Bitcoin and other cryptocurrencies have taken the national stage
Author: Pantera|Blockchain in Plain Language
It is well known that unlike previous U.S. presidential elections, the connection between this election and cryptocurrencies has never been closer. Trump has frequently stated that if elected, he will introduce various cryptocurrency-friendly policies, and the Harris team is also actively preparing.
Regardless of who is elected in the future, this signifies that the cryptocurrency industry may receive more regulatory attention. In this context, it is important for investors to closely monitor the attitudes and policy proposals of the candidates towards cryptocurrencies. Today, let's take a look at the views of the U.S. political arena on the cryptocurrency industry as listed by the investment management company Pantera Capital.
The following is the main content:
01
A significant political shift in blockchain
Vladimir Ilyich Lenin once said: "In some years, nothing happens; and in some weeks, decades happen."
For example, I have been investing in Bitcoin and blockchain for over ten years. Looking back over the entire time, there have been no major events involving the SEC, the president, or the government. But in the past few weeks, there has been a rational thinking that has not occurred in the past ten years. This seems like a roaring shockwave, as the ideals advocated by the cryptocurrency for the past ten years are breaking through the political barriers.
In May, a presidential candidate expressed support for blockchain; a few weeks later, two of the three presidential candidates, ten U.S. senators, and members of the U.S. House of Representatives attended the 2024 Bitcoin conference! This situation is absolutely unprecedented.
There have been too many policy changes to summarize in a few words, but here is a brief summary of the main policy initiatives:
1) Trump's Bitcoin 2024 Speech: Policy Initiatives
A. Bitcoin is a "technological miracle"
"Bitcoin is not just a technological miracle, as you know, it is also a great achievement of cooperation and human wisdom."
B. Bitcoin may surpass gold
"But I think it's like the steel industry 100 years ago. I think you're still in the early stages…
"It's already bigger than Exxon Mobil. Soon it will surpass the entire market value of silver…
"Someday it may surpass gold."
C. Trump's "America First" policy
"The reason I am here today to communicate with the Bitcoin community can be summarized in two very simple words: America first. Because if we don't do this, China will, and other countries will too. Let's do it, and let's do it right. My vision is to make America lead the future…"
"I want America to be first in technology, first in science, first in manufacturing, first in artificial intelligence, and also first in space."
D. Making America the leader in the global cryptocurrency field
"This afternoon, I will outline my plan to ensure that America becomes the capital of cryptocurrency on earth and the world's superpower of Bitcoin. We will achieve this goal."
E. The significance of Bitcoin
"Bitcoin represents freedom, sovereignty, and independence, breaking free from government oppression and control. The suppression of cryptocurrencies and Bitcoin by the Biden-Harris administration is wrong, very detrimental to our country, and really goes against American values."
F. Support for cryptocurrency policies and termination of "Operation Choke Point 2.0"
"As president, I will immediately terminate 'Operation Choke Point 2.0'…
I will cut unnecessary and burdensome regulations. Strive every day to make America the best place for entrepreneurship, including cryptocurrency companies.
'Operation Choke Point 2.0' is a term used by some in the blockchain industry to describe the efforts of regulatory agencies to cut off the connection between blockchain companies and banking services, forcing many projects to move overseas."
G. New Presidential Advisory Council on Cryptocurrency Assets
"After taking office, I will immediately appoint a Presidential Advisory Council on Bitcoin and cryptocurrency assets. Their task is to design transparent regulatory guidance for the entire industry."
H. Regulatory clarity for stablecoins
"As part of our efforts to provide regulatory clarity, we will develop a framework to facilitate the safe and responsible expansion of stablecoins, allowing us to extend the dominance of the dollar into new areas around the world."
I. Bitcoin is not a threat to the dollar
"Those who say that Bitcoin poses a threat to the dollar are completely wrong. I think the opposite is true. Bitcoin does not threaten the dollar. The current actions of the U.S. government are the real threat to the dollar."
J. Embracing new ideas
"Our country has never flourished by trying to censor new ideas and stifle people's dreams. America has always boldly raised our flag at the next frontier and pushed forward."
