Lưu trữ cho từ khóa: US elections

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Harris dips a toe in the crypto waters — is it enough?

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Presidential candidate Kamala Harris’ team finally broke their silence on crypto. But is the cautious approach too little, too late?

For months, Kamala Harris’ campaign has been notably quiet on the subject of crypto, leaving many to speculate about the Democratic candidate’s stance on the industry. However, the wait appears to be over.

According to a Bloomberg report this week, during a roundtable event at the Democratic National Convention in Chicago on Wednesday, Harris’ senior campaign adviser, Brian Nelson, provided some insight into her potential policies.

Nelson stated that Vice President Harris is “going to support policies that ensure that emerging technologies and that sort of industry can continue to grow.” Though the statement is vague and refers to “emerging technologies” more broadly, it represents the first public, official stance from the Harris team on the crypto industry.

Nelson also highlighted the need for clear regulations, referencing the fallout from events like the collapse of FTX in November 2022.

The Harris campaign’s so far cautious expression of support for the industry contrasts sharply with rhetoric and promises from Republican nominee Donald Trump, who has been outspoken in his endorsement of crypto during this campaign — though just a few years ago Trump called Bitcoin a “scam” and voiced concerns about it as a threat to the U.S. dollar. 

In a historic keynote speech at the Bitcoin conference in Nashville,Trump vowed to fire highly unpopular (in the crypto industry) Securities and Exchange Commission Chair Gary Gensler — a statement that was met with cheers from the audience. In the same speech, he also revealed his intention to create a national Bitcoin strategic reserve in the United States, if elected. In another instance, he pledged support for U.S. crypto miners.

Now with both candidates outlining their views on the industry, it’s evident that the future of crypto in the U.S. could take very different paths depending on the election outcome, making it a slowly emerging bipartisan issue.

Let’s dive deeper into what this could mean for the crypto industry and how Harris’ emerging position might shape the space moving forward.

Uphill battle for Harris

Harris faces a challenging environment for winning over crypto-focused voters, who are already disillusioned by the stringent policies under the current administration, especially what is perceived as the overly authoritarian stance of the SEC under Gensler.

The Harris team’s cautious but positive first public statement this week could be a turning point. But other recent events from the Harris campaign continue to overshadow the sentiment in the crypto community.

Just before the 2024 DNC kicked off in Chicago, and a few day’s before Nelson’s statement, the Democratic Party released its latest platform, a 92-page document very clearly written while President Biden was still running for a second term. The program didn’t include a single mention of crypto — a fact that was mostly criticized in the industry. Though some analysts saw the absence as a potentially positive development, most in the community interpreted it as a continuation of the approach to crypto under Biden.

Also this week, Harris received backlash from the crypto community in response to widely circulating misinformation that the VP had endorsed an earlier proposal from President Biden to tax unrealized capital gains.

The rumor gained traction on X and had many disgruntled crypto traders mistakenly believing that Harris supported a tax that could force them to liquidate significant portions of their portfolios. In reality, the potential tax policy — introduced by the Biden administration in March as a proposal for 2025 policy — would be unlikely to affect most U.S. crypto holders, as it would only apply to Americans with more than $100 million in wealth.

The week before, Harris faced criticism after failing to appear at a virtual town hall organized by the grassroots industry campaign Crypto4Harris. The event was widely seen as a missed opportunity to build trust and engage directly with the crypto community. The absence of Harris herself was particularly noticeable, leaving many viewers disappointed.

High-profile endorsements from figures like Mark Cuban and Senate Majority Leader Chuck Schumer, along with pre-recorded messages from Senator Gillibrand and others, failed to engage the audience, leaving them with more questions than answers.

In light of these recent incidents, the Harris team’s public statement on Wednesday in support of the crypto industry could be seen as a positive first step in addressing these concerns. But words alone won’t be enough, as evidenced by the public backlash.

Public backlash and mistrust

Despite the Harris campaign’s recent statement, many in the crypto community remain unconvinced and wary of placing their trust in her as a genuine advocate for the industry.

Charles Hoskinson, co-founder of Cardano (ADA), voiced sentiment that resonated with many: talk is cheap. He questioned the absence of specific policies or proposals and demanded “specific, tangible actions” to support the crypto industry.

