Connect with us

Bitcoin

Trump and the Future of Bitcoin

Published

on



If you weren’t there in person, it would be hard to accurately describe how long and winding the line was to see Donald Trump speak at the Bitcoin conference. The wait to even pass through security and find a seat in the auditorium was hours long and thousands of folks were scrambling to find seats at the Nakamoto Stage early in the day. As the line snaked through the expo hall, it was easy to find an even distribution of Bitcoiners and Trump supporters (some were both) all eager to hear Trump speak. There was an excitement in the atmosphere, and while I didn’t share in the excitement, it did permeate the air in Nashville. Uber drivers were quick to point out that Trump was speaking at the conference. Around the city were large images of Trump’s face next to Bitcoin symbols advertising the conference. Trump-mania surely had taken over the conference, but it also seemed to take over the city of Nashville, too.

I can’t deny that getting Donald Trump to speak at the Bitcoin Conference during an election year is a huge “get.” It is an important moment for Bitcoin and we should all appreciate this development, in some sense, as a milestone that we can all be proud of as Bitcoiners. Trump’s speech promised to lunge Bitcoin into the mainstream political conversation and thereby normalize an up and coming digital currency that most people still dismiss as “fake internet money”. It was a moment we were all supposed to remember for the rest of our lives; this was Bitcoin’s chance to be included in serious conversations held by serious people.

If Trump had shown up for his speech on time, we would have known an hour earlier that this wasn’t going to happen. Instead, we waited. Once Trump did start his speech, it didn’t take long to realize that the folks waiting for hours all day were sold a bill of goods. Trump’s speech was a rambling, at times incoherent, stump speech with a few little nods toward crypto, and… I guess… Bitcoin thrown in for good measure. The first mention of Bitcoin came about six and a half minutes into his remarks. I don’t blame Trump for speaking about crypto more than Bitcoin; most politicians do. But while he was speaking at the Bitcoin conference, I was expecting him to spend more time discussing Bitcoin than his genius uncle who used to work at MIT. Alas, sometimes you just can’t set the bar low enough.

The most concrete take away from hearing Trump speak about Bitcoin was the not-so-shocking realization that Robert Kennedy Jr. thinks more deeply about Bitcoin while he has his first cup of coffee each morning than Donald Trump has thought about Bitcoin during his entire life. All of Trump’s best moments during his speech (and there were some) were lifted, whole cloth, from RFK Jr’s keynote address the day prior. The parts of the speech he didn’t copy from RFK Jr were dismissive, arrogant, pandering and ill informed. The value in watching the speech at all is that the single issue Bitcoin voters I keep hearing about now have an easy decision to make.

No doubt, there are plenty of Bitcoiners who love Trump and loved his speech. But there are also a surprising number of folks that see all this for what it is: a politician pandering for money and votes and an insecure Bitcoin community pandering for some borrowed legitimacy. Having a leading presidential candidate discuss Bitcoin has some positive effects, but the most serious people I know in the space also recognize there are some risks and dangers involved, too. Chief among these dangers is that by cozying up to Trump, the Bitcoin community risks alienating itself from pre-coiner audiences for the foreseeable future. This seems to be a point, I think, that is hard to comprehend if you already like Bitcoin or already like Trump. Try to remember, most people don’t fit into either category.

I’ve publicly been in the Bitcoin space long enough to appreciate the massive cognitive dissonance that exists among many Bitcoiners. Some of these people are Libertarians who are fully committed to individual freedom, but are unwilling to respect a person’s gender identity. Some of these people are Conservatives who want to see the government get smaller while that same government polices what books get banned and what healthcare people are allowed to receive. Some of these people are Bitcoiners who want to see the government disintermediated from the financial system while they cheer uproariously for a politician promising to buy Bitcoin on behalf of the United States Government. If I can see the cognitive dissonance, why is it so hard for a community that prides itself on being heterodox, skeptical and don’t-trust-verify?

I consider it a personal responsibility to orange pill as many people as I can, and I have been serious about doing that. This means, I want to expose the 57% of Americans that don’t like Trump to Bitcoin as a force for good in this world; my job is hard and since Nashville, it just got harder. Let’s be real: Bitcoin is the perfect combination of “internet” and “money” that should make anyone skeptical. There is no shortage of FUD dismissing Bitcoin as pretend money or a scam or a ponzi scheme or money for criminals. Experienced Bitcoiners may not be worried about any of that, but the pre-coiners I know certainly are hyper aware of the reputation. If my job is to convince them to take a second look, that gets harder when Bitcoiners are falling over themselves to align with a known con artist, philanderer, fraud, and convicted felon.

To be sure, Bitcoin will attract its share of con artists, philanderers, frauds and felons. Bitcoin is for them, too. But we shouldn’t capitulate and rebrand Bitcoin as something Trumpian. This is simply bad marketing. The most compelling argument I’ve heard in support of seeking out Trump’s approval is that it will force other politicians to support Bitcoin and his policies would force other nations to take Bitcoin seriously. This could prove to be true, but it is just as likely that the opposite will happen. Normie pre-coiners, if they are paying attention at all, will so easily be able to hold up the “scam” Bitcoin next to the “scam” Trump and walk away from the whole thing and sleep easily. Meanwhile, Trump will have no genuine affinity toward Bitcoin after the votes are counted.

After so much effort going toward ensuring Bitcoin is non-partisan, bi-partisan and non-political, it was our community (really a handful of influential and connected Bitcoiners) that sought out an alliance with the most polarizing political figure in generations. It would be one thing if Trump found Bitcoin on his own, but that’s not the case. We committed this unforced error ourselves, or more accurately, we allowed the leaders in our leaderless movement to err on our behalf.

