Original | Liu Jiaolian
Overnight this morning, as scheduled, Trump attended the “Bitcoin 2024” summit held in Nashville, the “capital” of Tennessee, USA, and delivered a keynote speech. Yesterday, Xiao Kennedy’s speech about the willingness to include Bitcoin in the US national reserves was introduced by Jiaolian in the article “Bitcoin Will Enter the Era of National Reserves” on July 27, 2024. Trump’s arrival, along with his unique provocative speech, once again raised this topic to a new climax.
While Trump was giving the keynote speech, around 4 am Beijing time, the bulls and bears launched a fierce battlefield around BTC. Just as written in Jiaolian’s article “The Bullet Shot at Trump, But Killed the Bear Market” on July 14, 2024, this time at the “Bitcoin 2024” conference, the forces behind the bears launched a “sniper” attack on BTC in the crypto market, pushing the front line from 69k on the 27th to 66.6k, attempting to extinguish the flames of Trump’s inspiration for the future of Bitcoin.
However, the bulls quickly organized a defense and successfully counterattacked, firmly defending the 68k line. The bullets aimed at Trump were dodged by him, and the bears’ sniper attack on BTC was unsuccessful. The intensity of the behind-the-scenes game can be seen.
Trump said, “(Bitcoin) is like the steel industry 100 years ago”, “it is still in its infancy”, “one day, it may surpass gold. At the current trend, this is entirely possible.”
When Jiaolian wrote the article “Bitcoin in Fresh Armor” on December 4, 2023, the price of BTC was 40,000 dollars, with a market value of nearly 800 billion dollars, while gold was nearly 14 trillion dollars, with the former being about 1/17 of the latter.
Today, BTC has reached 68,000 dollars, with a market value of 1.34 trillion dollars, which is 1/12 of the gold market value of 16 trillion dollars.
If BTC catches up with the current gold market value of 16 trillion dollars, it can be easily calculated that the price of each BTC will be multiplied by 12, reaching over 800,000 dollars.
Trump said, “Bitcoin and cryptocurrencies will drive our economic growth, consolidate America’s financial dominance, and enhance the strength of the entire country for a long time to come.”
He used his influence to educate: “Many Americans do not know that the US government is one of the largest holders of Bitcoin.” “The federal government owns nearly 210,000 Bitcoins, accounting for 1% of the total supply.”
Then he criticized the US government for violating the “HODL” principle by selling BTC several times. From Trump’s skillful use of the crypto jargon “HODL,” it can be seen that he and his team have done their homework.
Regarding the holdings of various governments, readers can review Jiaolian’s article “No Need to Fear Governments Selling Pressure, This Cycle is Enough to Neutralize All!” on July 9, 2024. The cheerful German government has already cleared its inventory. If the US government, the largest holder, will indeed HODL as Trump said, it will significantly reduce uncertainty from selling pressure, which is definitely a big advantage.
Trump shouted, “Never sell your bitcoins.”
So he made a major announcement on the spot. He said, “I declare that if I am elected, my government policy will be that the US will retain 100% of all Bitcoins currently held or acquired in the future.” “This will actually serve as the core of the national Bitcoin strategic reserves.”
Trump was passionate: “My commitment to everyone is: I will be the president that America needs to support innovation and support Bitcoin. This will be a prosperous industry, a great industry.”
Of course, the loudest applause Trump’s speech won was for which point? Readers can guess.
It was when he announced, “On my first day in office, I will fire Gary Gensler and appoint a new SEC chairman.”
Actually, before the current SEC chairman Gary Gensler came into office, the entire US crypto industry had high hopes for him. As a technology bureaucrat, he had taught Bitcoin-related courses at US universities and should have a better understanding of cryptocurrencies.
However, Gary Gensler’s performance was disappointing. Although he approved the spot Bitcoin ETF and spot Ethereum ETF during his tenure, making a name for himself in the history of crypto development, his inherent conservatism and resistance to change led to calls for his resignation by the entire industry and an increasing number of people.
As early as February 14, 2023, Jiaolian had introduced in the article “He Swore to Bring Down the SEC Chairman” that Messari founder Ryan Selkis had fired shots at Gary Gensler: “My new goal in life is to end Gary Gensler’s political career and make him the reason for Biden’s reelection failure.”
In Jiaolian’s view, Gary Gensler’s problem is not a lack of knowledge or caution but his insistence on using old laws to manage new things, suppressing public opinion with his own interests, which seriously violates the law of historical development and will inevitably hinder industry innovation and global progress. Specifically, as analyzed in Jiaolian’s [“7.25 Jiaolian Internal Reference: The Market Expects a 100% Rate Cut by the Fed in September”], “Gensler has always insisted that there is no need for separate legislation to regulate crypto, advocating that the 1933 Securities Act and the 1934 Securities Exchange Act are perfectly applicable to regulate crypto, which hides a post hoc fallacy, after all, no crypto project was done before 1933……”
His proposal is as ridiculous as managing email with postal management thinking, managing public accounts with newspaper management thinking, managing short videos with television management thinking, managing WeChat chats with SMS management thinking, managing e-commerce with physical store management thinking, etc.
The Democratic Party, which should lean towards progressive leftism, has become an image that hinders innovation and technological progress. Meanwhile, the Republican Party, which should lean towards conservative rightism, has suddenly turned to support the Bitcoin and crypto revolution.
Republican Trump said, “The suppression of cryptocurrencies and Bitcoin by the Biden-Harris administration is wrong and very detrimental to our country. This is un-American.”
After years of party struggle, they ultimately ended up becoming like each other.
