Bitcoin 2024: Key Takeaways from the Conference

Over 60% of the booths at Bitcoin 2024 were booked by mining companies, with the remaining 40% showcasing various projects from the Bitcoin ecosystem, including those in the Ordinals, BRC-20, and Runes sectors. Other prominent topics discussed at the conference included BTC mining, Layer 2 solutions for Bitcoin, and Software as a Service (SaaS) for the cryptocurrency industry.

The highlight of the conference, however, was the array of over 200 speakers, featuring a keynote by the 45th President of the United States, Donald Trump. 

Donald Trump: “Never sell your bitcoin”  

In his speech, Trump outlined his vision for the crypto industry should he win the upcoming election.

Key takeaways:

• End the current administration’s hostile approach toward cryptocurrencies;
• Introduce policies to maintain BTC as part of the U.S. reserves.
• Consider pardoning Ross Ulbricht, the founder of the Silk Road marketplace, currently serving a life sentence. 

As a charismatic and influential politician, Trump's pronouncements lead to tangible actions from voters (recall the 2021 Capitol attack). By speaking positively about cryptocurrencies, Trump not only reassures crypto enthusiasts but also plays a crucial role in attracting new users to the industry. 

The United States Poised to Become the Global Crypto Capital

From the stage, Trump expressed his admiration for the entire Bitcoin community, comparing the cryptocurrency industry to “the steel industry when it was young” and pledged to transform the United States into a “Bitcoin superpower” if re-elected.

“The United States will be the crypto capital of the planet, and the Bitcoin superpower of the world,” Trump declared amid roaring applause. His vision includes making the U.S. a bastion where property rights, privacy, freedom of transactions, freedom of association, and freedom of speech are robustly protected.

CBDCs Will Be Banned 

Trump plans to halt U.S. government efforts toward creating a Central Bank Digital Currency (CBDC) — an initiative that has faced ongoing criticism from the crypto community. Instead, he intends to form a Bitcoin and crypto presidential advisory council, which will involve only experts who are genuinely supportive of the crypto industry in crafting new regulations.

SEC Chairman Gary Gensler Will Be Fired 

Donald Trump announced that he would remove SEC Chairman Gary Gensler from his post on the first day of his presidency, as part of a larger effort to put an end to what he views as Joe Biden and Kamala Harris's anti-cryptocurrency campaign.

“I will fire Gary Gensler,” he stated, prompting the crowd at Bitcoin 2024 to rise to their feet in applause. Trump humorously added, “I didn't know he was that unpopular,” and reaffirmed his intent to dismiss him.

This stance is widely supported within the community, as Gensler is seen as an adversary to cryptocurrency, having led the SEC in legal actions against industry leaders such as Ripple and Coinbase, and repeatedly stalling the approval of Bitcoin ETFs.

Robert F. Kennedy Jr  

Also gracing the stage at Bitcoin 2024 was Robert Francis Kennedy Jr., an independent presidential candidate. Echoing Trump, Kennedy promoted cryptocurrency-friendly policies and vowed, if elected, to issue three executive orders concerning Bitcoin. Considering his long-shot status in the presidential race, he could have afforded to make even bolder promises. 

Robert Francis Kennedy Jr. at Bitcoin 2024. Source: tennessean.com

BTC as a Strategic Asset

Kennedy declared that he would instruct the U.S. Department of Justice and the U.S. Marshals Service to transfer 204,000 BTC, currently held by the U.S. government, to the Department of the Treasury. He believes these crypto assets should serve as a “strategic asset.”

The U.S. Will Actively Purchase Bitcoin

Should Kennedy win the presidency, the U.S. Treasury plans to purchase 550 BTC every day. This initiative will continue until the U.S. reserves amass 4 million BTC, representing 19% of the total cryptocurrency supply.

“Our nation holds approximately 19% of global gold reserves,” Kennedy remarked. “This policy will give us about the same proportion of total bitcoin.” He predicts such measures would elevate Bitcoin's market capitalization to hundreds of trillions of dollars.

No Taxes on Bitcoin Transactions

Furthermore, Kennedy aims to eliminate taxes on all transactions between Bitcoin and the U.S. dollar. These transactions would not be required to be reported for tax purposes, thereby making them entirely “clean” money.

Senator Cynthia Lummis  

Senator Cynthia Lummis at Bitcoin 2024. Source: coindesk.com

Wyoming Republican Senator Cynthia Lummis has introduced legislation proposing the Bitcoin Strategic Reserve Bill. This bill suggests the U.S. government should acquire 5% of the total Bitcoin supply and hold it for at least 20 years. She believes this action would help reduce the national debt.

 “We have a strategic oil reserve. We hold gold. So the idea of a strategic reserve used specifically to reduce the debt solves so many problems that it almost seems inherently obvious, but it's nevertheless a big step,” Lummis commented during her talk at Bitcoin 2024.

A staunch Bitcoin advocate, Lummis reportedly purchased her first coins in 2013 and has been among the early political figures to attempt introducing cryptocurrency legislation. Her recent financial disclosures indicate that she owns over $100,000 in BTC.

Interestingly, this isn't the first time Senator Lummis has proposed that the U.S. government invest in Bitcoin. In 2022, she suggested diversifying the Federal Reserve System's balance sheet with Bitcoin, but this proposal ended up shelved and unimplemented.

Other Speakers at Bitcoin 2024  

Bitcoin 2024 wasn't just a stage for politicians. The conference also featured an invigorating speech from Michael Saylor, the co-founder of MicroStrategy and an enthusiastic proponent of cryptocurrencies, as well as a virtual presentation by the legendary Edward Snowden, a former CIA employee who attempted to expose the U.S. government's mass surveillance operations.

Saylor projects that by 2045, a single Bitcoin could be valued at $13 million, while Snowden warned that many politicians are courting the affection of the crypto community. 

Cast a vote, but don’t join a cult

Snowden cautioned.

In addition, Bitcoin 2024 included several panel discussions on topics such as Bitcoin's role in the banking system, the technology behind Ordinals, and the current state of Bitcoin education.  

Final Words  

The organizers have already announced the next event—Bitcoin 2025. It is scheduled to take place from May 27 to 29 in Las Vegas, with ticket prices ranging from $210 to $3,125.