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Donald Trump Vows to Make US the ‘Crypto Capital of the Planet’

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Donald Trump Vows to Make US the 'Crypto Capital of the Planet'

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Trump Vows to Fire SEC Chairman at Nashville Bitcoin Conference

Applause at Bitcoin Conference Follows Donald Trump’s Vow to Fire SEC Chairman Glen Gensler

Former President Donald Trump has unveiled his plan to make the United States the “cryptocurrency capital of the world and the world’s Bitcoin superpower,” pledging to create the country’s first strategic Bitcoin reserve if elected.

Trump is the first presidential candidate from a major political party to make Bitcoin and cryptocurrencies a campaign theme, and the first American president to speak at a Bitcoin event, addressing an enthusiastic standing-room-only audience. Crowd at Bitcoin 2024 Conference at Music City Center in Nashvilletwo weeks after surviving an assassination attempt.

“If cryptocurrency is going to define the future, I want it to be mined, minted and produced in the USA,” Trump said. “If Bitcoin is going to the moon, as they say, ‘it’s going to the moon,’ I want America to be the nation that leads the way.”

A cornerstone of his plan to make that happen is the first Strategic National Bitcoin Stockpile, consisting of about 210,000 bitcoins, worth about $13 billion, which the federal government has already obtained through legal seizures by law enforcement. The U.S. government is among the largest holders of bitcoin in the world.

“For far too long, our government has violated a cardinal rule that every Bitcoiner knows by heart: never sell your Bitcoin,” he said. “If elected, my administration’s policy for the United States of America would be to retain 100% of all Bitcoin that the United States government currently holds or acquires.”

While Trump has previously expressed skepticism about Bitcoin, even calling it “a disaster waiting to happen,” on Saturday he vowed to be a “pro-Bitcoin president.”

Trump took the stage 57 minutes after he was scheduled to speak, and about three hours after access to the room was cut off by the Secret Service. Despite the delay, during which rumors spread of a surprise appearance by Space X CEO Elon Musk, whose plane was flying over Nashville at the time, the crowd remained enthusiastic for the former president.

During his 51-minute speech on Saturday, Trump praised the innovation of industry leaders as critical to the nation’s future, comparing the cryptocurrency industry to the steel industry of 100 years ago and calling the crowd “the Edisons and Wright Brothers and Carnegies and Henry Fords of our day.”

“America always plants its flag on the next frontier and boldly pushes forward,” Trump said. “You are building America’s future with your wits, your grit, and your skin in the game.”

Trump has made moves in recent months that signal his crypto reversal goes deeper than rhetoric. Earlier this year, Trump became the first presidential candidate to accept donations in Bitcoin and cryptocurrency. Since doing so in May, Trump announced Saturday that his camp has raised $25 million in Bitcoin and other cryptocurrencies. He has also chosen a running mate in Ohio Sen. J.D. Vance, who has supported cryptocurrency and disclosed in 2022 that he holds Bitcoin.

While in Nashville, Trump reportedly held a fundraiser for his campaign, where the most expensive tickets sold for up to $844,600 per person, the maximum amount contributed to his joint fundraising committee, the Trump 47 Committee. Photo opportunities with Trump were available for $60,000 per person and $100,000 per couple.

Trump will speak at a rally in Minnesota on Saturday night alongside Vance, aiming to make the historically Democratic state competitive.

Vows to fire SEC chairman, commute Silk Road founder Ross Ulbricht’s sentence

Trump made several promises to the world’s leading Bitcoin users on Saturday, including appointing a pro-cryptocurrency council to draft regulations for the industry, increasing U.S. energy production to support Bitcoin mining, commuting Ross Ulbricht’s sentence, and “firing” U.S. Securities and Exchange Commission member Gary Gensler.

Trump has pledged to appoint a Bitcoin and Cryptocurrency Advisory Council on his first day in office and task the group with “designing transparent regulatory guidance that will benefit the entire industry” within 100 days.

“We will have regulations, but for now the rules will be written by people who love your industry, not people who hate your industry,” he said.

He touted his plan to “harness American energy in all its forms,” ​​to bring power and electricity to the lowest cost in the world, which he said would make America “the undisputed mineral power of the world.”

“Bitcoin and cryptocurrencies will grow our economy, consolidate American financial dominance, and strengthen this entire country, long into the future,” he said.

Trump also reiterated his commitment to commute the sentence of Ross Ulbricht, founder of the darknet marketplace Silk Road, which facilitated the sale of narcotics and is currently serving a life sentence, prompting chants of “Free Ross! Free Ross!” from the crowd. Trump also said he would shut down the U.S. Department of Justice’s Operation Choke Point, an investigative initiative to investigate banks, gun dealers and short-term loan providers deemed to be high risk of fraud.