Hoskinson’s skepticism was echoed by Eleanor Terrett, a journalist at Fox Business, who highlighted that Harris’ senior campaign adviser, Nelson, didn’t even mention “the words crypto or digital assets” in his statement.

On the other hand, there are voices like Adam Cochran, founder of Cinneamhain Ventures and an active industry commentator on X, who sees the statement as a positive first step, all things considered.

Cochran acknowledged the frustration within the community at the lack of concrete actions or policy, but urged people to recognize the import of the fact that this is the first time Harris’ campaign has addressed crypto officially in any form. However, even his attempt to inject optimism was met with backlash.

Critics were quick to dismiss Cochran’s optimism, pointing out that the past four years have shown little to no support for the crypto industry from Harris. They argue that her actions — or lack thereof — speak louder than any vague statements from her campaign team.

Others even more bluntly questioned why Harris hasn’t already done something to support the industry, given her position as Vice President.

The demand for specific, actionable policies remains strong, and until those are presented, many in the crypto industry will continue to view the Democratic candidates statements with skepticism. Harris has made her move, but it will take much more to convince a community that has long felt neglected.

What do experts think?

To gain a deeper understanding of the potential impact of Harris’ emerging stance on crypto, crypto.news spoke with two experts on the subject.

Nick Anthony, a policy analyst from the Cato Institute, offered a candid perspective on Harris’ position. Anthony highlighted the challenges Harris faces, telling crypto.news that while some Democrats have succeeded in maintaining a bipartisan approach to crypto policy, Harris still has much to prove: 

“Individual Democrats have done well to try to keep crypto policy bipartisan. However, if Vice President Harris is going to step out of the shadow of Operation Choke Point 2.0 and Senator Warren’s anti-crypto army, she needs to take an official policy stance herself. Until then, there’s little reason to think the Harris-Walz administration will be any different from the Biden-Harris administration.”

The term “Operation Choke Point 2.0” refers to the perceived recent targeted crackdown on crypto businesses in the U.S., under the guise of general regulatory enforcement — a sentiment believed by many in the industry, who argue that such measures not only stifle innovation, but represent a misuse and manipulation of the law.

Adding to this discussion, Nitin Gaur, co-founder and CTO of Stealth Startup, voiced his concerns over the current administration’s approach to crypto in statement to crypto.news:

“The unjust war on crypto by the incumbent government apparatus and Operation Choke Point 2.0 is a shotgun approach to stymie the growth of an industry. It is not about crypto as a currency, but a new technology that aims to solve the trust system and coordination technology to move the transaction speed forward.”

He stressed the need for meaningful policies that should consider the intersections of technology, including AI, blockchain, and quantum computing, which have the potential to transform not just the financial sector but other fields as well. 

Gaur warned that “the current administration has ignored all adjacencies and focused on the ‘currency’ part of the equation — it needs to take time and craft meaningful policies.”

Both experts agree that the path forward requires more than just broad statements. As it stands, the crypto world remains cautious, waiting to see whether Harris can truly differentiate herself and her policies from those of the current administration.

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Theo Crypto News

Bitcoin

Only 0.0028% of Americans would qualify for the unrealized capital gains tax that had Crypto Twitter up in arms this week

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Recent rumors swirling on X wrongly accused presidential candidate Kamala Harris’ of endorsing President Biden’s 2025 proposal for a 25% tax that includes unrealized capital gains. What’s the truth behind the headlines and what caused the confusion?

Earlier this week, thousands of crypto investors found themselves caught up in a whirlwind of misinformation, with many prominent accounts reporting that U.S. presidential candidate Kamala Harris had endorsed a new tax on unrealized gains, originally proposed by President Joe Biden for 2025.

Social media, especially X, buzzed with outrage as people retweeted and reacted to evidently misinterpreted headlines, convinced that Harris wanted to tax unrealized capital gains at 25% next year. The mass disapproval expressed on X seemed to imply that members of the crypto community thought this proposed tax would be all U.S. investors, regardless of their net worth.

Unrealized gains refer to the amount an asset has gained in value (let’s say in USD) before you sell the asset and take the profit. So if you bought Bitcoin at $50,000 and now you’re seeing your BTC has grown more than 22% at today’s prices, you don’t actually realize those gains until you sell your BTC.

