Bitcoin
Bitcoin
The bitcoin price has climbed back toward $70,000 per bitcoin after Tesla billionaire Elon Musk warned the U.S. dollar is at risk of “destruction” and billionaire investor Mark Cuban issued a “crazy” bitcoin price prediction.
Now, as the controversial Project 2025 primes bitcoin for a $16 trillion price showdown with gold, a leak has revealed pro-bitcoin Republican senator Cynthia Lummis is drafting legislation that would require the U.S. Federal Reserve to hold bitcoin as a “strategic reserve asset” alongside gold and foreign fiat currencies.
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Republican presidential candidate and former U.S. president Donald Trump will speak at the Bitcoin … [+]
Lummis will take the stage today at the Bitcoin 2024 conference in Nashville, Tennessee ahead of Trump’s hotly-anticipated appearance tomorrow and could announce legislation that would require the Federal Reserve to hold some bitcoin as a strategic reserve asset, it was reported by Fox Business, citing “three crypto executives with knowledge of the bill.”
Lummis will appear on the Nakamoto stage at 3pm CT alongside fellow Republican senator Tim Scott where she may announce the bill. Lummis’ staff told Fox Business they hope Trump will then endorse the bill during his speech.
“₿ig things are in store this week,” Lummis posted to X this week, using the emoji for the bitcoin logo in place of the letter B.
“Having the Fed hold bitcoin as a strategic reserve asset would be a momentous move that brings stability to the U.S. dollar and our capital markets,” Alex Chizhik, chief commercial officer at HarrisX, told Fox Business. “It also sends a loud signal that our central bank is embracing innovation and as an independent body, is the natural nonpartisan home for bitcoin.”
Trump’s embrace of bitcoin and crypto in recent months has reinvigorated the bitcoin price. The bitcoin “price seems to have rebounded on positive sentiment that Donald Trump, who is likely the current favorite to win the election, is pro crypto,” Daniel Polotsky, the chairman and founder of bitcoin ATM operator CoinFlip, said in emailed comments.
This week, wild rumors engulfed the crypto community that Trump could announce he’d create a U.S. bitcoin strategic reserve during the Bitcoin 2024 conference.
“The U.S. could strategically incorporate bitcoin into its reserves, diversifying its portfolio and reducing reliance on traditional assets like gold and foreign currencies,” Markus Thielen, the chief executive of institutional-focused analysis company 10x Research, wrote in a note to clients, pointing to the around 212,000 bitcoin that the U.S. government currently holds, worth around $15 billion, compared to its $600 billion worth of gold reserves.
“The Bitcoin 2024 conference is generating significant buzz,” Rachel Lin, the chief executive of decentralized derivatives exchange SynFutures, said via email. “There’s speculation that a U.S. presidential candidate might announce bitcoin as part of the U.S. strategic reserve at the conference. Even if this doesn’t happen, a presidential candidate speaking at the event highlights crypto’s growing mainstream acceptance. Irrespective of what gets announced, this conference will become a significant milestone in crypto history.”
Independent presidential candidate Robert F. Kennedy (RFK) Jr. has already appeared at the Bitcoin 2024 conference, doubling down on his support for bitcoin and revealing he has “most of [his] wealth in bitcoin,” calling himself “fully committed,” it was reported by Coindesk.
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The bitcoin price has surged back to around its all-time highs of $70,000 per bitcoin, helping the … [+]
RFK Jr. also criticized the relationship between Congress and the Fed, calling it “both parasitical to our country, and it’s a symbiotic relationship. The Fed is not a public institution … The decision-makers are appointed by the banking industry,” he said during a conference panel hosted by TheStreet.
Meanwhile, likely Democratic Party 2024 presidential nominee Kamala Harris has ruled out an appearance in Nashville, cementing bitcoin and crypto’s status as a partisan technology supported by Republicans and opposed by Democrats.
Conference organizer and Bitcoin Magazine publisher David Bailey said in an X post it was “no surprise” that Harris had declined to appear at the event, adding, “What can she say to us when she’s actively imprisoning developers, forcing our industry overseas, attacking [proof-of-work]… it would have been a disaster for her.”
