On July 27, 2024, former President Donald Trump made a notable appearance at the Bitcoin 2024 conference in Nashville, where he outlined his plans for the US government's Bitcoin holdings if he wins the presidential election.
During his speech, Trump declared that if elected, his administration would mandate the US government to retain “100%” of its Bitcoin holdings. He criticised the current administration for not adhering to what he described as a fundamental principle of Bitcoin enthusiasts: never selling their BTC.
Currently, the US government holds approximately 213,239 BTC, valued at about $14.87 billion, according to on-chain analytics platform Arkham Intelligence. Historically, the government has sold portions of its Bitcoin, with the most recent sale being 1,754 BTC in April. Trump's proposal to hold all government Bitcoin could potentially have a significant impact on Bitcoin’s market dynamics, reducing the available supply and potentially driving up the price.
The bulk of the US government's Bitcoin holdings were obtained through seizures from the Silk Road dark web marketplace, founded by Ross Ulbricht. Trump reiterated his promise to commute Ulbricht’s sentence if he is elected. However, it is unlikely that Ulbricht will regain the 50,591 BTC previously stolen by hackers, as he forfeited claims to these funds in 2022.
Trump’s candidacy and promises have sparked bullish predictions for Bitcoin. Prior to the conference, Trump had already voiced strong support for Bitcoin and other cryptocurrencies. Analysts, such as those from Standard Chartered, have speculated that Bitcoin could reach $150,000 by the end of the year if Trump wins the election.
Trump's potential victory is also anticipated to bring more favourable and clearer crypto regulations, which could positively influence crypto prices. This is in contrast to the current regulatory climate, which has been criticised for its enforcement-based approach under SEC Chair Gary Gensler. Trump has promised to remove Gensler, further bolstering optimism in the crypto community.
In summary, Trump's plan to retain all US government-held Bitcoin and his supportive stance on cryptocurrency have contributed to a bullish outlook for the crypto market, with potential significant implications for Bitcoin's price and regulatory environment.
In Taiwan, suspects linked to the Bamboo Union gang scammed investors out of US$3.2 million in a fake crypto mine expansion, leading to their arrest and ongoing legal proceedings.
WeiliangCoinbase's report reveals blockchain could save Americans billions in transaction fees, urging an overhaul for cheaper, faster financial systems, with significant support from both consumers and merchants.
MiyukiWormhole announces "W" token airdrop, detailing distribution, technical formats, funding success, security hurdles, and plans for decentralized governance to innovate DeFi.
AlexStephen Chow's "Nobody" NFT collection exceeds 10,000 ETH in trading, drawing attention from investors and celebrities alike, showcasing the rising influence of NFTs in reshaping digital art.
JoyU.S. prosecutors request a Curcio hearing to address potential conflicts of interest in the legal representation of crypto figures SBF and Mashinsky, amid fraud charges and company collapses.
BrianThe SEC charged TradeStation Crypto with failing to register a crypto lending product, resulting in a $1.5M penalty and highlighting regulatory compliance importance in crypto offerings.
WeiliangCryptocurrency exchanges have seen record volumes, with Binance leading the market with a 49% share. ByBit, Huobi, and OKX have also experienced significant growth, driven by higher cryptocurrency prices and the approval of spot Bitcoin ETFs.
JoyHacken's investigation suggests a potential inside job in the $112.5 million hack of Ripple co-founder Chris Larsen's wallets, with links to wallets possibly controlled by Ripple.
AlexBelarus' Central Bank plans a 2026 CBDC launch to decentralize trade, dodge sanctions, and enhance cross-border payments with blockchain technology.
MiyukiJupiter announces potential token launches for Sanctum, Sharky, and deBridge, empowering its community to decide their fate. Despite past controversies, the JUP token sees a surge in value, marking a promising outlook for Jupiter's ecosystem.
Joy