Trump’s Bitcoin Stance
Donald Trump, running for President again, made a big appearance at the Bitcoin 2024 conference. He promised to keep all the Bitcoin the US government owns, even if it means buying more. He said the government shouldn’t sell any of its Bitcoin, which he called a “cardinal rule” for Bitcoin users.
Government’s Bitcoin Holdings
The US government currently holds a whopping 213,239 Bitcoin, worth about $14.87 billion. They’ve sold some in the past, but Trump’s plan to hold onto it all could be good news for Bitcoin’s price. The government’s Bitcoin sales have sometimes caused the price to drop, so keeping it all could help it rise.
Silk Road Connection
Most of the US government’s Bitcoin came from seizing it from Silk Road, a dark web marketplace. Trump also promised to pardon Ross Ulbricht, the founder of Silk Road, who’s currently in prison. However, even if Ulbricht is released, he’s unlikely to get back the Bitcoin that was stolen from him.
Trump’s Crypto Support
Trump has been a vocal supporter of Bitcoin and other cryptocurrencies. This has led to predictions that Bitcoin could reach record highs if he wins the election. Some experts think it could even hit $150,000 by the end of the year.
Trump’s Crypto Regulations
Trump’s victory could also mean clearer and more favorable regulations for crypto. This could be a big boost for the crypto market, especially since the current regulations have been criticized for being unclear and harsh. Trump has even promised to fire the head of the Securities and Exchange Commission (SEC), who has been leading the charge on these regulations.
Overall Impact
Trump’s promises about Bitcoin and crypto are creating a lot of buzz. His plan to hold onto the government’s Bitcoin and his support for the crypto industry could have a big impact on the market. Whether it’s good or bad remains to be seen, but it’s definitely a hot topic in the crypto world.
