Trump's speech at Bitcoin 2024 Nashville

For those who have been following Trump for a while know that he was not always embracing crypto as a real money, not even Bitcoin. However, throughout the years, his opinions on crypto have certainly swayed the other way. Many find it stunning how the former President Donald Trump addressed the largest annual gathering of cryptocurrency enthusiasts at the Bitcoin 2024 conference in Nashville, Tennessee.

From Bitcoin’s Critic to Bitcoin’s Champion

While Trump was president, when asked about Bitcoin, he referred to it as “not money” and “highly volatile” while talking strongly about the strength of the US dollar and how it is as high as it has ever been. There was even an infamous Tweet in 2019: “We have only one real currency in the USA, and it is stronger than ever. It is called the United States Dollar!”.

Trump also warned about how cryptocurrencies have the potential to facilitate illegal activities. Because of that, it was quite a surprise for many that on July 27th, Trump took the stage at the Bitcoin conference as a newfound supporter.

His speech highlighted a complete turnaround of what he was preaching, and he embraced the potential and promise of the crypto industry. Of course, for those who have been following Trump closely before the elections might be familiar that Trump has been involved in crypto for quite some time, as he also dabbled into selling NFTs which were portraying him as a superhero.

Key Points of Trump's Speach

As a well-spoken person, Trump made some really interesting statements during his time at the conference. While the speech was around the 45 minute mark, he certainly hit some key points that will help him during the elections.

Trump criticized the Biden administration’s regulatory approach, labeling it as a “war on crypto.” He pledged to fire the SEC (Securities and Exchange Commission) Chair Gary Gensler and promised to create a strategic national Bitcoin stockpile.

Of course, it would not have been a Trump speech without patriotism, which is why he emphasized that the US has to be the one that leads in cryptocurrency. He stated, “If crypto is going to define the future, I want it to be mined, minted, and made in the USA.” Naturally, the audience loved this.

Last but not least, a very interesting part of the speech was when Trump said that his campaign accepts Bitcoin donations and that it has already raised about $4 million. That is quite a high number for something that needed an announcement.

How Did The Crypto Community React?

The response from the cryptocurrency community has been notably positive. Leaders and investors have increasingly aligned themselves with Trump, contributing millions to his campaign and voicing support for his pro-Bitcoin stance. Prominent figures like Tyler and Cameron Winklevoss have publicly endorsed him, pledging significant Bitcoin donations.

David Bailey, CEO of the bitcoin-focused media company BTC Inc., revealed that Trump's campaign had been actively educated on the industry's policy agenda, highlighting the potential political backing he could gain by embracing cryptocurrency.

Of course, even with Trump’s newfound support, the cryptocurrency industry continues to grapple with significant challenges. One thing that is really contributing to this is the arrest and imprisonment of Sam Bankman-Fried, the former CEO of FTX, who has been running a multibillion-dollar fraud scheme. This has really shaken up the people’s trust and confidence in digital currencies.

Volatility Index Rises to 65

One thing that is shaking up the Wall Street, despite Trump’s speech and all, is the recent change in the Volatility Index. It has risen to 65, which is the highest level since the pandemic market plunge in 2020. The only other time besides the pandemic when the $VIX has traded above 65 was during the 2008 Financial Crisis.

While this might seem troublesome, Bitcoin along with other crypto has always shown that is quite resilient, and when it was dropping down, it has recovered in value quite swiftly, and it reached a new all-time high.

As Trump continues to support crypto, and as the elections draw closer, one can expect a significant increase in crypto value after a short drop. Keep your eyes on the VIX, as its drop can be a great opportunity to invest in crypto once it starts bouncing back up.