As we move closer to the 2024 United States Presidential election, Bitcoin and the digital asset space have become a hot button topic. Let’s explore what each nominee is saying, as well as where other major players currently stand.

Trump’s Keynote at Annual Bitcoin Conference

Donald Trump was in Nashville on Saturday, July 27th as the keynote speaker at the largest annual Bitcoin conference in the world. Trump promised to ensure America becomes “the crypto capital of the planet and bitcoin superpower of the world.”

Trump has asserted himself as the first presidential candidate from a major political party to make Bitcoin and cryptocurrency a major campaign issue. He has painted himself as an advocate for the digital asset space, a move that is in stark contrast to the Biden administration and other Democrats.

Trump shared in Nashville that if he is elected, he will fire current Securities and Exchange Commission Chair Gary Gensler. Gensler is viewed by many in the digital asset space to be the largest opponent in government due to the SEC’s many rulings on digital tokens and lawsuits against Bitcoin exchanges. “I will appoint an SEC chair who will build the future, not block the future,” Trump said. “Most people have no idea what the hell it is,” he quipped. “So what happens when everyone figures it out? That’ll be something.”

While he didn’t share many details, Trump also talked about the potential of creating a national Bitcoin “stockpile” to serve as a “permanent national asset.”

JD Vance: Personal Crypto Holdings & Crypto-Friendly Legislation

Donald Trump’s running mate JD Vance rounds out a pro-crypto Republican ticket, as Vance is the first Vice Presidential nominee to publicly acknowledge being a holder of Bitcoin.

In 2022, Vance disclosed that he held between $100,000 and $250,000 of Bitcoin, which would be worth somewhere between $136,000 and $390,000 at today’s prices. His most recent Senate financial disclosure report does not list the buying or selling of any digital assets. This would suggest that he still holds the Bitcoin cited in his 2022 disclosure.

Vance has also been seen as a proponent of the space on multiple occasions. In 2023, he introduced a bill that would protect crypto firms and exchanges from being cut off by traditional banks. In 2021, he issued a statement opposing an amendment to the Infrastructure Bill that he claimed would “amount to a backdoor ban of bitcoin and other popular cryptocurrencies.”

Kamala Harris’ Stance Remains Unclear

While Democratic nominee Kamala Harris’ stance on the digital asset industry remains unclear, some factions of the party are pressing her campaign to come out in favor of crypto.

Experts speculate that Harris may seek to soften the Biden administration’s position on cryptocurrency. The Financial Times reported on Saturday, July 27th that the Harris campaign has contacted top crypto firms in an effort to “reset” relations between the industry and the Democratic Party.

While Trump was the keynote speaker at the largest annual Bitcoin conference, organizers say Democratic presidential candidate Kamala Harris declined an invitation to appear.

Harris’ Vice Presidential nominee remains unclear at this time.

RFK Jr.’s Plan for A National Bitcoin Reserve

Independent presidential candidate Robert F. Kennedy Jr. spoke at the same Bitcoin conference as Trump on July 27th, and he was even more aggressive in his plans with respect to Bitcoin and the crypto industry.

RFK Jr. pledged to purchase 4 million Bitcoin for the U.S. government’s reserves if elected. At today’s prices, a reserve of that size would be worth over $270 billion. Kennedy also laid out an aggressive plan to integrate Bitcoin into the national economy.

Is Jamie Dimon’s Tone Changing?

In June, Donald Trump shared that Jamie Dimon–widely seen as one of the biggest detractors of the digital asset space–may be changing his tune with respect to Bitcoin and the broader industry.

“Jamie Dimon was, you know, very negative and now all of a sudden he’s changed his tune a little bit,” Trump told Bloomberg last month following a private audience. Trump met with Dimon and around 80 other business executives, including Citi’s CEO, Bank of America’s CEO, and Apple’s CEO Tim Cook.

Following the meeting, Trump still hasn’t ruled out considering Dimon for U.S. Treasury secretary if he’s re-elected, sharing that he has “a lot of respect for Jamie Dimon.” JPMorgan declined to comment on Trump’s remarks.

Game Theory: Current Bitcoin Holdings for the United States and China

Game theory is a branch of applied mathematics that provides tools for the analysis of situations in which players make decisions that are interdependent. This interdependence causes each player to consider the other player’s possible decisions or strategies when formulating their own strategy.

As the idea of a national Bitcoin reserve gains more traction, keep an eye on the race for global Bitcoin supremacy, with the U.S. and China currently as the frontrunners.

United States Moves $2B in Bitcoin to Unknown Wallet Address

On Monday, July 29th, the United States government transferred ~$2B worth of Bitcoin to an unknown wallet address. This move comes only 2 days after presidential hopeful Donald Trump pledged that the U.S. would never sell any of its Bitcoin.

The Bitcoin transferred was seized from dark web marketplace Silk Road in 2022. The 29,800 Bitcoin have since been transferred again to another unknown wallet.

While some industry pundits like Galaxy Digital CEO Mike Novogratz have called the move “tone deaf,” others have pointed to the potential that the move is linked to a July 1st agreement between Coinbase and the U.S. Marshals Service. The deal was signed to “safeguard” U.S. government crypto assets.

Alex’s Take

In my opinion, Bitcoin adoption will continue to become more prevalent among nation states and large institutions. The behavior and messaging of politicians in the U.S. seems to back this up.

I believe that developing a U.S. Bitcoin strategic reserve would likely mean two things:

1) Large scale buying demand from a nation state with deep pockets, likely driving Bitcoin’s price higher.

2) A green light to other large nation states and institutions that Bitcoin is viewed as a legitimate asset class.

If you haven’t taken the time to educate yourself on Bitcoin, I think it would be wise to do so before these types of “Bitcoin game theory” events may begin to take place.

Want to Stay Up to Date on the Industry’s Role in the 2024 Election?

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