The outcry was evidently fueled by a misunderstanding after Harris’ campaign team last week released her economic plan, as well as stated on Monday that, if elected, she would raise the corporate tax rate — a proposal previously put forward by the Biden administration.

Many were quick to assume that Harris’ team had officially endorsed the current administration’s entire tax policy proposal for 2025, which mentions unrealized gains as part of a new minimum tax on the ultra wealthy.

But as happens with rapidly spreading rumors, this just wasn’t true. 

As pointed out by crypto investor, professor and well-known analyst on X, Harris’ team did not endorse, comment on or otherwise reference the 256-page document entitled “General Explanations
of the Administration’s Fiscal Year 2025 Revenue Proposals,” which was published in March of this year.

However, someone on X had read at least part of the extensive proposal from Biden-Harris administration. Included in the document is a new minimum tax of 25% on total income (including unrealized capital gains) for people with more than $100 million in wealth:

“The proposal would impose a minimum tax of 25 percent on total income, generally inclusive of
unrealized capital gains, for all taxpayers with wealth (that is, the difference obtained by
subtracting liabilities from assets) greater than $100 million.”

Biden’s tax proposal for 2025

Taken out of context — both that this is a proposal from the current administration and it is only applicable to a very limited group of highly wealthy individuals, and also that Harris and her team didn’t even endorse this proposal — the rumors took on a life of their own and spread across the crypto community.

Let’s break down what we do know about Harris’ proposed tax policy, how it might impact the crypto market, and what experts have to say about it.

Decoding Harris’ taxation proposal and its impact on crypto

Last week, Harris did in fact reveal part of her proposed economic agenda, which included a series of tax proposals. While the details are still emerging, let’s break down what we know so far.

First, as noted above, Harris has expressed support for raising the corporate income tax rate from 21% to 28%. This move is expected to generate significant revenue for the federal government, potentially increasing tax receipts by up to $1.4 trillion over the next decade.

This proposed increase in the corporate tax rate could impact crypto companies, especially larger entities like exchanges or mining operations. 

Higher taxes could lead to reduced investment in new projects or increased fees for users as companies seek to cover their rising tax obligations.

Another key aspect of Harris’s economic agenda is focused on making housing more affordable. She’s proposing several tax incentives to encourage the construction of new homes, particularly for first-time buyers and renters.

For instance, she plans to offer tax breaks to companies that build affordable housing and provide up to $25,000 in down-payment support for new homeowners to address the rising costs of housing in the U.S.

While the question of tokenized real estate could come into play here, it’s not clear that the housing-related policy proposals affect crypto holders in any particular way.

What is Biden’s proposal for capital gains tax?

Again, the confusion surrounding Harris’ rumored (but actually fake news) endorsement of Biden’s proposed tax on unrealized capital gains stems from a couple of misunderstandings. But even though Harris did not endorse the plan, it’s not unreasonable to suggest she might do so in the future. So let’s take a look at what Biden’s plan for 2025 tax policy actually entails.

In general, Biden’s proposal includes several tax policy changes aimed at increasing the tax burden on the wealthiest Americans. The proposal argues that current long-term capital gains tax policy in particular disproportionally benefits the very wealthy:

“Preferential tax rates on long-term capital gains and qualified dividends disproportionately
benefit high-income taxpayers and provide many high-income taxpayers with a lower tax rate
than many low- and middle-income taxpayers.”

The proposal seeks to close the so-called “loophole” in the current system that let’s wealthier individuals pass on the appreciated value of their assets to their beneficiaries without ever paying income tax on those gains.

Currently, long-term capital gains — profits from the sale of assets held for more than a year — are taxed at a maximum rate of 20%, or 23.8% when including the 3.8% net investment income tax, with a few exceptions.

For high-income earners with taxable income exceeding $1 million, Biden’s proposal would tax long-term capital gains at ordinary income tax rates, which could reach as high as 37%, or 40.8% with the NIIT.

However, this is not the end of the story. Another proposal within the budget seeks to increase the NIIT by 1.2% points for those earning over $400,000, bringing the total NIIT to 5%. 

This combination would effectively push the maximum tax rate on long-term capital gains and qualified dividends to 44.6% for the wealthy.

