- Presidential candidate Donald Trump’s Bitcoin 2024 keynote speech created many headlines but little market confirmation.
- Presidential candidate Robert Kennedy stole some of Trump’s thunder by promising a strategic Bitcoin reserve before Trump’s speech.
Trump’s Bitcoin 2024 Keynote Leads to Volatile Round-Trip for Prices
Presidential candidate Donald Trump addressed the crowd at the Bitcoin 2024 conference on July 27th as the event’s keynote speaker.
Trump made crypto a top policy issue early in his campaign, though his earliest efforts were notably low on substance.
This speech, by contrast, was well-designed to appeal directly to some of the biggest concerns of crypto-conscious voters:
- Holding every bitcoin that the federal government has or will acquire in the future.
- Firing the current chairperson of the Securities and Exchange Commission (SEC), Gary Gensler, on his first day as president.
- Appointing a crypto advisory council to the President on his first day as president.
- Guaranteeing low electricity costs for crypto mining through supportive policies for fossil fuels.
Presidential candidate Robert Kennedy spoke at the conference first and attempted to preempt Trump with promises of his own.
Presumptive Democratic presidential candidate and current Vice President Kamala Harris declined an invitation to speak.
The Bitcoin price initially dumped and pumped 3% in the first few minutes after Trump’s speech.
The Bitcoin price then dropped 3% again over the span of a few hours before recovering all losses once again by the end of the weekend.
Kennedy Trumps Trump with Bitcoin Fort Knox
Robert Kennedy spoke before Trump and used the opportunity to promise more than Trump was expected to.
Kennedy suggested that Trump was about to promise a Bitcoin Fort Knox.
This refers to the U.S. strategic gold reserve, much of which is held in Fort Knox, an army base in Kentucky.
Kennedy promised his own 4 million bitcoin strategic reserve, which would match the value of U.S. gold reserves.
He would direct the U.S. Treasury to purchase 550 bitcoins per day to achieve this target.
“If I am 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.”
– Donald Trump, presidential candidate, stated.
The Reality of a Strategic Bitcoin Reserve
Trump and Kennedy’s promises to hold Bitcoin led to much speculation about the legality and impact of a strategic Bitcoin reserve.
Legal experts argued that it is not within the president’s power to establish a Bitcoin reserve.
Both candidates’ promises would require Congress to approve new legislation.
Senator Lummis of Wyoming, a noted pro-crypto advocate, announced a plan to draft legislation for a strategic Bitcoin reserve after Trump’s speech.
Her plan includes the accumulation of 1 million bitcoins, 5% of the world’s supply, over 5 years.
This reserve would be held for a minimum of 20 years, with the goal of using the projected appreciation to pay down the federal debt.
While there was a notable buzz in the crypto community surrounding all these ideas, their speculative nature led to the volatile yet ultimately neutral Bitcoin price action over the weekend.