But the biggest cheers of the speech came when Trump promised to “fire” U.S. Securities and Exchange Commission Chairman Gary Gensler, an announcement that brought the audience to its feet. Gensler has been hostile to the cryptocurrency industry.

“I didn’t know he was that unpopular,” Trump said. “Let me say that again. On day one, I will fire Gary Gensler.”

The crowd roared again and erupted into chants of “Trump! Trump! Trump!”

“I will nominate a new SEC chairman who believes America should build the future, not block it, which is what happened. And Kamala Harris wants to nominate him for Treasury Secretary.”

Ending Biden’s ‘Anti-Crypto Crusade’

He pledged to stop what he called an “anti-crypto crusade” by the Biden Harris administration and oppose attempts to establish a central bank digital currency, to cheers from the crowd.

Unlike his independent opponent Robert F. Kennedy Jr., who spoke at Friday’s conferenceTrump has not promised to order the U.S. Treasury to strategically purchase Bitcoin to help stabilize the U.S. dollar.

“The moment I take the oath of office, the persecution will stop and the militarization of your industry will end, and that will be as long as I am in the Oval Office,” Trump said.

“You’re going to be very happy with me,” Trump said, drawing a laugh. “You’re going to be so happy.”

He celebrated President Joe Biden’s withdrawal from the race, but criticized Vice President Kamala Harris as “a radical left-wing lunatic” who is “anti-cryptocurrency… very anti-cryptocurrency.”

“For three and a half years, the current administration has waged a war against cryptocurrencies and Bitcoin like no one has ever seen before,” he said.

He encouraged the crowd to vote, warning that if he lost the election, “this country could be finished,” calling his political opponents “totalitarians hell-bent on destroying cryptocurrencies.”

“You have the SEC, you know what they’re doing: destroying Bitcoin. The reason couldn’t be clearer, because Bitcoin represents freedom, sovereignty, and independence from government coercion.”

Trump criticized the Biden administration’s spending, blaming it on “trillions of dollars of ridiculous waste approved by our opponents” that he said led to “the same inflationary disaster that Bitcoin proponents have always predicted.”

“Bitcoin proponents understand inflation frankly better than anyone else, if they would just listen,” Trump said. “Twenty to 30 percent of the value of every dollar has been wiped out rapidly. The life savings of millions of Americans have been rapidly destroyed. This is a stealth tax. I call it the Biden tax, now I call it the Harris tax. Inflation is a 50 percent tax on people. This is a human tragedy.”

He has pledged, if re-elected, to reduce regulations, fight inflation and make permanent the tax cuts passed during his first term.

“Those who say Bitcoin is a threat to the dollar have it exactly the opposite: Bitcoin does not threaten the dollar,” he said. “The behavior of the current U.S. government is really threatening the dollar.”

Tennessee Senator Marsha Blackburn and Former Presidential Candidate Vivek Ramaswamy Promote Bitcoin

Several Tennessee officials attended or spoke at the Bitcoin conference and expressed support for integrating cryptocurrency into the mainstream economy.

On Saturday night, Tennessee Republican Senator Marsha Blackburn joined former presidential candidate and entrepreneur Vivek Ramaswamy in a debate, voicing her support for making Bitcoin an investment option in federal employee 401(k) retirement plans.

Ramaswamy said that Bitcoin should remain apolitical and that political support for Bitcoin stems from a desire to do what is best for the country.

“Capitalism is neutral. Capitalism is what unites us across our otherwise partisan differences,” he said.

Blackburn stressed his support for the industry and the need to give people the personal freedom to invest in Bitcoin.

“The federal government should not be meddling in your transactional life,” Blackburn said.

Blackburn also hosted a “Biscuits and Bitcoin” campaign event ahead of Saturday morning’s conference with Ramaswamy, former acting director of national intelligence Richard Grenell, and Wyoming Sen. Cynthia Lummis on Saturday, which was attended by Tennessee Attorney General Jonathan Skrmetti and Knox County Mayor Glenn Jacobs.

Later Saturday, Lummis announced he would file a bill to create a Bitcoin strategic reserve to establish the U.S. dollar as the world’s reserve currency. Earlier this month, Blackburn’s campaign announced it would accept donations in Bitcoin and cryptocurrency.

— Staff writer Hadley Hitson contributed to this report.

Vivian Jones covers state government and politics for The Tennessean. Reach her at vjones@tennessean or on X at @Vivian_E_Jones.

