Tomorrow, The Bitcoin 2024 conference begins, and we are talking about a significant price catalyst for cryptocurrencies. Today, we discussed what Kamala Harris said about Bitcoin to a major Democratic donor. As the November elections approach, the importance of crypto is increasing, and we have been saying this for a year. So, what will happen on Saturday?
Important Development for Cryptocurrencies
Cryptocurrencies will see some significant developments on Saturday, and one of the surprises has been revealed. About 40 minutes ago, we briefly mentioned Lummis’s plan, and the details have now emerged. The exciting thing is, “you will be shocked by what you read today and what you hear on Saturday” because Trump’s team is planning something crazy.
According to Fox Business sources, Republican Senator Cynthia Lummis will announce a new crypto bill. Trump, who will speak to 20,000 people about Bitcoin on Saturday, is expected to make exciting announcements. Indeed, Lummis’s plans have already raised expectations.
Three different crypto executives say they are aware of the bill prepared by the Republican Senator. This draft allows the Fed to hold some BTC as a strategic reserve asset. The US already holds roughly $14 billion worth of BTC and has already allowed ETFs that legitimize it as a store of value. They even have the power to give BTC to BlackRock and others to convert them into ETFs if they wish.
Lummis plans to announce this before Trump speaks at 22:00 local time. This way, 20,000 people can welcome Trump with even more enthusiasm. However, it is difficult to speak definitively about the bill because the Senator has not yet confirmed it.
Some sources say the announcement of the bill could also happen during a conversation moderated by Democratic Representative Tulsi Gabbard on Friday. Lummis hinted at this on her social media account with the following post;
“Big things will happen this week. Stay tuned!”
Cryptocurrencies Will Move
Talks about holding Bitcoin as a reserve asset, combined with Trump’s willingness to take bold steps in crypto, signal further rises. HarrisX Commercial Director Alex Chizhik said the following on this matter;
“The Fed holding bitcoin as a strategic reserve asset would be a very important move that brings stability to the US dollar and our capital markets. It also sends a strong signal that our central bank embraces innovation and is a non-partisan natural home for Bitcoin as an independent body.”
Sam Lyman, Director of Public Policy at Bitcoin miner Riot Platforms, said;
“Classifying the world’s largest cryptocurrency as a strategic reserve asset will be the starting gun in the ‘Bitcoin Space Race’. If the United States, the world’s richest country and home to global capital, starts accumulating Bitcoin on its balance sheet, other countries will have strong incentives to do the same.”
The US Department of Justice already holds 210,000 BTC.
Trump takes cryptocurrencies very seriously. This is important both for winning swing states and for ensuring that other states do not strengthen in this area of innovation, which should not be in the US’s interest. At least, Trump thinks so. Remember, in November 2022, while Democrats in Congress were cursing crypto, we were reading about companies like Coinbase, Ripple, and Paxos potentially moving their headquarters to crypto-friendly countries like the UAE.
In an interview with Bloomberg, Trump said, “If we don’t do it, China will.”
“I don’t want to be responsible for another country taking over the crypto space.”
This means exactly, “I will do everything I can to grow the crypto industry in the US,” and Trump is determined on this matter. Let’s look at the broader perspective. The world’s largest asset management company, BlackRock, is known as a company that lends to governments.
- It has a Spot BTC ETF and holds nearly $20 billion in BTC.
- It has the second-largest volume spot ETH ETF.
- It issues tokenized US bonds on the Ethereum network with BUILD and has already reached $500 million in active size.
- With BUILD, it has started making direct offers to crypto companies like MKR that have an appetite for tokenized bonds.
- The person at the helm of the company calls Bitcoin digital gold.
Could BlackRock have sensed something in July 2023 and started taking steps in this direction?
