The post Why Donald Trump’s Bitcoin 2024 speech didn’t spark a rally appeared on BitcoinEthereumNews.com.

Donald Trump made his big speech at the Bitcoin 2024 yesterday in Nashville, which some thought would set the market on fire. But, guess what? It didn’t.  Despite his grand promises about supporting Bitcoin and the industry, the market barely blinked.  When the news first broke that Trump would speak at the conference, Bitcoin prices saw a small bump. But that excitement was short-lived.  Investors are no strangers to political speeches, especially during campaign season. Hu Feitong thinks it is because they’ve learned not to get too excited about promises until they see real action. What Trump said Trump’s speech was a long one, full of big promises for the crypto community. He talked about making the U.S. a global hub for Bitcoin mining and innovation. He also promised to end what he called “regulatory overreach” that’s stifling the industry.  According to Trump, he would establish a Presidential Advisory Committee on Bitcoin and Cryptocurrency within his first 100 days in office. Hu Feitong pointed out that Trump’s made similar statements before, and many of these promises were already factored into the market.  Trump claimed he believes that Bitcoin stands for freedom and independence from government control, a stance opposite to the Biden/Harris administration, which he says is anti-crypto. He promised to end this “anti-crypto campaign” if elected, saying, “I will fire Gary Gensler on day one.” He also vowed to shut down “Chokepoint 2.0,” referring to what he sees as regulatory actions trying to limit the growth of the crypto industry.  Trump said he would set up fair rules for crypto, promising there would never be a central bank digital currency (CBDC) under his watch.  He pledged to support dollar stablecoins and global Bitcoin savings, framing them as important to protecting the dollar’s status. Trump talked about making the U.S.…

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Filed under: News - @ July 29, 2024 1:24 am