US Republican Presidential candidate, Donald Trump, recently made headlines with his appearance at the Bitcoin 2024 conference in Nashville. During the conference, Trump addressed the crypto voters in attendance and made several significant promises regarding the US government’s Bitcoin holdings if he were to be elected.
One of the most striking statements made by Trump at the Bitcoin conference was his pledge to implement a policy mandating the US government to keep “100%” of the Bitcoin it currently holds or acquires. This promise came as a response to what Trump referred to as the government’s past violations of a cardinal rule widely known among Bitcoiners – never to sell their BTC.
The US government currently holds a substantial amount of Bitcoin, totaling 213,239 BTC ($14.87 billion). Despite previous instances of the government selling off some of its holdings, Trump’s plan to have the US retain all its Bitcoin could have a significant impact on the token’s price. With the US government being the largest holder of Bitcoin among all governments, this move could potentially remove a substantial amount of Bitcoin from circulation for an extended period.
It is essential to note that the majority of the US government’s Bitcoin holdings were acquired through seizures made from the dark web marketplace Silk Road, established by Ross Ulbricht. Trump’s promise to commute Ulbricht’s sentence if elected adds an intriguing layer to the discussion. However, the chances of Ulbricht recovering his seized BTC seem slim, as he forfeited claims to these funds in 2022 to offset an unpaid money judgment.
Prior to the conference, Trump had already expressed his support for Bitcoin and other cryptocurrencies, leading to speculations about the potential impact of a Trump presidency on the crypto market. Some predictions suggest that Bitcoin could surge to $150,000 by the end of the year if Trump secures the presidency. Additionally, a Trump victory is expected to bring about clearer and more favorable crypto regulations, contrasting the SEC’s current regulation by enforcement approach that has negatively affected the market.
Donald Trump’s pledges regarding the US government’s Bitcoin holdings at the Bitcoin 2024 conference have sparked both optimism and speculation within the crypto community. While Trump’s promises may offer a bullish outlook for Bitcoin prices and market regulations, the actual implementation and ramifications of such policies remain to be seen.
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