Republican Party candidate for president of the United States Donald Trump appeared at the much-anticipated Bitcoin 2024 conference in Nashville on July 27. Trump made several promises to crypto voters attending the conference, including what he would do with US Government Bitcoin Holdings if elected.
What Donald Trump Plans to Do with America’s Bitcoin Holdings
During the Bitcoin conference, Trump said that if elected,his administration would implement a policy directing the U.S. government to retain “100%” of the Bitcoin it currently owns or acquires. Trump made the announcement, noting that government until now, he had “broken a cardinal rule that every Bitcoin owner knows by heart,” namely, never selling his BTC.
Data According to Arkham Intelligence, the US government currently holds 213,239 BTC ($14.87 billion). However, the government has been known to shed some of its holdings in the past, and its last confirmed sale 1,754 BTC were sold in April.
Trump’s plan for the United States to own all of its Bitcoin holdings undoubtedly provides a bullish outlook for Bitcoin, given the impact that the US government’s BTC sales have had on the token’s price in the past. What’s more, The United States has the most Bitcoins among all governments. Therefore, such a move could remove a significant amount of Bitcoins from circulation for a significant period.
It is worth noting that the majority of the US government’s bitcoin holdings came from seizures made on the dim web marketplace Silk Road, which Ross Ulbricht created. Interestingly, Trump reiterated his promise to commute Ulbricht’s sentence to the death penalty if elected.
However, even if he eventually becomes a free man, it is unlikely that Ulbricht will recover the 50,591 BTC that was allegedly recovered from the hacker who stole Ulbricht and Silk Road in a previous hack. This is because the founder of Silk Road lost claims to these funds in 2022 to cover the unpaid portion of the monetary judgment.
How Trump’s Candidacy Continues to Provide Upbeat Outlook for Cryptocurrencies
Before the conference, Trump had already confirmed his support for Bitcoin and other cryptocurrencies. This has led to several predictions that Bitcoin could reach unprecedented heights if Trump wins the US presidential election in November. For example, Standard Chartered Planned that if the former president wins, bitcoin could reach $150,000 by the end of the year.
AND Trump’s victory It is also expected that more limpid and favorable regulations regarding cryptocurrencies will be introduced, which will undoubtedly have a positive impact on cryptocurrency prices. This is most likely, considering how US Securities and Exchange Commission (SEC) the approach of regulation through law enforcement has left a bad taste in the cryptocurrency market. Interestingly, Trump promised shoot SEC Chairman Gary Genslerwho has so far led this approach in the Commission.
Featured image created with Dall.E, chart from Tradingview.com