2) U.S. Strategic Bitcoin Reserve
It can be said that Trump has said ten things in a row that I completely agree with! This is why I am so optimistic about the future of blockchain, all these policies are completely rational. It seems that no matter who becomes the next U.S. president, the country will have rational cryptocurrency policies.
One popular and strongly supported point is the long-term currency reserve theme. On July 27, 2024, Trump also mentioned at the Bitcoin conference:
"Many Americans are not aware that the U.S. government is one of the largest holders of Bitcoin…
The federal government holds nearly 210,000 bitcoins, accounting for 1% of the total supply. But for a long time, our government has violated the fundamental principle that every Bitcoin holder remembers: never sell your Bitcoin."
Therefore, as the last part of my plan today, I announce that if elected, my government, the policy of the United States of America, will be to reserve 100% of all Bitcoin currently held or acquired in the future by the U.S. government. We will reserve 100%… This is actually making Bitcoin the core of the national strategic reserve. So, when I take steps to transform this huge wealth into a permanent national asset for the benefit of all Americans."
Before President Trump's speech, third-party candidate Robert F. Kennedy also spoke at the 2024 Bitcoin conference, pledging to establish a larger reserve:
"As President of the United States, I intend to sign an executive order on my first day in office, directing the Department of Justice and the U.S. Federal Police to transfer the approximately 200,000 bitcoins held by the U.S. government to the U.S. Treasury as a strategic asset holding.
I will sign an executive order directing the U.S. Treasury to purchase 550 bitcoins daily until the United States establishes a reserve of at least 4 million bitcoins and a dominant position that no other country can usurp. Our country holds approximately 19% of the global gold reserves. This policy will roughly maintain the same proportion of the total bitcoin supply. The chain reaction of these actions will ultimately lead to a valuation of Bitcoin in the trillions of dollars."
Shortly after President Trump's speech at the 2023 Bitcoin conference, Senator Cynthia Lummis (Republican, Wyoming) then read her legislative proposal, planning to accumulate an official U.S. federal reserve of 1 million bitcoins within five years:
"This is the Bitcoin Reserve Act. I am reading the text in the Senate, aimed at establishing a strategic Bitcoin reserve, secure storage insurance network, purchase plan, and other plans to ensure transparent management of the federal government's Bitcoin holdings…
In January 2009, when Satoshi Nakamoto mined the first Bitcoin, he created an asset that changed the world. The Bitcoin reserve we will create will start with the 210,000 bitcoins just mentioned by President Trump and integrate it into the reserve stored in geographically diverse insurance vaults, this is just the beginning. Within five years, the United States will amass 1 million bitcoins, accounting for 5% of the global supply. This will be held for at least 20 years, and can only be used for one purpose: reducing our debt.
These bitcoins will have a transformative impact on our country. Just as President Trump just said: 'We have printed too much money, we have spent too much. During the 22 months of COVID, the amount of money we printed is equivalent to the total amount of money printed in U.S. history, this situation needs to be stopped. By establishing a strategic Bitcoin reserve, we will have an asset that can halve our debt by 2045."
3) Harris's Actions
On July 27, 2024, according to the Financial Times: "Kamala Harris's campaign team seeks to 'reset' relations with cryptocurrency companies": "Kamala Harris's advisors have contacted top cryptocurrency companies, and her team is trying to rebuild relations with the cryptocurrency industry, which played a significant role in supporting her presidential opponent, Trump.
Four sources familiar with the matter said that the Vice President's team has recently been in contact with individuals close to cryptocurrency companies, including leading trading platform Coinbase, stablecoin company Circle, and blockchain payment group Ripple Labs."
4) Views of Representatives and Senators
Representatives Kana and Nicole both emphasized at the Bitcoin conference: "I really don't see why this would be a partisan issue. Opposing Bitcoin is like opposing cell phones. Amen, Satoshi Nakamoto has given this technology to the world."
"Representative Nicole said in an interview with Bitcoin Magazine on August 2: "In Nashville, my main focus is to keep this issue within the scope of bipartisan attention, which is something I have always been committed to in Congress."
