As a seasoned financial analyst with over two decades of experience in the industry, I have closely watched the evolution of Bitcoin and other cryptocurrencies. The recent announcement by US Republican Presidential candidate Donald Trump regarding his plans for the US government’s Bitcoin holdings if elected has piqued my interest.
At the Bitcoin 2024 conference in Nashville on July 27, former US Republican Presidential candidate Donald Trump graced the audience with his long-awaited presence. During his speech, Trump shared his plans with the crypto-enthusiast voters regarding the US government’s Bitcoin holdings should he secure the presidency once again.
What Donald Trump Plans To With The US Bitcoin Holdings
At the Bitcoin conference, Trump expressed his intention, should he be elected, to enforce a new policy requiring the US administration to retain 100% of its existing or future Bitcoins. He emphasized this point by noting that the government had previously breached a fundamental rule in the Bitcoin community, which is not to sell one’s Bitcoins.
According to Arkham Intelligence’s on-chain analysis, the US government currently owns approximately 213,239 Bitcoin, equivalent to around $14.87 billion. However, it is worth noting that the government has previously disposed of some of its Bitcoin holdings. The most recent confirmed sale occurred in April, when they offloaded 1,754 coins.
The US government’s decision to keep its Bitcoins instead of selling them is likely to boost the cryptocurrency market. Previous sales by the US have influenced Bitcoin’s price negatively. As the largest Bitcoin holder among governments, this move could reduce the circulating supply for an extended time.
Notable is the fact that the majority of the US government’s Bitcoin holdings originated from seizures made during the operation of the clandestine marketplace Silk Road, which Ross Ulbricht is known for founding. Remarkably, Trump has repeated his pledge to grant Ulbricht clemency should he secure the presidency.
Despite regaining freedom at some point, Ulbricht faces a slim chance of reclaiming the 50,591 BTC reportedly seized from the hacker who breached Silk Road and made off with Ulbricht’s funds in a past cyber attack. This is due to Ulbricht relinquishing his rights to these assets back in 2022 to cover an outstanding debt resulting from a court judgment against him.
How Trump’s Candidacy Continues To Provide A Bullish Outlook For Crypto
Prior to the conference, Trump had expressed his approval for Bitcoin and other digital currencies. Consequently, there were forecasts that the value of Bitcoin could soar to unprematched levels if Trump secured victory in the US presidential elections in November. For example, Standard Chartered projected that Bitcoin could hit $150,000 by the end of the year under such circumstances.
A Trump win could bring about clearer and more favorable cryptocurrency regulations, potentially boosting crypto prices. Given the SEC’s previous enforcement-focused regulation has caused uncertainty in the market, Trump’s pledge to replace current chair Gary Gensler may lead to a more industry-friendly approach.
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2024-07-29 14:11