cryptonews.net
At the Bitcoin 2024 Conference, Anthony Scaramucci, the founder of SkyBridge Capital, expressed his support for Donald Trump’s Bitcoin policy. He praised Trump for bringing Bitcoin to the attention of policymakers and highlighted the importance of bipartisan support. Scaramucci stated, “I agree with everything that Trump said about Bitcoin.” However, he also acknowledged the broader risks associated with Trump’s strategy, noting, “But I am not a one-issue voter, and I recognize the danger that he represents.”
Just to be clear: I am a bitcoiner and I applaud the policies decisions that the republicans are making to help the industry. I agree with every single thing that Pres Trump said related to bitcoin. Moreover, I praised him from the stage yesterday on forcing the issue and…
— Anthony Scaramucci (@Scaramucci) July 28, 2024
During the conference, Trump announced his plan to prevent the US government from selling its Bitcoin holdings if he were to be re-elected. According to Arkham Intelligence’s on-chain data, the government owns over 213,000 Bitcoins, valued at nearly $15.1 billion. This stance has sparked both hope and criticism within the industry.
Notable economist Peter Schiff criticized the “never sell your Bitcoin” mentality, arguing that holding Bitcoin without selling it is impractical and could lead to economic drawbacks. Schiff questioned the strategy, stating, “What’s the point of being impoverished, passing away with a large pile of Bitcoin, and having your heirs repeat the process over and over again?”
Both @saylor and #Trump say "never sell your #Bitcoin." If that's true and no one who buys Bitcoin ever sells any, what's the point of owning it? What's the appeal of living in poverty, dying with a big stack of Bitcoin, with successive generations of heirs repeating the process?
— Peter Schiff (@PeterSchiff) July 28, 2024
Trump’s consistent support for Bitcoin marks a shift from his previous criticisms in 2019 when he labeled cryptocurrencies as “not money” and highlighted their volatility. Galaxy Digital CEO Mike Novogratz suggested that Trump’s newfound enthusiasm for Bitcoin might be a political move to appeal to single-issue voters. BitMEX founder Arthur Hayes also commented on the political undertones of Trump’s stance, emphasizing its potential impact on key swing states.
The hypocrisy of politicians knows no bounds. Trump went from disliking $BTC during his presidency to now giving it an amazing endorsement trying to win over the single issue voters. If Harris, who has had no control over policy from her seat, does the same it’s pandering??… https://t.co/4zontxTknP
— Mike Novogratz (@novogratz) July 28, 2024
Marshall Beard, COO of Gemini, stressed the importance of cooperation between legislators and industry leaders to foster innovation. Beard pointed out that one in five Americans now owns digital money, underscoring the need for intelligent regulations that support the growing sector. “They should collaborate with legislators to create intelligent regulations that foster innovation without impeding it and support a sector of the economy that is, as we all know, here to stay,” Beard concluded.
1 in 5 Americans owns crypto
— Gemini (@Gemini) July 27, 2024
It's crucial for politicians to work with industry leaders to provide a foundation for innovation - @beardmars pic.twitter.com/8QyzkPXAsW
The mixed reactions to Trump’s Bitcoin strategy reflect the broader debates within the cryptocurrency community and highlight the increasing influence of digital assets on politics. As the industry continues to evolve, the need for balanced and forward-thinking policies remains critical.
Delight to Some Crypto Community
On the other hand, Trump’s announcement also received positive reactions from the cryptocurrency community, particularly from bitcoin miners, who hope for easier environmental approvals for data centers. Joe Nardini, co-Head of investment banking at B. Riley Securities, expressed optimism about the potential regulatory environment under Trump’s proposed policies.
Despite frustrations with the current administration, some Democrats have shown support for the cryptocurrency industry. In May, House Democrats, including former Speaker Nancy Pelosi and House Minority Whip Rep. Katherine Clark, backed an industry-supported regulatory bill, indicating a bipartisan consensus on the importance of the digital asset sector.
Despite the positive reception among industry supporters, bitcoin experienced a slight decline during Trump’s address, trading at approximately $67,794, a 0.3% decrease from its previous price during the period.
Trump’s bold promises and regulatory proposals highlight his commitment to transforming the U.S. into a global leader in the cryptocurrency sector, setting the stage for a pivotal role of the crypto community in the November election.