Bitcoin price eased Monday following an early rally after former President Donald Trump at the Bitcoin 2024 conference announced plans to embrace cryptocurrency if elected to a second term.
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Trump at the annual bitcoin conference in Nashville on Saturday promised to make the U.S. the “crypto capital of the planet” and create a bitcoin “strategic reserve” with digital assets the government currently holds, according to reports.
The federal government’s current bitcoin holdings, primarily acquired through law enforcement seizures, would form the core of his “strategic national bitcoin stockpile,” Trump said.
“If I am elected, it will be the policy of the United States of America to keep 100% of the bitcoins the U.S. government currently holds or acquires in the future,” Trump said during his keynote speech.
He also repeated his campaign promise to commute the sentence of Ross Ulbricht, founder of the online black market, the Silk Road.
The Silk Road was popular for hosting illegal drug transactions and money laundering activities using bitcoin and other cryptos. Ulbricht was arrested in 2013 and sentenced to life in prison.
Fellow presidential candidate Robert F. Kennedy Jr. also pitched a national bitcoin reserve while speaking at the conference Friday. Kennedy said he would sign an executive order for the U.S. Treasury to purchase 550 bitcoin a day. Kennedy’s goal is to establish a strategic reserve of 4 million bitcoin to match the country’s gold stake.
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Gensler In The Hot Seat
Trump’s platform includes plans to establish a presidential advisory council for bitcoin and cryptocurrencies. In addition, the former President also vowed not to establish a central bank digital currency.
Trump also promised to fire current Securities and Exchange Commission Chair Gary Gensler, which drew large applause from the crowd. Many crypto experts view Gensler as a roadblock to developing the industry due to his rulings on digital assets and various lawsuits against crypto exchanges.
“I will appoint an SEC chair who will build the future, not block the future,” Trump said.
Bitcoin Price Spikes
Bitcoin eased below $67,400 by late Monday, back near its $67,000 level prior to Trump’s conference speech. BTC rocketed in the morning to peak at $69,990. The world’s largest cryptocurrency has spiked 60% so far this year.
Ethereum traded around $3,320 late Monday, easing slightly from its overnight high of $3,396. The price of ethereum is rebounding after spot ethereum ETFs launched last week. Ethereum rallied 45% in 2024.
Coinbase (COIN) fell 3.6% Monday to erase its 3.8% bounce in the morning. COIN stock is consolidating with a 283.48 buy point, but could have a handle entry of 272.55 after Monday’s close.
Bitcoin miners Marathon Digital (MARA) and CleanSpark (CLSK) tumbled about 5% Monday after jumping that much in early trade. Hut 8 (HUT) slid 2.2% Monday, paring its 6% gain from the morning.
You can follow Harrison Miller for more stock news and updates on X/Twitter @IBD_Harrison
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