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Trump’s Bitcoin 2024 keynote includes plan for US Bitcoin reserve

Published

2 months ago

July 28, 2024

Donald Trump, the Republican presidential nominee, spoke at the Bitcoin 2024 conference in Nasvhille, praising the crypto industry and announcing his plan for a national Bitcoin reserve.

Trump goes all-in on crypto

At the just-concluded Bitcoin 2024 conference in Nashville today, July 27, former president Donald Trump delivered a highly anticipated keynote address that highlighted his currently very positive stance on cryptocurrency.

Trump used the occasion to underline his support for the crypto industry and advocate for deregulation. He managed to mention several key pain points for the industry, including the current U.S. SEC Chair, SAB 121, CBDCs, stablecoins and the current administration’s approach to crypto.

As crypto supporters had very much hoped, the former president indeed announced a plan to create a “strategic national Bitcoin stockpile” in the United States, if elected:

“It will be the policy of my administration, United States of America, to keep 100% of all the Bitcoin the U.S. government currently holds or acquires into the future […] This will serve, in effect, as the core of the strategic national Bitcoin stockpile.”

‘Crypto capital of the planet’

Early in his speech, Trump emphasized that his support for the crypto industry is motivated by the desire to advance the U.S. as the global leader in the sector, promising the Bitcoin 2024 audience that if elected, he would transform the U.S. into the “crypto capital of the planet”:

“If we don’t embrace crypto and Bitcoin technology, China will, other countries will, they’ll dominate […] We want China to be successful, but we have to be the most successful.”

In a clear nod to the crypto industry’s frustration with the current leadership in Washington, Trump also stated, “On day one, I will fire Gary Gensler and appoint a new SEC Chairman,” drawing cheers and chanting from the audience. Gensler, the current Chair of the U.S. Securities and Exchange Commission, appointed by president Biden, has pursued a much-criticized regulation-by-enforcement policy toward the crypto industry.

The former U.S. president also stated that Democratic Party presumptive presidential nominee Kamala Harris is “against crypto.” Earlier today, FT reported that members of Harris’ team had reached out to top U.S. crypto company representatives in an effort to “reset relations.”

Trump also referenced the much-discussed and controversial banking rule, SAB 121, which requires U.S. banks to treat cryptocurrency custody differently than other assets. Trump said he would “immediately shut down Operation Choke Point 2.0,” using the crypto industry’s term for what is perceived to be anti-crypto regulatory policy in the U.S., including rules like SAB 121.

Trump’s endorsement of cryptocurrency could significantly impact the political landscape, further cementing him as a key advocate for the crypto industry, in contrast to the Democratic leadership.

As reported by CNBC today, the Republican presidential nominee also hosted a fundraiser in Nashville, where ticket prices reached up to $844,600.

Trump’s crypto flip: From critic to advocate

Donald Trump has notably shifted his stance on cryptocurrency in recent years. In 2019, while still serving as president, Trump criticized Bitcoin and other digital currencies, stating that he was “not a fan” and arguing that valuations of Bitcoin and other cryptocurrencies are “based on thin air.” He also expressed concerns that unregulated crypto assets could enable illegal activities.

By 2021, Trump’s criticism intensified. He called Bitcoin “a scam” and advocated for the U.S. dollar to remain the dominant global currency. His administration also implemented stricter regulations on cryptocurrencies.

However, Trump has since fully reversed his position, actively seeking — and clearly getting — support from the crypto sector as he campaigns for the 2024 election.

As Trump reminded the audience at Bitcoin 2024 today, he is the first presidential candidate to receive donations in cryptocurrency. His campaign has been accepting cryptocurrency donations since May, raising over $4 million in crypto since then.

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US Senator Lummis unveils Bitcoin reserve legislation following Trump’s keynote

Published

2 months ago

July 28, 2024

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At Bitcoin 2024, Senator Cynthia Lummis proposed a more detailed plan for a strategic Bitcoin reserve to bolster the U.S. dollar and cement America’s global financial leadership.

After days of anticipation, United States Senator Cynthia Lummis finally announced her proposed legislation to establish a strategic Bitcoin (BTC) reserve. Lummis stated that the proposal is aimed at bolstering the U.S. dollar against inflation and cementing America’s leadership in the global financial system.

The announcement, made yesterday, July 27, the last day of Bitcoin 2024 in Nashville, came amid a wave of pro-crypto sentiment, amplified by a keynote address from former president Donald Trump, in which he expressed strong support for the cryptocurrency industry. Toward the end of his speech, Trump also revealed a plan to create a national Bitcoin reserve in the U.S., but didn’t elaborate on the proposal.

Bitcoin to shore up USD’s global position

Following Trump’s announcement, Lummis took the stage and explained that the Bitcoin reserve proposal seeks to secure the U.S. dollar’s position as the world’s reserve currency by incorporating Bitcoin into the nation’s strategic reserves.