To break it down: this 44.6% rate is the result of combining the proposed 39.6% top ordinary income tax rate with the increased 5% NIIT (which includes the additional 1.2% hike for high earners). 

What about unrealized gains?

The highly controversial phrase “unrealized capital games” is included in Biden’s 2025 proposal as part of a minimum income tax (25%) for the wealthiest Americans who have wealth (meaning assets minus liabilities) of over $100 million. This minimum tax for the”extremely wealthy”, as previously noted, would include unrealized capital gains and reportedly represents an effort to address the loophole in the current system.

But how many Americans would even be affected by such a change in tax policy? The answer is less than 10,000. According to a 2024 U.S. wealth report published in March, there are currently 9,850 individuals in the U.S. who qualify as “centi-millionaires” — aka have wealth of $100 million or more.

That means, to clarify, that the conversation that took X by storm earlier this week was actually about a tax proposal that would affect just 0.0028% of the U.S. population — and that the current Democratic candidate for president hasn’t even endorsed.

U.S. wealth report for 2024 | Source: Henley & Partners

For most crypto traders and investors, of course, the widely discussed and criticized tax proposal would most likely be irrelevant.

Public reaction and controversy 

The recent debate around Vice President Harris and her (rumored) stance on taxing unrealized capital gains ignited a firestorm on social media. 

Reports suggest that Harris is aligned with the Biden administrations 2025 tax proposals, but Harris and her team have yet to endorse all of the proposed changes officially.

Notably, a January 2024 analysis by Americans for Tax Fairness revealed that U.S. billionaires and centi-millionaires held a staggering $8.5 trillion in unrealized capital gains in 2022, which could be a potential goldmine for federal revenue, but, clearly, has also sparked intense debate.

Certified financial planner and CNBC advisor council member Douglas A. Boneparth went for a direct attack, calling the idea of taxing unrealized gains “dumb.”

Aaron Levie, CEO of Box, shares the same belief, stating that “unrealized gains are simply a field in a database and not useful until converted into something of value.”

Interestingly, according to Polymarket, while Harris was once leading the race with strong odds of winning the election, her chances have recently dipped to 46%. Meanwhile, Trump, who was slightly behind, has retaken the front seat with odds now at 53%.

2024 U.S. presidential election winner bets on Polymarket | Source: Polymarket

In the end, whether you view the idea as a necessary step toward equity or as simply “a field in a database,” one thing’s for sure — when it comes to tax policy, the devil is in the details. And if social media has taught us anything, it’s that even the smallest detail can cause a big stir.

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Theo Crypto News

Bitcoin

Kamala Harris takes lead ahead of Trump: Polymarket

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Bettors on the market predictions platform Polymarket have increased their wagers on the Democratic presidential runner following her new pro-crypto campaign.

Fox Business reported that a lobby group for U.S. Vice President Kamala Harris called “Crypto for Harris” will host a virtual town hall meeting, challenging Donald Trump’s influence within the cryptocurrency space. 

The date hasn’t been confirmed yet, but the report claims the meeting will be held next week.

Per the report, some Democratic members of the House of Representatives along with pro-Bitcoin (BTC) billionaire and entrepreneur Mark Cuban and SkyBridge Capital founder Anthony Scaramucci will speak at the event.

Moreover, the advocacy group has also invited top Democratic Senate leaders to promote the Harris campaign, according to Fox Business. 

Last month, Trump, former U.S. president and Republican presidential runner, garnered huge attention from the crypto community for supporting the digital asset space and hinting at creating a national BTC reserve at the Bitcoin 2024 conference in Nashville. 

However, the recent pro-crypto movements from the Democratic candidate have brought her support from the cryptocurrency ecosystem. 

According to data provided by Polymarket, bettors have increased their stakes in Harris’ chance of winning the 2024 U.S. elections this November. Currently, the odds of Harris winning the elections surpassed Trump’s, reaching 50%.

Bets on U.S. presidential elections – Aug. 8 | Source: Polymarket

Data shows that Trump’s chance of winning declined from 53% on Aug. 6 to 49% at the time of writing. 

So far, the total amount of bets on the U.S. elections has reached $547 million on Polymarket.