Senators Scott and Lummis together stated in their speech at the 2024 Bitcoin conference on July 26: "The significance of Bitcoin is to bring resources, opportunities, and market access to those who need it most. This is what we need to do - give ordinary Americans the opportunity to make decisions at home. Whether you are on a mountaintop or in a valley, democratizing our financial system is key to achieving the American dream. We will do everything we can to achieve this goal…
As the Chairman of the Banking Committee (Senate), I guarantee that we will push this legislation through the Banking Committee and strive to make it a law in the United States, allowing Bitcoin to be free domestically! Finally free! Thank God, it's finally free…"
02
Bitcoin 2024 Panel Discussion Summary: "Bitcoin - A Highly Potential Opportunity"
Panel guests include:
Dan Morehead, Founder and Managing Partner of Pantera;
Anthony Scaramucci, Founder and Managing Partner of SkyBridge Capital;
Gary Cardone, Managing Partner of Cardone Digital Ventures
Host: Aaron Amold
A. A Highly Potential and Unmissable Opportunity
Dan: "Anthony, when we were at Goldman Sachs, commodity investments were seen as an asset class, and at that time I was involved in emerging market investments, and now emerging markets have also become a major asset class. Next, I predict that in five years, almost every institutional investor will set up a blockchain team and allocate funds. This allocation could reach 800 basis points. And the reason I am still optimistic is because currently no institution is truly allocating such funds.
This is the first time that 'smart money' has missed an opportunity. Now, almost all institutional investors' blockchain investments are either non-existent or less than 1%.
This is not only the most potential investment opportunity I have seen, but also possibly the most unmissable investment opportunity. Although it may be slower than we expected and may experience some fluctuations, almost everyone will be using blockchain in the next ten years. This is very clear. So, I still believe that this is an investment opportunity that is highly potential and unmissable, because institutions have not truly intervened yet."
B. Is He Still Complaining?!
Aaron: "You said it might take ten years, or even longer, to surpass the market value of gold. We don't know the exact time. It's hard to predict, but why does it take so long? Why hasn't it happened yet?"
Dan: "Aaron's question is exactly why I like this investment. We have been doing this for eleven years, and in these eleven years, the value of Bitcoin has doubled on average every year… and he's still complaining about slow progress. This is actually already a great investment opportunity!"
C. The Political Shift of the Government towards Blockchain is Major News in the Crypto Field
Aaron: "If Trump wins the election, would this be a huge benefit for Bitcoin? How do you, as a Bitcoin holder, view this issue?"
Dan: "I think this is the biggest news in the crypto field… I think the former president changed his views in May, and this is a major event in the crypto field. Regardless of whether he is elected, or another candidate is elected, everyone's attitude has changed. The SEC has already approved an Ethereum ETF, everything has changed. I really think this is a tsunami-like change, because now politicians see that crypto assets are becoming popular. Just think, most Americans are under 40 years old, they all like crypto assets, and they have the right to vote. So, politicians can connect these factors."
D. The Killer Application of Bitcoin is Bitcoin Itself
Aaron: "The token economy of Bitcoin is developing, does Bitcoin need further development? In other words, does Bitcoin need to establish a strong token economy to become that highly potential investment? If the token economy cannot develop, will the growth of Bitcoin be limited? How do you see this?"
Dan: "I think it's great to build some really cool projects on Bitcoin, like Stacks and others, but sometimes people ask, 'What is the killer application of Bitcoin?' In fact, Bitcoin itself is its killer application. Bitcoin has already stored a large amount of wealth, and is involved in a lot of savings and cross-border fund flows. So, even if nothing else is built on Bitcoin, it is still an amazing development for the world."
Original Title: Crypto Takes The National Political Stage
Original Link: https://panteracapital.com/blockchain-letter/crypto-takes-the-national-political-stage/
Original Author: Pantera
Translation: Plain Language Blockchain
This article link: https://www.hellobtc.com/kp/du/09/5409.html
Source: https://mp.weixin.qq.com/s/eHKUyWu1KRUtOFBWQWMHtg
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