Original | Liu Jiaolian
This morning after the overnight, as scheduled, Trump attended the “Bitcoin 2024” grand event held in the “capital” of Nashville, Tennessee, USA, and delivered a keynote speech. Yesterday, the speech by Little Kennedy about including Bitcoin in the US national reserves was already introduced in the article “Bitcoin Will Enter the Era of National Reserves” by Jiaolian on July 27, 2024. Trump’s arrival and his unique provocative speech have once again brought this topic to a new climax.
While Trump was delivering the keynote speech, around 4 a.m. Beijing time, both bulls and bears engaged in a fierce battlefield confrontation over BTC. Just as written in the Jiaolian article “Bullet Shoots at Trump, but Kills the Bear Market” on July 14, 2024, this time at the “Bitcoin 2024” conference, the forces behind the bears launched a “sniper attack” on BTC in the crypto market, pushing the front line from 69k on the 27th to 66.6k, trying to extinguish the flames of Trump’s encouragement for the future of Bitcoin.
However, the bulls quickly organized a defensive battle and successfully defended the counterattack, firmly holding the 68k defense line. The bullets aimed at Trump were dodged by him, and the bear’s sniper attack on BTC also failed. The intensity of the behind-the-scenes game can be seen.
Trump said, “(Bitcoin) is like the steel industry 100 years ago,” “still in its infancy,” “one day, it may surpass gold. At the current trend, this is entirely possible.”
When Jiaolian wrote the article “Bitcoin Fresh Clothes and Angry Horses” on December 4, 2023, the price of BTC was $40,000, with a market value of nearly $800 billion, while gold was nearly $14 trillion, with the former being about 1/17 of the latter.
Today, BTC has reached $68,000, with a market value of $1.34 trillion, which is 1/12 of the $16 trillion market value of gold.
If BTC catches up to the current market value of gold at $16 trillion, it can be easily calculated that the price of each BTC will increase by 12 times to over $800,000.
Trump said, “Bitcoin and cryptocurrencies will drive our economic growth, consolidate America’s financial dominance, and enhance the strength of the entire country for a very long time.”
He used his influence to educate: “Many Americans do not know that the US government is one of the largest holders of Bitcoin.” “The federal government owns nearly 210,000 Bitcoins, which accounts for 1% of the total supply.”
Then he criticized the US government for going against the “HODL” principle and selling BTC several times. From Trump’s skillful use of the crypto slang “HODL,” it can be seen that he and his team have done their homework carefully.
Regarding the holdings of various governments, readers can review the Jiaolian article “Don’t Worry about Governments Selling Pressure, This Cycle is Enough to Offset All!” on July 9, 2024. The German government has already cleared its holdings. If the US government, with the largest holdings, really does HODL as Trump says, it will greatly reduce the uncertainty of selling pressure, which is definitely a great advantage.
Trump shouted, “Never sell your Bitcoin.”
So he made a major announcement on the spot. He said, “I declare that if I am elected, my government policy will be to hold 100% of all Bitcoins currently held or acquired in the future.” “This will actually be the core of the national Bitcoin strategic reserve.”
Trump passionately stated, “My commitment to everyone is: I will be the president America needs to support innovation and Bitcoin. This will be a prosperous industry, a great industry.”
Of course, the loudest applause for Trump’s speech was for which point? Readers can guess.
It was when he announced “On the first day of taking office, I will fire Gary Gensler and appoint a new SEC chairman.”
Actually, before the current SEC chairman, Gary Gensler, took office, the entire US crypto industry had high hopes for him. As a technical bureaucrat, he had taught Bitcoin-related courses at US universities and should have a better understanding of cryptocurrencies.
However, Gary Gensler’s performance has left the industry disappointed. Although he approved the spot Bitcoin ETF and spot Ethereum ETF during his tenure, enough to leave a mark in the history of crypto development, his inherent conservatism and resistance to change made him have to face calls from the entire industry and more and more people to step down.
As early as February 14, 2023, Jiaolian introduced in the article “He Swore to Bring Down the SEC Chairman” that Messari founder Ryan Selkis had fired shots at Gary Gensler: “My new goal in life is to end Gary Gensler’s political career and make him the reason for Biden’s reelection failure.”
In Jiaolian’s view, Gary Gensler’s problem is not that he doesn’t understand the industry or that he is too cautious, but that he insists on using old laws to manage new things, suppress public opinion for personal gain, which seriously violates the laws of historical development and will inevitably hinder innovation in the industry and progress in the world. Specifically, as analyzed in Jiaolian’s “7.25 Jiaolian Insider: The Market Expects 100% Rate Cut by the Fed in September,” “Gensler has always insisted that there is no need for separate laws to regulate crypto, advocating that the 1933 Securities Act and the 1934 Securities Exchange Act are perfect for regulating crypto, which hides a post-facto calculation, after all, no crypto project was done before 1933…”
His absurd proposition is like managing email with postal management thinking, managing public accounts with newspaper management thinking, managing short videos with television management thinking, managing WeChat chats with text messages management thinking, managing e-commerce with physical store management thinking…
The Democratic Party, which should lean towards progressive left-wing, has become an image that hinders innovation and technological progress. Meanwhile, the Republican Party, which should lean towards conservative right-wing, has suddenly turned to support the Bitcoin and cryptocurrency revolution.
Republican Trump said, “The suppression of cryptocurrencies and Bitcoin by the Biden-Harris administration is wrong and very detrimental to our country. This is un-American.”
After years of struggle between the two parties, they ultimately ended up becoming like each other.