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Cryptocurrency Price August 1: Bitcoin Dips Below $65K; Solana, XRP Down Up To 8%

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Major cryptocurrencies fell in Thursday trading following the Federal Reserve’s decision to keep its key interest rate unchanged. Overnight, the U.S. Federal Reserve kept its key interest rate at 5.25-5.5% for the eighth consecutive time, as expected, while also signaling the possibility of a rate cut at its next meeting in September. The unanimous decision by the Federal Open Market Committee reflects a continued wait-and-see approach as it monitors inflation trends.

CoinSwitch Markets Desk said: “Bitcoin has fallen below $65,000 after the US Federal Reserve announced it would keep interest rates unchanged. However, with markets now anticipating rate cuts at the next Federal Reserve meeting in September, the outlook for a Bitcoin rally by the end of the year has strengthened.”

Meanwhile, CoinDCX research team said: “The crypto market has plunged after the Fed decision. Tomorrow’s US unemployment rate announcement is expected to induce more volatility, with the ‘actual’ figure coming in higher than the ‘expected’ one, which is positive for cryptocurrencies.”

At 12:21 pm IST, Bitcoin (BTC) was down 3.2% at $64,285, while Ethereum was down nearly 4.5% at $3,313. Meanwhile, the global market cryptocurrency The market capitalization fell 3.6% to around $2.3 trillion in the last 24 hours.

“Bitcoin needs to clear its 200-day EMA at $64,510 to consolidate further. Otherwise, a retest of $62,000 could be in the cards,” said Vikram Subburaj, CEO of Giottus.

Altcoins and meme coins, such as BNB (3%), Solana (8%), XRP (5.7%), Dogecoin (5%), Cardano (4.6%), Avalanche (4.3%), Shiba Inu (3.8%), Polkadot (3.4%), and Chainlink (4%) also saw declines.

The volume of all stablecoins is now $71.64 billion, which is 92.19% of the total cryptocurrency market volume in 24 hours, according to data available on CoinMarketCap. Bitcoin’s dominance is currently 54.99%. BTC volume in the last 24 hours increased by 23.3% to $35.7 billion.

(Disclaimer: Recommendations, suggestions, opinions and views provided by experts are personal. They do not represent the views of the Economic Times)

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Altcoins WIF, BONK, RUNE, JUP Down 10% While Bitcoin Drops 4%

BlockChainBulletin Staff

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Altcoins WIF, BONK, RUNE and JUP drop 10% as Bitcoin recedes 4%

Altcoins dogwifhat, Bonk, THORChain, and Jupiter have suffered losses of more than 10%, while Bitcoin is down 4% in the last 24 hours.

After a period of relative calm yesterday, July 31, Bitcoin (BTC) price action has seen a drastic change as the cryptocurrency dropped by more than $3,500, bringing its value to $63,300. At the same time, altcoins mirrored this trend, with the total value of liquidated positions rising to nearly $225 million over the course of the day.

Initially, the week started on a positive note for Bitcoin, which reached its highest point since early June, hitting $70,000. However, this peak was short-lived, as it was quickly rejected, leading to a substantial decline, with Bitcoin falling below $65,500.

The cryptocurrency managed to regain some stability, trading comfortably at around $66,800. However, following a Press conference According to Federal Reserve Chairman Jerome Powell, the value of Bitcoin has fallen again to $64,300, down more than 3% in 24 hours.

BTC Price Chart 24 Hours | Source: crypto.news

The recession coincided with a relationship from the New York Times stating that Iran had called for retaliatory measures against Israel following the assassination of Hamas leader Ismail Haniyeh in Tehran, increasing the risk of further conflict in the region.

Meanwhile, on the economic front, the Federal Reserve decided to keep its benchmark interest rates in place, offering little information on a planned September rate cut. Powell also hinted that while no concrete decisions have been made on the September adjustment, there is growing consensus that a rate cut is likely.

Amid Bitcoin’s decline, altcoins have suffered even more significant losses. For example, dogwifhat (Wife) saw a 12.4% drop and (DISGUST) has suffered a 10% drop. Other altcoins such as THORChain (RUNE) also fell by 10%, while Jupiter (JUPITER) and the Ethereum naming service (ENS) decreased by 8% and 9% respectively.

Among the largest-cap cryptocurrencies, the biggest losers are Solana (SOL) with a decrease of 8%, (Exchange rate risk) down 6%, Cardano (ADA) down 4%, and both Ethereum (ETH) and Dogecoin (DOGE) recording a decrease of 4.4%.

Data from CoinGlass indicates that approximately 67,000 traders have been negatively impacted by this increased volatility. BTC positions have seen $61.85 million in liquidations, while ETH positions have faced $61 million. In total, the value of liquidated positions stands at $225.4 million at the time of writing.