On Aug. 6, the Democratic presidential candidate chose Minnesota Governor Tim Walz as a potential vice presidential pick. This suddenly increased Harris’ odds of winning by 3%, reaching 46%, on Polymarket on the same day. 

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Theo Crypto News

Bitcoin

Bitcoin bill gains support, thousands push US senators to back it

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U.S. citizens are backing a bill to create a Strategic Bitcoin Reserve following remarks from former President Donald Trump and Wyoming Senator Cynthia Lummis.

According to Bitcoin (BTC) proponent Dennis Porter, nearly 3,000 U.S. constituents requested Senatorial support for a “Strategic Bitcoin Reserve” bill. 

Porter highlighted that Democratic Senators received the lion’s share of letters from Americans, about 1,746 in number. The petitions to co-sponsor are likely in response to and support of Senator Lummis’s crypto legislation. 

Per crypto.news, Lummis announced the ‘‘Boosting Innovation Technology, and Competitiveness through Optimized Investment Nationwide Act of 2024’’ or the BITCOIN Act. Lummis first disclosed the proposal at Bitcoin 2024 in Nashville, where the Wyoming Senator spoke on the same stage as Donald Trump. 

Echoing Trump’s suggestion to retain America’s BTC stockpile, Lummis also proposed buying 200,000 BTC annually. The Senator’s bill set a total acquisition of 1 million tokens to ensure the U.S. remains a global crypto leader.

If Lummis and Trump have their way, America will bolster its position as the largest geopolitical BTC owner. The U.S. already boasts a trove of over 200,000 BTC valued at more than $11 billion. Indeed, America controls nearly 3% of all BTC in circulation. Most of the holdings originated from crackdowns on Silk Road and other darknet marketplaces. 

Creating a strategic BTC reserve is still subject to Congressional approval and the outcome of this year’s presidential elections in November.

Although, there were speculations that the current administration disfavors the idea. Shortly after Trump’s Nashville speech, the U.S. government moved $2 billion in BTC to an unknown wallet.

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Theo Crypto News

Bitcoin

Bitcoin and BTC mining pose promising future: analyst

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Institutional developments and remarks from Nashville cast a more bullish outlook for Bitcoin and BTC mining than before, says H.C. Wainwright & Co analysts.

Bullish catalysts have lined up for Bitcoin (BTC) and the BTC mining industry as the U.S. may be poised to adopt the leading cryptocurrency nationally, HWC analyst Mike Colonnesse wrote in a weekly report on July 30.

Republican candidate and former President Donald Trump outlined his crypto approach at the Bitcoin 2024 conference, including plans to create a government reserve with around $12 billion in BTC. 

Trump pledged to position America as the world’s undisputed Bitcoin mining leader. A Bernstein report said BTC mining presents a $20 billion industry opportunity, piling on the arguments for BTC mass adoption and global acceptance. 

While Senator Lummis also outlined a strategic BTC reserve plan, and independent candidate Robert F. Kennedy proposed accumulating 1 million BTC, Polymarket data placed Trump in the lead to win November’s election.

Trump’s 60% chance of becoming America’s 47th president seemingly promises to propel Bitcoin as an asset class and, by extension, the broader cryptocurrency industry.

Furthermore, if Trump is elected, Securities and Exchange Commission chair Gary Gensler could receive the sack. It could be a boon to the digital asset ecosystem since the SEC’s crackdown on blockchain finance and digital assets would effectively grind to a halt.

Colonnesse wrote that Trump’s possible victory, increased institutional buying via spot exchange-traded funds, and regulatory clarity under new SEC leadership may skyrocket the entire BTC sector in the next 12 months. 

Does more adoption mean higher prices? 

Trump’s plans, more institutional buying, and U.S. national adoption could mean less BTC in open circulation. Coupled with the halving, which drives scarcity by reducing mining rewards, Bitcoin prices could go parabolic. 

Speaking in Nashville, MicroStrategy founder and BTC maxi Michael Saylor presented his 21-year prediction for the crypto. The best-case scenario tagged BTC at $49 million per coin by 2045 and at least $3 million if markets slowly trot upwards. 

Possible Bitcoin bear obstacles

The HWC analyst noted that BTC and mining operations would benefit from a more favorable macroeconomic environment and less global geopolitical unrest.

