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The comments given by presidential candidates Donald Trump and Robert F. Kennedy Jr. this past weekend in Nashville, Tennessee, at the 2024 Bitcoin conference thrilled investors and enthusiasts of cryptocurrencies.

Kennedy called the federal government’s reliance on the Federal Reserve “parasitical” during his appearance on a conference panel.

“There is a symbiotic, as well as a parasitic, link between Congress, the Fed, and our nation. The Federal Reserve is not a government agency. The financial sector appoints the decision-makers.”

“I want the United States to be the nation that sets the example.”

“Lockdowns… closed down every little company in this nation, which is what we need to support while keeping Facebook, Amazon, Walmart, the oil and processed food sectors, and Big Ag open. Kennedy went on, “During that time, they all blossomed,” according to Coindesk.

Kennedy continued by urging greater “sovereignty over our own wallets” and arguing that the United States should continue to lead the world in blockchain technology.

Additionally, RFK Jr. surprised observers by showing up at the mixed martial arts competition Karate Combat during the conference and declaring that he is a “big fan of Bitcoin.”

He said, “The majority of my fortune is in Bitcoin.” “I’m all in,”

In another move that somewhat embarrassed Trump, the Republican nominee stated that he intended to declare a government Bitcoin stockpile in the event that he won.

Kennedy reportedly stated, “I realize that [Trump] may declare his intention to construct a Bitcoin Fort Knox and permit the U.S. government to purchase a million bitcoins as a tactical reserve asset,” according to Business Insider. And I think that announcement is great.”

In a similar vein, during his address, Trump referred to cryptocurrencies as “the steel business of 100 years ago” and apparently promised to maintain the federal government’s entire Bitcoin holding as a “strategic national Bitcoin stockpile.”

Trump used the well-known phrase to support his claim that “mined, minted, and manufactured in the USA” is where cryptocurrency should go.

He then said, “I want America to be the country that sets the example.”

Along with his suggestion of a national stockpile, Newsweek also reported on a number of promises made by Trump during the conference.

The former president stated that the country has “never flourished” by attempting to “suppress fresh ideas,” and this includes crypto-friendly regulations.

The Republican received a huge deal of applause when he declared that he would dismiss Securities and Exchange Commission Chairman Gary Gensler and that the SEC would stop its “anti-crypto campaign.”

Trump also suggested setting up a “Bitcoin and Crypto Presidential Advisory Group,” whose members would write policies that would support the sector rather than criticize it. Alongside this was a pledge to terminate “Operation Choke Point 2.0,” which alluded to federal authorities’ attempts to dissuade banks from collaborating with cryptocurrency firms and offering crypto services.

Finally, Trump issued a warning, saying that “China will do it” if the US doesn’t lead the way in cryptocurrency.

His most recent comments on cryptocurrencies stand in sharp contrast to his statements from 2019 when he said that “Bitcoin and other cryptocurrencies” are “not money” and “extremely volatile.”

“Do you feel like this is normal?”

Peter Gietl, managing editor of Return, who was in Nashville for the conference, claimed that Trump probably changed his mind after witnessing Bitcoin’s rise to prominence in the financial world.

“When Trump first took office, Bitcoin was still considered a niche topic or possibly a fraud in the United States.” More nations and significant financial organizations were aware of the price explosion in 2020 and started to become engaged, according to Gietl.

It ranks as the ninth most valuable asset in the world, with a current value of almost $1.4 trillion. Ignoring Bitcoin’s global influence is becoming impossible. He said, “I think President Trump and other politicians are aware of this change and are prepared to collaborate with the businesses and individuals spearheading the Bitcoin movement.

Whistleblower Edward Snowden and other Republicans Tim Scott and Vivek Ramaswamy were among the lawmakers who appeared at the meeting and aroused distrust.

The Tennessean reported that he said, “Cast a vote, but don’t join a cult.” “They are not our tribe.” Your personality differs from theirs. They are pursuing their own goals, as well as their own values and interests. Don’t offer yourself to them; instead, try to gain what you need from them.”

In contrast, Elon Musk, the owner of X, expressed his belief that Bitcoin had “merit” in his response to the incident.

“I won’t be endorsing cryptocurrency; at most, I’ll make light of it. The billionaire stated, “If you see me pumping cryptocurrency, it’s not me,” the Block reported. He went on, “I do think there’s some validity in Dogecoin because I enjoy dogs and memes, and I think there’s merit in Bitcoin and maybe some other cryptos.”

Still, the level of attention the conference attracted is a huge improvement over the state of the sector a few years ago. The Winklevoss twins became Bitcoin billionaires, and the Dogecoin millionaires seemed to have happened a whole generation ago.

If Trump wins, a whole new generation of cryptocurrency entrepreneurs with significant economic clout may emerge.

Author: Scott Dowdy

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