role in funding political action committees, leading experts and opinion leaders to anticipate progressive digital asset regulations from Washington. A BTC bill from Wyoming Senator Cynthia Lummis appears to be a frontrunner in what could become a new crypto policy landscape.
Like President-elect Donald Trump, Sen. Lummis pushed for a strategic national Bitcoin reserve and more. The proposal from Lummis would implement a BTC buying plan, piling on America’s existing 203,000 Bitcoin stockpile.
Lummis suggested acquiring 1,000,000 BTC over five years, which would cost the U.S. an estimated $77 billion if Bitcoin’s price remained constant over that period.
Bitcoin price
BTC ambassadors like Michael Saylor and the larger crypto community predict prices are going higher. Targets of $100,000 by year’s end, and $200,000 by 2025 have mentioned by investors and experts alike.
Investors already splurged $72 billion buying into Bitcoin via Wall Street exchange-traded funds. State like Detroit and Wyoming have announced some form of Bitcoin adoption. Marshalled interests between crypto titans did not disband following victory in the 2024 U.S. elections.
Crypto-focused super PAC Fairshake has raised over $78 million for the 2026 mid-terms. The organization disclosed donations from A16z crypto and Coinbase even before the Associated Press declared voting results.
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How Trump’s Promises Could Influence BTC $250k forecast
Published
2 weeks agoon
November 7, 2024By
adminAs analysts predict Bitcoin could reach $250K, how might Trump’s promises influence this potential? What should you be watching for in the coming months?
Trump triumphs
Donald Trump is back in the Oval Office, officially winning the 2024 U.S. presidential election as the 47th president. After a high-energy election night celebration at Mar-a-Lago with guests including Elon Musk and Robert F. Kennedy Jr., digital asset markets surged in response.
Bitcoin (BTC) rocketed past $75,000, reaching a fresh all-time high, while crypto-linked stocks like Coinbase and MicroStrategy saw strong after-hours gains.
For crypto supporters, Trump’ win signals more than just another GOP presidency, especially as he has made bold commitments to protect crypto, a notable departure from the past, when Trump’ stance on digital assets was anything but warm.
Moreover, with Trump’ Republican allies securing a Senate majority, the path is now open for the policies he hinted at throughout his campaign—policies that could reshape the future of crypto in both the U.S. and globally.
So, what promises has he made, and what should we expect from his term? Let’s find out.
Trump’s promises to the crypto industry
Bold vision for a national crypto stockpile
One of Trump’ biggest promises to the crypto world is to create what he calls a “strategic national crypto stockpile.” In simple terms, Trump aims to prevent the government from auctioning off seized Bitcoin, instead holding onto it as a national asset.
Trump believes that, just as countries hold reserves of gold or oil, the U.S. should secure a portion of Bitcoin to hedge against future financial uncertainties.
Currently, the U.S. government often auctions off Bitcoin seized from criminal cases, such as after the Bitfinex hack, but Trump has suggested putting a halt to these sales.
This promise is crucial, given that the U.S. Marshals Service has regularly auctioned Bitcoin holdings, sometimes causing temporary market dips. Earlier this year, Germany’s sale of hundreds of millions in seized Bitcoin led to similar price swings.
While Trump hasn’t provided a concrete plan for how this reserve would be managed, some view it as a step toward positioning the U.S. as a global crypto leader.
Creating a strategic Bitcoin reserve
One of Trump’ more intriguing promises is to establish a “strategic Bitcoin reserve” for the U.S. His idea is to retain Bitcoin seized from criminal activities, rather than auctioning it off, to gradually build a substantial national Bitcoin reserve.
This proposal gained further traction when Senator Cynthia Lummis introduced a bill to create a “Bitcoin strategic reserve,” aiming to accumulate one million BTC over five years as a hedge against the national debt.
If realized, this reserve could signal a shift in the U.S. approach to crypto, positioning Bitcoin as a strategic asset on par with gold or foreign currency reserves.
Promise to fire SEC Chair Gary Gensler “on day one”
Trump has also set his sights on the U.S. Securities and Exchange Commission, pledging to fire its current chair, Gary Gensler, on his first day in office.
Appointed by President Joe Biden, Gensler has led an aggressive crackdown on the crypto industry, initiating over 100 enforcement actions against crypto companies for alleged securities violations since he
Gensler’ stance — that much of the crypto industry falls under SEC jurisdiction — has sparked frustration among industry players, who argue they need clearer guidelines, not constant lawsuits.
However, Trump’ promise may not be as straightforward to execute. While the president can appoint the SEC chair, dismissing one requires valid grounds, like neglect or inefficiency, due to the SEC’ independent status.
Legal experts caution that firing Gensler “on day one” could prompt a lengthy review and may not happen as swiftly as Trump suggests.
Still, if Trump does manage to appoint a new SEC chair, it could mark a shift toward more crypto-friendly policies — though how much freedom the new leadership would truly have remains uncertain.
A national push for Bitcoin mining
Another bold promise from Trump is his call to ensure that all remaining Bitcoin is mined within the U.S. He envisions Bitcoin mining as “Made in the USA,” aiming to establish America as a global hub for the industry.
This vision was echoed during a private Mar-a-Lago meeting with key figures in U.S. crypto mining, including executives from major companies like Riot Platforms, Marathon Digital, and Core Scientific.
Trump’ goal aligns with his broader agenda of “energy dominance” for the U.S., believing that Bitcoin mining could boost energy production and decrease reliance on foreign energy sources.
