Crypto Wealth and BTC Reserves Around the World: Bitcoin 2024’s Most Important Aspects

Politicians from the United States who are in favor of the cryptocurrency industry expressed their views at the Bitcoin 2024 conference, which took place in Nashville from July 25 to 27.

We have gathered the primary subjects discussed during the conference.

The United States Is Poised to Emerge as the Global Hub for Cryptocurrencies

Presidential candidate Donald Trump primarily focused on subjects pertaining to the election campaign while also addressing Bitcoin (BTC) directly.

According to Trump, the initial digital currency holds the position of the ninth most valuable asset globally and is poised to surpass the market capitalization of gold and silver.

The U.S. presidential candidate highlighted that the existing administration has actively opposed cryptocurrencies and BTC. According to him, the authorities severely restricted financial services, preventing Americans from transferring their assets to exchanges.

The politician claimed that Kamala Harris, the current U.S. vice president and a potential contender for the Democratic presidential nomination, is inferior to former candidate Joe Biden. Trump has labeled her as “crazy” and holds a firm stance against cryptocurrencies.

Trump highlighted that throughout his tenure, Bitcoin experienced a remarkable surge of 3900%, skyrocketing from $898 when he assumed office to an impressive $35,900 when he departed.

The politician additionally mentioned that, upon assuming the presidency, he would dismiss the leader of the U.S. Securities and Exchange Commission. Trump stated his intention to select an individual for this role who will not hinder the progress of America.

Additionally, Trump committed to transforming the United States into a hub for mining activities. He firmly stated his opposition to the sale of the 210,000 BTC currently held on the nation’s balance sheet. He is confident that the choice to store assets will serve as the foundation of the strategic national reserve of BTC.

Acquiring a Staggering Amount of 1 Million BTC for the United States

During the conference, Senator Cynthia Lummis of Wyoming announced a bill to acquire 1 million BTC for the U.S. balance sheet. This amount represents 5% of the total supply of the asset.

She believes that establishing a Bitcoin reserve could bolster the value of the dollar amidst rising inflation and solidify the United States’ position as a global financial powerhouse.

Lummis emphasized the importance of fostering a promising future for Americans through the expansion of investments into BTC. As per the senator’s statement, the initial digital currency will be held on America’s balance sheet for 20 years. The sole purpose of utilizing these assets will be to repay the country’s national debt.

The bill aims to establish a distributed and highly secure network for storing BTC, which the U.S. Treasury Department would oversee. It is also essential to ensure that this strategic reserve does not infringe upon individuals’ financial liberties.

Bitcoin Purchase on a Daily Basis

Robert F. Kennedy Jr., an independent U.S. presidential candidate, has expressed his support for Bitcoin. He mentioned that a significant portion of his wealth is invested in BTC.

During the Bitcoin 2024 event, the politician expressed their intention to transfer 204,000 BTC to the Federal Reserve as a strategic asset if elected president of the United States. They proposed issuing an executive order to require the Justice Department to carry out this transfer. Furthermore, he would need the U.S. Treasury to purchase 550 BTC on a daily basis until the nation’s overall capital reaches 4 million BTC.

The politician also intends to eliminate taxation on transactions made with the dollar and Bitcoin entirely. Nevertheless, he did not dismiss the possibility of BTC being utilized for real estate investments as a component of a tax-free exchange.

Bitcoin Projected to Reach a Staggering $13 Million by the Year 2045.

At the conference, Michael Saylor, the founder of MicroStrategy, made a bold prediction about the future of Bitcoin. According to him, Bitcoin quotes are expected to skyrocket to an astonishing $13 million by the year 2045. Considering the current value of Bitcoin, which hovers around $65,000, its market capitalization stands at an impressive $1.3 trillion. However, it’s worth noting that this figure represents a mere fraction, specifically 0.1%, of the total global wealth. According to his statement, digital gold is projected to reach a staggering $280 trillion and experience a growth rate of 7% by 2045, with an impressive annual return of approximately 29%.

Saylor urged the audience to embrace Bitcoin maximalism by purchasing the initial cryptocurrency, transferring all their assets, and relocating to a low-tax jurisdiction to invest the saved funds in digital gold.

Concerns Surrounding the Privacy of Bitcoin Transactions

Furthermore, Edward Snowden, a former employee of both the NSA and CIA, urged American voters to maintain a critical mindset and refrain from placing blind trust in politicians.

Snowden expressed significant apprehensions about the privacy implications of the initial digital currency. Contrary to popular belief, he emphasized that Bitcoin transactions are not completely anonymous, as they can be traced back to specific individuals.

Little Enthusiasm for Cryptocurrencies

Robert Mitchnick, the head of digital assets at BlackRock, mentioned that the company has observed limited client enthusiasm for cryptocurrencies other than BTC and ETH. In addition, he noted that the company anticipates only a handful of other cryptocurrency ETFs to surface apart from these two prominent digital assets.

Mitchnick also pointed out that the majority of BlackRock clients see BTC and ETH as complementary assets rather than assets that compete with each other. According to his forecast, investors may consider allocating approximately 20% of their cryptocurrency holdings to ETH, while the remaining portion would be dedicated to BTC.

Conclusion

Numerous political figures participating in Bitcoin 2024 underscore the increasing significance of the cryptocurrency industry in the United States.

As November draws near, policymakers are showing growing interest in the crypto industry, recognizing its significance in the U.S. political landscape.

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