I can hear you screaming “Well, what’s your solution? Vote for the other guys?!” Fair question. Here’s my solution: Walk away from politicians and walk towards voters. Meet them where they are and educate them about the ways Bitcoin solves the problems they care about. That’s really it. The rest will take care of itself. Take a low time preference and it will happen from the ground up, without having to sacrifice your principles. This is the best way to promote Bitcoin adoption, protect the marginalized people Bitcoin can help, and attract policy makers who truly and deeply care about Bitcoin and eschew “crypto”. If you do get to interact with politicians, advocate for protections for self custody, de minimis tax treatment so Bitcoin can be easily spent, and consumer protections imposed on exchanges and brokerages.

For those that think Trump is now one of us, he isn’t. He will drop our community the moment it serves him, and we will be worse off for it. Zoom out. One week after Trump appeared in Nashville, he sat for a disastrous interview with the National Association of Black Journalists. This, it turns out, did not make him a Black journalist. Nor did showing up in Nashville make him a Bitcoiner. We would, all of us, be well served to remember that.

This is a guest post by Jason Maier. Opinions expressed are entirely their own and do not necessarily reflect those of BTC Inc or Bitcoin Magazine.



Source link

$100

Bitcoin Nears $100,000 As Trump Council Expected To Implement BTC Reserve

Published

on


Follow Nikolaus On X Here

What an enormous day it has been today.

Gary Gensler officially announced that he is stepping down from his position as Chairman of the Securities and Exchange Commission (SEC), and minutes later, Reuters reported that Donald Trump’s “crypto council” is expected to “establish Trump’s promised bitcoin reserve.” A bitcoin reserve, that would see the United States purchase 200,000 bitcoin per year, for five years until it has bought 1,000,000 bitcoin. 

Image via Julian Fahrer

Right after both of those, Bitcoin continued its upward momentum and broke $99,000, with $100,000 feeling like it can happen at any second now.

It is hard to contain my bullishness thinking about the United States purchasing 200,000 BTC per year. They essentially have to compete with everyone else in the world who is also accumulating bitcoin and attempting to front run them. There are only 21 million bitcoin and that is a LOT of demand.

To put this into context, so far this year the US spot bitcoin ETFs have accumulated a combined total of over 1 million BTC. At the time of launch the price was ~$44,000 and now bitcoin is practically at $100,000. And that’s all ETFs combined. Imagine what will happen when just one entity wants to buy a total of 1 million coins, having to compete with everyone else accumulating large amounts as well?

I mean MicroStrategy literally just completed another $3 BILLION raise to buy more bitcoin, and will continue raising until it purchases $42 billion more in bitcoin. The United States are most likely going to be purchasing their coins (if this legislation is officially signed into law) at very high prices. The demand is insane and only rising in the foreseeable future.

With two months left to go until Trump officially takes office, it remains to be seen if this bill becomes law, but at the moment things are looking really good. As Senator Cynthia Lummis stated, “This is our Louisiana Purchase moment!” and would be an absolutely historic moment for Bitcoin, Bitcoiners, and the future financial dominance of the United States of America.

This article is a Take. Opinions expressed are entirely the author’s and do not necessarily reflect those of BTC Inc or Bitcoin Magazine.





Source link

Continue Reading

Bitcoin

$2 Million PEPE Purchase Sees 105 Billion Tokens Snapped Up

Published

on


They say journalists never truly clock out. But for Christian, that’s not just a metaphor, it’s a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Christian’s journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling – right up his alley!

So, he landed a killer gig at NewsBTC, where he’s one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian’s all work and no play? Not a chance! When he’s not at his computer, you’ll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian’s got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here’s the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day – and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors – and bosses – he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.



Source link

Continue Reading

24/7 Cryptocurrency News

Bitcoin Miner MARA Holdings Raises $1B To Buy More Bitcoin

Published

on


Bitcoin Miner MARA Holdings has raised approximately $1 billion through the sale of its convertible notes. The Bitcoin miner revealed that some of the proceeds from this sale would be used to buy more BTC, although they didn’t mention the exact amount.

Marathon Digital Raises $1B To Buy More Bitcoin

In a press release, the Bitcoin miner revealed that it had raised net proceeds of $980 million from its convertible notes sale after deducting the initial purchaser’s discounts and commissions but before the estimated offering expenses payable by the company.

This development is significant as MARA Holdings revealed that it will use some of the net proceeds to acquire additional BTC. It is worth mentioning that the Bitcoin miner already holds around 27,000 BTC and is the public company with the second-largest Bitcoin holdings.

This development comes as MARA also recently unveiled plans to raise $700m through convertible notes, which will mature in 2030. Meanwhile, the Bitcoin miner looks to be going head-to-head with MicroStrategy, which also recently upsized its private offering to $2.6 billion. The software company will use some of the proceeds to buy more BTC.

✓ Share:

Boluwatife Adeyemi

Boluwatife Adeyemi is a well-experienced crypto news writer and editor who has covered topics that cut across DeFi, NFTs, smart contracts, and blockchain interoperability, among others. Boluwatife has a knack for simplifying the most technical concepts and making it easy for crypto newbies to understand. Away from writing, He is an avid basketball lover and a part-time degen.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





Source link

Continue Reading
Advertisement [ethereumads]

Trending

    wpChatIcon