Bitcoin & Crypto Takes Center Stage in US Presidential Race
The post Bitcoin & Crypto Takes Center Stage in US Presidential Race appeared on BitcoinEthereumNews.com.
The past week was momentous for Bitcoin & cryptocurrency as they took center stage in the US presidential race. Former President Donald Trump made a groundbreaking endorsement of Bitcoin at the Bitcoin 2024 conference in Nashville, pledging to create a national “strategic Bitcoin stockpile” if elected. Trump vowed that his administration would no longer sell any seized Bitcoin, marking the first time a former President has endorsed the cryptocurrency. In a move that has raised eyebrows within the crypto community, the U.S. government transferred $2 billion worth of seized Bitcoin, connected to the Silk Road dark web marketplace, to a new, unidentified wallet. This action, facilitated by the U.S. Marshals Service, comes shortly after Trump’s announcement, adding a layer of intrigue and speculation about the government’s intentions. The timing of this transfer has sparked significant debate, as it coincides with Trump’s bold promises and adds to the growing political discourse surrounding Bitcoin. Market Shock and Social Media Outcry The market reacted swiftly to the news, with Bitcoin’s price dropping by more than 2%. Currently trading at $66,845, it has dipped from its recent high of $70,000. The crypto community expressed their concerns on X: Tyler Winklevoss: “This move by the US government is ill-timed and counterproductive. Bitcoin is the future and should be treated as such.” Mike Novogratz: “Tone deaf anyone??? Moving Silk Road BTC two days after Trump’s pledge to not move them is just dumb!!!!” Most prominent figures in the crypto ecosystem are concerned about the move. However, some crypto critics, like Peter Schiff, support the Biden administration’s decision: Peter Schiff: “If #Trump really intended to use seized #Bitcoin to start a U.S. ‘strategic’ reserve, he’d have kept his intention a secret until he was actually in office. Now that the #Biden administration is wise to his plan,…
Filed under: News - @ July 30, 2024 5:24 pm