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Riot Platforms Sees 52% Drop in Bitcoin Production in Q2

BlockChainBulletin Staff

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Riot Platforms posts 52% decrease in Bitcoin production for Q2

Bitcoin mining firm Riot Platforms has released its second-quarter financial results, highlighting a decline in cryptocurrency mined due to the recent halving.

Colorado-based Bitcoin (BTC) mining company Riot platforms revealed its second quarter financial results, highlighting a significant reduction in mined cryptocurrencies attributed to the recent halving event that took place in early April.

The company reported total revenue of $70 million for the quarter ended July 31, a decline of 8.7% compared to the same period in 2023. Riot Platforms attributed the revenue decline primarily to a $9.7 million decrease in engineering revenue, which was partially mitigated by a $6 million increase in Bitcoin extraction income.

During the quarter, the company mined 844 BTC, representing a decline of over 50% from Q2 2023, citing the halving event and increasing network difficulty as major factors behind the decline. Riot Platforms reported a net loss of $84.4 million, or $0.32 per share, missing Zacks Research forecast a loss of $0.16 per share.

Halving increases competitive pressure

The Colorado-based firm said the average cost of mining one BTC in the second quarter, including energy credits, rose to $25,327, a remarkable 341% increase from $5,734 per BTC in the same quarter of 2023. Despite this significant increase in production costs, the firm remains optimistic about maintaining competitiveness through recent deals.

For example, following the Recent acquisition Cryptocurrency firm Block Mining, Riot has increased its distributed hash rate forecast from 31 EH/s to 36 EH/s by the end of 2024, while also increasing its 2025 forecast from 40 EH/s to 56 EH/s.

Riot Platforms Hashrate Growth Projections by 2027 | Source: Riot Platforms

Commenting on the company’s financials, Riot CEO Jason Les said that despite the halving, the mining company still managed to achieve “significant operational growth and execution of our long-term strategy.”

“Despite this reduction in production available to all Bitcoin miners, Riot reported $70 million in revenue for the quarter and maintained strong gross margins in our core Bitcoin mining business.”

Jason Les

Following its Q2 financial report, Riot Platforms shares fell 1.74% to $10.19, according to Google Finance data. Meanwhile, the American miner continues to chase Canadian rival Bitfarms, recently acquiring an additional 10.2 million BITF shares, increasing its stake in Bitfarms to 15.9%.

As previously reported by crypto.news, Riot was the first announced a $950 million takeover bid for Bitfarms in late May, arguing that Bitfarms’ founders were not acting in the best interests of all shareholders. They said their proposal was rejected by Bitfarms’ board without substantive engagement.

In response, Bitfarms She said that Riot’s offer “significantly understates” its growth prospects. Bitfarms subsequently implemented a shareholder rights plan, also known as a “poison pill,” to protect its strategic review process from hostile takeover attempts.

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Aave Price Increases Following Whales Accumulation and V3.1 Launch

BlockChainBulletin Staff

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Aave price surges amid whale accumulation and V3.1 launch

Decentralized finance protocol Aave is seeing a significant spike in whale activity as the market looks to recover from the recent crash that pushed most altcoins into key support areas earlier this week.

July 31, Lookonchain shared details indicating that the whales had aggressively accumulated Aave (AAVE) over the past two days. According to the data, whales have withdrawn over 58,848 AAVE worth $6.47 million from exchanges during this period.

In one instance, whale address 0x9af4 withdrew 11,185 AAVE worth $1.23 million from Binance. Meanwhile, another address moved 21,619 AAVE worth over $2.38 million from the exchange and deposited the tokens into Aave.

These withdrawals follow a previous transfer of 26,044 AAVE from whale address 0xd7c5, amounting to over $2.83 million withdrawn from Binance.

AAVE price has surged over 7% in the past 24 hours amid buy-side pressure from these whales. The DeFi token is currently trading around $111 after jumping over 18% in the past week.

Recently, the price of AAVE increased by over 8% after Aave founder Marc Zeller announced a proposed fee change aimed at adopting a buyback program for AAVE tokens.

Aave v3.1 is available

The total value locked in the Aave protocol currently stands at around $22 billion. According to DeFiLlamaApproximately $19.9 billion is on Aave V3, while the V2 chain still holds approximately $1.9 billion in TVL and V1 approximately $14.6 million.

Aave Labs announced Previously, Aave V3.1 was made available on all networks with active Aave V3 instances.

V3.1 features improvements that are intended to improve the overall security of the DeFi protocol. The Aave DAO governance has approved the v3.1 improvements, which also include operational efficiency and usability for the network.

Meanwhile, Aave Labs recently outlined a ambitious roadmap for the projectwith a 2030 vision for Aave V4, among other developments.

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