The third day of Bitcoin 2024 is behind us. Donald Trump showed up. However, the more important declaration was made during the speech of his party colleague, Cynthia Lummis.
Bitcoin 2024 is going down in history
Bitcoin 2024 is truly history. And no, I don’t mean the event is over. I mean, historic words were spoken during it.
During the third day of Bitcoin 2024 you could listen to Donald Trump. I described his speech in a separate text. In this one I will focus on what Cynthia Lummis said. The US senator proposed a change in Fed policy: adding bitcoin to the reserve!
Lummis wants the US government to buy bitcoins over 20 years, to a total of 1 million, or 5% of the total supply. The process would begin by adding to the reserve the more than 200,000 BTC the government already has, funds that have been seized from criminals.
This bitcoin reserve that we’re going to create is going to start with the 210,000 bitcoins that President Trump just mentioned, which are going to be moved into a reserve, stored in different vaults, and that’s just the beginning.
– she said.
She indicated that her point was simple: Bitcoin has growth potential. And a lot of it!
We now have funds, but we will no longer keep them in US dollars and assets that are expected to lose value by at least 2% per year, we will keep them in assets that are expected to increase in value
— she explained.
A change of guard is needed
Three senatorial candidates also appeared at Bitcoin 2024. They took part in a discussion on cryptocurrencies.
The three are: Bernie Moreno, the Republican Party candidate for the U.S. Senate in Ohio, Sam Brown, running for the Senate in Nevada, and finally John Deaton, who is facing Elizabeth Warren herself in Massachusetts.
Moreno called his district opponent, Sherrod Brown, “Elizabeth Warren’s useful idiot.” He reportedly “isn’t even interested in understanding what bitcoin is.” The Republican added that U.S. voters need to “get rid of these people who want to die in their seats.”
Since Warren’s name has already been mentioned twice, I have to mention that in recent years she has become the face of the US anti-cryptocurrency policy. On the list of bitcoin “bad guys” she can be put next to Gary Gensler.
Deaton wants to challenge Warren:
I’m taking on Elizabeth Warren, who wants to ban self-custody of bitcoin in the United States… George Orwell is turning in his grave, but I’m telling you I will beat Elizabeth Warren.
All three then explained how Democratic Party policies pose a threat to cryptocurrencies. They pointed to the government’s moves over the past few years.
Deaton, who has admitted that he “holds 82% of his entire net worth in bitcoin,” is probably credible in his desire to take on the Democrats.
How to rate Bitcoin 2024?
The entire conference will go down in history mainly because of the declarations of Trump and Lummis. The question is whether the ideas of both will be implemented. Much will depend on the results of the elections: presidential and congressional by-elections.
The idea of adding BTC to the US reserve is tempting for investors, but Lummis may have to clash with the entire deep state. Remember, such a move will be considered very risky by many, because Bitcoin is still hard to compare to gold, if only because the cryptocurrency has been on the market for a little over 10 years.
As for Trump’s words… Well, his speech at many points resembled a show during an election rally. However, if he delivers on his promises regarding cryptocurrencies, the entire industry can feel satisfied.