However, the path to this goal is challenging. Bitcoin mining is decentralized by nature, relying on thousands of miners across the globe. Centralizing it within one country would contradict the decentralized ethos on which Bitcoin was built.
Moreover, about 90% of Bitcoin’ total supply has already been mined, leaving only a small yet symbolically significant portion — around 10% — that Trump hopes to bring under U.S. control.
Stopping the central bank digital currency development
Trump has also pledged to block any progress toward a central bank digital currency in the U.S. He made his stance clear: “There will never be a CBDC while I’m president”, citing that CBDCs pose a potential threat to financial privacy.
Unlike decentralized cryptocurrencies like Bitcoin, a CBDC would be fully controlled by the government, potentially allowing for extensive surveillance of citizens’ transactions.
Trump’ position aligns with other Republican leaders, such as Ron DeSantis, who recently signed a bill in Florida to limit CBDC use within the state.
Opposition to CBDCs is also building in Congress. Representative Tom Emmer introduced the CBDC Anti-Surveillance State Act, aiming to prevent the Federal Reserve from issuing a CBDC without congressional approval.
The right to self-custody
Trump has also pledged to enshrine self-custody rights for crypto users into federal law, reinforcing the principle that “not your keys, not your coins” should be protected by the U.S. government.
Self-custody allows crypto holders to manage their private keys independently, ensuring they fully control their digital assets without relying on third parties like exchanges.
This promise aligns with recent legislative efforts by Republican Senator Ted Budd, who introduced the Keep Your Coins Act in 2023. The bill aims to safeguard Americans’ ability to transact with self-hosted crypto wallets, making it harder for regulators to impose restrictions on self-custody.
However, the proposal has sparked debate. Critics argue that self-custody could enable bad actors to evade anti-money laundering regulations, a concern highlighted by Senator Elizabeth Warren’ 2022 Digital Asset Anti-Money Laundering Act, which advocates for tighter controls.
While the crypto community largely views self-custody as an essential right, questions remain about how such laws might affect the balance between personal freedom and regulatory oversight.
A crypto-friendly advisory council
One of Trump’ more structural promises is to establish a dedicated “crypto advisory council” to guide his administration’s approach to crypto policy.
The goal of this council would be to create clear, industry-friendly regulations that support crypto growth rather than stifle it.
As Trump puts it, he wants “the rules to be written by people who love your industry, not hate it,” ensuring that crypto policies reflect a deep understanding of the industry’s needs and challenges.
Many industry insiders have voiced concerns that current regulations lack clarity, making it difficult for companies to operate within legal boundaries.
However, setting up such a council presents its own challenges, such as ensuring a diversity of perspectives and maintaining unbiased oversight.
Commuting Ross Ulbricht’s sentence
In a more controversial promise, Trump has vowed to commute the sentence of Ross Ulbricht, founder of the Silk Road marketplace.
Ulbricht, a first-time nonviolent offender, received a double life sentence plus 40 years without parole—a punishment many view as excessively harsh. Silk Road, the darknet marketplace he created, facilitated the trade of illegal goods, from drugs to weapons, with Bitcoin as the primary currency.
Ulbricht’ case has become a rallying point within the crypto and libertarian communities, where advocates argue that his sentence was disproportionate to the nature of his crime.
Critics, however, contend that his involvement in Silk Road fueled illegal activities and harmed individuals, making any consideration of leniency a sensitive issue.
What to expect from Trump’s crypto term
Recent tweets from crypto analysts reflect a mood of optimism as Trump’ presidency begins.
Michaël van de Poppe, a prominent crypto analyst, describes the current state of crypto as the end of the “longest and heaviest Altcoin bear market.”
He suggests we’re on the brink of a new “Dot.com bubble in Crypto,” hinting that this cycle could “go way higher than we all expect.”
If this outlook proves accurate, Trump’ pro-crypto stance could pave the way for a strong market rebound, benefiting from a more supportive regulatory environment.
Meanwhile, technical analyst Gert van Lagen forecasts that Bitcoin is on its “final ascent,” with a target of $250,000 by February next year.
He points to the recent reversal of the 10-2 yield curve — a classic precursor to recessions — as a sign that economic conditions could fuel a BTC rally.
For now, the industry watches to see if Trump’s bold promises can translate into action. If he delivers, the U.S. could emerge as a leader in crypto adoption, creating jobs and establishing financial alternatives that could leave a lasting mark on the entire crypto space.
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Bitcoin
Trump victory creates over 11k new Bitcoin millionaires
Published
2 weeks agoon
November 7, 2024By
adminDonald Trump’s 2024 election victory has created over 11,000 new Bitcoin millionaires.
According to data from Finbold, the number of Bitcoin wallets valued at $1 million or more rose to 132,842 on November 6, as Bitcoin prices increased by 7.8% in just 24 hours.
Last month, there were 121,061 Bitcoin addresses worth over $1 million. This figure has now grown by 11,487 wallets, indicating significant wealth gains among Bitcoin holders, per Finbold.
At the time of writing, Bitcoin (BTC) has passed its all-time high and is currently trading at $75, 428.
Can Bitcoin go higher?
This spike follows a strong month for Bitcoin, which has risen 20% over the past 30 days. With Trump’s win and an overwhelming lead in the electoral college, Bitcoin saw renewed interest and broke past previous high prices.
Analysts suggest that Trump’s pro-crypto stance might lead to a supportive regulatory shift, potentially boosting market conditions. Technical analyst Gert van Lagen predicts Bitcoin could reach $250,000 by early next year.
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