Colonnesse explained that possible headwinds from these two factors may ease in the months. The Federal Reserve looks likely to cut rates toward the end of the third quarter and the start of Q4 2024. Looser monetary policies usually improve market sentiment and investor demand for risk assets, a term commonly used to classify Bitcoin and other blockchain currencies.

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Theo Crypto News

Bitcoin

US govt moves $2b worth of Bitcoin after Trump’s ‘no sell’ speech

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Bitcoin fell slightly on Monday as the U.S. government transferred a significant amount of Bitcoin from its Silk Road crypto trove.

Data from Arkham showed that the U.S. government sent approximately $2 billion worth of Bitcoin (BTC) to a new address. The transactions were made in two batches, valued at roughly $669 million and $1.33 billion each.

According to Arkham, the funds were likely moved to an institutional custodial service, with Coinbase being a likely although unverified candidate due to its role as the preferred brokerage platform for U.S. authorities.

No one is entirely sure who oversees the address yet. Bitcoin declined around 1% following the news and traded under $67,600. The fall came after BTC briefly touched $70,000 for the first time since May.

Bitcoin community reacts

The lack of detailed information about the wallet’s management did not quell speculation. Tyler Winklevoss, co-founder of Gemini, noted that the transfers occurred shortly after former President Donald Trump announced his intentions to halt all government Bitcoin sales if re-elected. This timing led to further speculation about the current administration’s plans for the nation’s BTC reserves.

Speculators wonder if the current Democratic administration, led by President Joe Biden and Vice President Kamala Harris, plans to offload the nation’s BTC horde.

At the Bitcoin 2024 conference in Nashville, Trump promised to convert the seized Silk Road BTC into a strategic national reserve. His promise to fire Securities and Exchange Commission chair Gary Gensler was met with enthusiastic applause from the crypto community. Additionally, Trump’s campaign has highlighted the case of Ross Ulbricht, the creator of Silk Road, with many in the Web3 community supporting his release..

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Theo Crypto News

Bitcoin

The world’s crypto capital and BTC reserves: Bitcoin 2024 main highlights 

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American politicians who support the crypto industry spoke out at the Bitcoin 2024 conference held in Nashville from July 25 to 27.

The crypto.news editorial team attended the event and collected the main topics voiced at the conference.

U.S. to become the world’s crypto capital

Presidential candidate Donald Trump mainly touched on topics related to the election campaign but also spoke directly about Bitcoin (BTC).

In particular, Trump said that the first cryptocurrency is the world’s ninth most valuable asset and will overtake gold and silver in terms of market capitalization.

“If we don’t embrace crypto and Bitcoin technology, China will, other countries will, they’ll dominate […] We want China to be successful, but we have to be the most successful.”

Donald Trump, presidential candidate

The U.S. presidential candidate noted that the current administration waged a war on cryptocurrencies and BTC. The authorities strangled financial services and did not allow Americans to transfer assets to exchanges, he said.

The politician added that U.S. vice president and the most likely candidate for the Democratic presidential post, Kamala Harris, is worse than former candidate Joe Biden. According to Trump, she is “crazy” and strongly opposes cryptocurrencies.

Trump noted that during his four years in power, Bitcoin has grown by 3900%, from $898 on the day he took office to $35,900 on the day he left.

The politician also said that he would fire the head of the U.S. Securities and Exchange Commission on his first day of presidency. Trump added that he would appoint a person to this position who will not block America’s future.

Trump also promised to make the U.S. a mining center and said he would not allow the sale of 210,000 BTC stored on the country’s balance sheet. He believes the decision to store assets will be the”core of the strategic national reserve of BTC.

Purchasing 1 million BTC for the U.S.

Wyoming Senator Cynthia Lummis also announced a bill during the conference to purchase 1 million BTC for the U.S. balance sheet, which is 5% of the total supply of the asset.

She thinks that creating a Bitcoin reserve will help strengthen the dollar against growing inflation and consolidate the U.S. leadership in the global financial system.

Lummis noted that it is necessary to create a bright future for Americans by diversifying into BTC. According to the senator, the first cryptocurrency will be stored on the balance sheet of America for 20 years, and the only thing that can be spent on the assets is to repay the country’s national debt.

