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The keynote speech by former President Donald Trump at the Bitcoin 2024 conference sent shock waves through the crypto market. The crypto community remains optimistic about the impact of his comments, even though they have not yet had an immediate effect.
Bitcoin’s Remarkable Journey
In his speech, Trump praised bitcoin as a technological marvel, noting its rapid rise from an idea on an anonymous Internet message board to the ninth most valuable asset in the world. He compared Bitcoin’s growth to the steel industry’s early days, emphasizing its potential for further expansion. In proposing a strategic national stockpile of bitcoin for all Americans, Trump has promised not to allow the government to sell its existing 210,000 BTC holdings.
Harris vs. Crypto
Trump criticized Vice President Kamala Harris, calling her “against crypto” and part of a “fascist regime.” He pointed out the role that Bitcoin plays in protecting freedom and sovereignty, by positioning it as a way of liberating itself from government control.
Market Impact
Monday was bitcoin’s biggest single day gain since mid June, climbing to $70,000. Crypto exchange Coinbase’s (COIN.O) shares climbed 3%, while miners Bitfarms , Riot Platforms (RIOT.O) and CleanSpark (CLSK.O) were up between 4% and 5%.
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