“Establishing a strategic Bitcoin reserve would firmly secure the dollar’s position as the world’s reserve currency into the 21st century and ensure we remain the world leader in financial innovation,” said the senator for Wyoming.

Her plan involves the U.S. Treasury Department creating a decentralized network of secure Bitcoin vaults, acquiring one million Bitcoin over a set period, and holding these assets for at least 20 years.

The only permissible use of this reserve would be to pay down the national debt, with funding sourced by diversifying existing Federal Reserve and Treasury Department funds, Lummis elaborated.

In her speech, the Senator highlighted the urgency of the initiative by pointing to the economic challenges facing American families and the country’s soaring debt levels:

“Families across Wyoming and the U.S. are struggling to keep up with soaring inflation rates and record-breaking costs while our national debt reaches unprecedented levels; now more than ever, we need to create a brighter future for generations of Americans by diversifying into Bitcoin and securing our economic future.”
U.S. Senator Cynthia Lummis, speaking at Bitcoin 2024 in Nashville on July 27

Trump promises national Bitcoin stockpile

The senator’s announcement came immediately after former President Donald Trump took the stage to deliver his highly anticipated keynote address. Trump, who kept attendees waiting for an hour — evidently while his security team did final checks — used the opportunity to reiterate his commitment to transforming the U.S. into the global leader in cryptocurrency.

The Republican candidate for the 2024 presidential race also announced his plan to establish a “strategic national Bitcoin stockpile” if elected.

He said he would make it a policy in his administration to hold all of the Bitcoin currently in the custody of the United States and any it may acquire in the future. The accumulated coins will then serve as the core of the strategic national Bitcoin reserve.

Trump also promised to overhaul the current regulatory environment, including the dismissal of the current Securities and Exchange Commission Chair, Gary Gensler, who has been criticized for his aggressive approach toward the crypto industry.

The back-to-back announcements from Trump and Lummis have injected significant momentum into the crypto discourse, signaling a potential shift in the U.S. approach to digital assets.

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Bitcoin 2024

MicroBT Unveils New WhatsMiner M6XS+ Series at Bitcoin 2024 Conference

Published

2 months ago

July 26, 2024

admin

MicroBT, a leading innovator in the Bitcoin mining industry, unveiled its latest WhatsMiner M6XS+ series during the Bitcoin 2024 conference in Nashville, TN. The new series, featuring air-cooling, hydro-cooling, and immersion-cooling models, represents a leap forward in renewable mining technology.

Dr. Zuoxing Yang, founder and CEO of MicroBT, highlighted these advancements in his keynote address, emphasizing the company’s commitment to sustainable and efficient mining practices. Renewable mining, according to Dr. Yang, is the future of the industry, with solar mining poised to be at the forefront. He predicted that by 2026, the electricity cost for solar power mining could drop to approximately 4 cents USD per kWh, saying it would eliminate the primary impediment to the solar power mining industry.

MicroBT’s solar mining technology has seen substantial advancements, including the successful pilot of a 100 kW project. Dr. Yang announced the forthcoming launch of the WhatsMiner solar mining container system and called on industry partners to join in advancing solar-powered mining excellence.

One of the new features of the WhatsMiner hydro-cooling miner is its high outlet water temperature, now capable of reaching up to 80℃ (176℉). This allows for versatile heat utilization, such as agricultural heating, regional heating, and power grid balancing. MicroBT’s hydro-cooling technology aims to offer a reduced cooling source solution for mining but also enhance its competitiveness in the renewable mining sector.

Dr. Yang also introduced the latest models in the WhatsMiner lineup:

WhatsMiner M60S+ (air-cooling): Hashrate of up to 210 TH/s with a power efficiency of 17 J/T.’

WhatsMiner M63S+ (hydro-cooling): Hashrate of up to 450 TH/s with a power efficiency of 17 J/T and outlet water temperature reaching 70℃ (158℉).

WhatsMiner M64 (hydro-cooling): Hashrate of up to 206 TH/s with a power efficiency of 19.9 J/T and outlet water temperature reaching 80℃ (176℉).
WhatsMiner M66S+ (immersion-cooling): Hashrate of up to 318 TH/s with a power efficiency of 17 J/T.

Dr. Yang then promised additional products and solutions set to launch in the spring of 2025.

Following Dr. Yang’s keynote, Wright Wang, Sales & Marketing Director of MicroBT, joined a panel discussion with Ghazaleh Barman from Riot Platforms and Niek Beudeker from Peak Mining (part of Northern Data Group). The panel focused on collaboration from manufacturing to mining, with Wang noting that Riot hosts the world’s largest immersion-cooling deployment and Northern Data is set for a large-scale hydro-cooling deployment. In which these operations are predominantly powered by WhatsMiner products.

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