The bill should create a decentralized, secure network for storing BTC under the management of the U.S. Treasury Department. Also, this strategic reserve should not violate individual financial freedoms.

Daily Bitcoin purchase

Independent U.S. presidential candidate Robert F. Kennedy Jr. also supported Bitcoin, noting that most of his wealth is in BTC.

At Bitcoin 2024, the politician said that if elected president of the United States, he would first issue an executive order requiring the Justice Department to transfer 204,000 BTC to the Federal Reserve to be stored as a strategic asset. In addition, he would need the U.S. Treasury to buy 550 BTC daily until the country’s total capital reaches 4 million BTC.

The politician also plans to abolish taxation on transactions using the dollar and Bitcoin altogether. However, he did not rule out a scenario where BTC will be used for real estate investments as part of a tax-free exchange.

Bitcoin at $13 million by 2045

During the conference, MicroStrategy founder Michael Saylor said that Bitcoin quotes will reach $13 million by 2045. With the current Bitcoin price of about $65,000, its market capitalization is $1.3 trillion — only 0.1% of the world’s wealth. With an annual return of about 29%, digital gold will reach $280 trillion and 7% by 2045, he said.

Saylor called the audience for becoming Bitcoin maximalists: buy the first cryptocurrency, transfer all their assets, and move to a low-tax jurisdiction to invest the saved money in digital gold.

Bitcoin privacy issues

In addition, former NSA and CIA employee Edward Snowden called on American voters to remain critical and not trust politicians.

Snowden expressed severe concerns about the privacy issues of the first cryptocurrency. Despite the common misconception, he reminded that Bitcoin transactions are only partially anonymous because they can be traced to specific individuals.

In his opinion, many legislators are trying to earn the love of the Bitcoin community:

“They are not our tribe. They are not your personality. They have their own interests, values, and things they’re chasing. Try to get what you need from them, but don’t give yourself to them, even if you have to vote for them.”

Edward Snowden, former NSA and CIA employee 

Minimal interest in cryptocurrencies

BlackRock‘s head of digital assets, Robert Mitchnick, noted that the firm sees minimal client interest in cryptocurrencies beyond BTC and ETH. He also indicated that the firm expects only a few other crypto ETFs to emerge beyond these two significant digital assets.

Mitchnick also noted that most BlackRock clients view BTC and ETH as complementary rather than competing assets. He predicted that investors could allocate about 20% of their crypto holdings to ETH, with the rest to BTC.

Final Words

The involvement of many political figures in Bitcoin 2024 highlights the growing role of the crypto industry in the United States.

It is clear that as November approaches, policymakers are increasingly paying attention to the crypto industry, which has become an essential part of the U.S. political arena.

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Theo Crypto News

Bitcoin

US elections to keep driving crypto volatility: report

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QCP Capital analysts said U.S. election news will continue to induce crypto market volatility as the presidential result will shape the future of digital assets in America and, perhaps, globally. 

QCP Capital’s Monday report price movements following the failed assassination attempt on former U.S. President Donald Trump as an example of the election’s impact on digital assets.  As crypto.news previously noted, Bitcoin (BTC) and the broader virtual currency market experienced an uptick in value after the event in Pennsylvania on July 13.

Data shows that the total crypto market gained over 10% the following week, and Bitcoin recently reclaimed $68,000. News of President Joe Biden’s exit from the race also rocked markets. Bitcoin dropped by nearly $1,000 over the weekend before regaining strength and climbing back above $67,500.

According to QCP Capital, the Nashville Bitcoin conference could be the next event to trigger price swings. Trump is expected to speak at the gathering, and there are rumors he might promise a strategic national Bitcoin reserve.

BTC price chart | Source: TradingView

Crypto options market

QCP analysts added that volatility has also swept through digital asset options markets due to uncertainties surrounding the presidential election outcome. 

“Prices for out-of-the-money options have increased significantly in the past 24 hours, indicating expectations for more extreme market movements,” analysts noted.

Volatility may be thick in the market, but the firm predicted that upside movements are likely. Anticipated Federal Reserve rate cuts and a pro-crypto U.S. election result were suggested as reasons for price increments. 

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Theo Crypto News

Pháp Lý

JD Vance: The Bitcoiner now running as Trump’s vice president

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JD Vance has held Bitcoin for years, criticized Gary Gensler and the SEC, and pushed for pro-crypto policies. In November, he could be a heartbeat away from the presidency.

After a shocking assassination attempt on Saturday, a defiant Donald Trump has returned to the campaign trail — and was pictured with a bandaged ear while attending the Republican National Convention in Wisconsin.

Now formally nominated as the party’s nominee in November’s presidential election, his first order of business was to select a running mate. Trump duly announced that Ohio senator JD Vance would be his vice presidential pick.

From a crypto standpoint, this is a positive development — and an extension of Trump’s pro-Bitcoin rhetoric. Back in 2022, Vance had disclosed that he held between $100,000 and $250,000 worth of BTC, meaning it’s fair to say he’s a believer.

Videos on X have also shown Vance criticizing Gary Gensler, the chair of the U.S. Securities and Exchange Commission, for his heavy-handed approach when regulating digital assets.

“The approach that Gary has taken to regulating blockchain and crypto seems to be almost the exact opposite of what it should be.”

JD Vance

Vance even went on to say that Gensler is “the worst person” to be tasked with overseeing this vast-moving industry — and argued that modern tech companies and social networks will increasingly need to have their own utility tokens.

Earlier this year, the Republican played an instrumental role in congressional efforts to repeal SEC Staff Accounting Bulletin 121, a controversial rule that effectively stops financial institutions from taking custody of crypto because it needs to be listed as a liability on their balance sheets.

Despite the vote clearing both the House of Representatives and the Senate, it was vetoed by President Joe Biden, who said he could not “support measures that jeopardize the wellbeing of consumers and investors.” 

Vance also wrote to Gensler to demand answers following the SEC’s pursuit of Debt Box, which saw commission lawyers make “materially false and misleading representations” about the company that led to assets being frozen and the value of its native token falling by 56%. The letter said:

“It is unconscionable that any federal agency — especially one regularly involved in highly consequential legal procedures and one that, under your leadership, has often pursued its regulatory mission through enforcement actions rather than rulemakings — could operate in such an unethical and unprofessional manner.”

JD Vance

This language mirrors the criticism that the crypto sector has lodged against the SEC, with firms claiming that the commission has engaged in regulation through enforcement.

According to Politico, Vance has also been working on draft legislation that would overhaul how the U.S. regulates digital assets — joining the likes of Cynthia Lummis and Kirsten Gillibrand in pushing for change.

And back in 2022, he was highly critical of Canada’s decision to freeze or suspend bank accounts linked to the Freedom Convoy protests, arguing that it showed why BTC was needed.

Undeterred by Mt. Gox starting to move billions of dollars in Bitcoin ahead of repayments to creditors, the crypto markets reacted warmly to news of Vance’s selection — building upon the gains that were seen in the immediate aftermath of Trump’s assassination bid. CoinMarketCap data shows BTC came tantalizingly close to piercing $65,000 at one point. Stocklytics analyst Neil Roarty described him as a “long-time advocate” of crypto, adding:

“With Vance next to Trump in the White House — an outcome that’s looking increasingly likely — there is a sense that pro-crypto policy could be on the agenda come 2025.”

Neil Roarty

Bitcoin over the past seven days | Source: TradingView

All eyes on November

Just like Trump has changed his tone about digital assets, JD Vance has changed his tone about the former president.

Back in 2016, the politician had gone on the record as describing Trump as an “idiot” who was “reprehensible” — likening him to Hitler behind closed doors.

But over recent years, Vance has shifted to become one of Trump’s closest allies, and an ardent supporter of his policies.

Biden pointed to this in an NBC interview shortly after the nomination was made, saying:

“[Trump’s] gonna surround himself with people who agree completely with him, have a voting record, that support him.”

Joe Biden

Attention now turns to Nashville, where Trump is expected to speak at next week’s Bitcoin 2024 conference.

That’ll be a landmark moment for the sector — and could give crypto investors an idea of what to expect if he returns to the Oval Office.

With two pro-Bitcoin candidates at the top of the Republican ticket, the U.S. really is in unprecedented territory.

Tổng hợp và chỉnh sửa: ThS Phạm Mạnh Cường
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