Bitcoin Conference 2024: A Historic Turning Point? Summary of announcements and predictions from Nashville
The Bitcoin Conference 2024, held in Nashville, Tennessee from July 25 to 27, brought together notable figures such as Senator Cynthia Lummis, Edward Snowden (via video conference), and Donald Trump. This event revealed significant facts, ranging from regulatory perspectives to promises of major economic changes. Overview!
Bitcoin: BlackRock and the Institutional Turn
At the conference, Robert Mitchnick, Head of Digital Assets at BlackRock, highlighted a major shift in his company’s position on Bitcoin.
Larry Fink, the CEO, has now dubbed Bitcoin the “digital gold”.
This transformation is particularly evident through the growing adoption of Bitcoin exchange-traded funds (ETFs), which have significantly contributed to BlackRock’s revenues.
James Seyffart, an analyst at Bloomberg, discussed the growing trend of institutional adoption of Bitcoin ETFs, despite their initial integration phase into wealth management advisory platforms.
With 2024 on the horizon, an acceleration of this adoption seems inevitable, marking a turning point for the traditional financial sector.
Bitcoin: Astronomical Forecasts from Michael Saylor
Michael Saylor, CEO of MicroStrategy and known for his shocking predictions, took advantage of his keynote speech to project the future of Bitcoin, anticipating a spectacular increase in its value over the next two decades.
According to him, the current price of Bitcoin represents only 0.1% of the world’s wealth. He predicts a market capitalization of $280 trillion by 2045, or 7% of global wealth.
n a very optimistic scenario, he sees Bitcoin reaching $49 million per unit, representing 22% of global wealth. In a more conservative scenario, he estimates a price of $3 million per coin, representing 2% of global wealth.
Under his leadership, MicroStrategy has already acquired 226,331 BTC, valued at $15 billion, illustrating his commitment to this cryptocurrency.
Regulation and Bitcoin: Senatorial Debates
Senators Cynthia Lummis and Tim Scott discussed regulatory issues and future legislative actions regarding Bitcoin and cryptocurrencies. Lummis criticized the regulatory approach of the Securities and Exchange Commission (SEC), highlighting the innovation and energy infrastructure facilitated by Bitcoin mining.
For his part, Tim Scott talked about initiatives to use Bitcoin to create “opportunity zones” in disadvantaged areas.
The conference was also marked by a legislative proposal from Lummis aimed at establishing a strategic Bitcoin reserve to bolster the dollar against inflation and strengthen the United States’ position in the global financial system.
Bitcoin: A Call for Caution by Edward Snowden
Edward Snowden, speaking virtually, warned the crypto community against political engagements, emphasizing that many lawmakers are looking to gain approval from Bitcoiners, directly referencing the participants of the Nashville event.
“Vote, but don’t join a cult,” he said.
Snowden also raised important concerns about Bitcoin’s privacy issues. Contrary to popular belief, Bitcoin transactions are not anonymous and can be traced back to individuals, posing risks to personal privacy.
He reiterated that most transactions can be traced through various entry and exit points, such as regulated cryptocurrency exchanges.
Bitcoin: The Promises of Donald Trump
Donald Trump’s presence at the conference was one of the highlights, with many promises made in favor of Bitcoin and cryptocurrencies.
Trump pledged to create a “national strategic Bitcoin reserve” to compete with China, stating:
“I want it mined, minted, and produced in the United States.”
He also announced his intention to keep 100% of the Bitcoins held or acquired by the U.S. government, stating that this would be a policy under his administration.
Trump also promised to fire SEC Chairman Gary Gensler on his first day in office, to end the “persecution” against the crypto industry.
Finally, he reiterated his commitment to commute the sentence of Ross Ulbricht, founder of Silk Road, and rejected the idea of central bank digital currencies (CBDCs).
Facts That Cannot Be Forgotten from This Bitcoin Conference
Robert F. Kennedy Jr.’s intervention was memorable, with his proposal to transfer the 204,000 Bitcoins held by the U.S. to the Federal Reserve as a “strategic asset”.
Kennedy also envisions the U.S. Treasury buying 500 BTC daily until the reserve reaches 4 million BTC. Such an initiative could place the United States in a dominant position in the global cryptocurrency market.
Meanwhile, Ledger unveiled its new hardware wallet, the Ledger FlexTM, designed to offer maximum security with ease of use.
This new device, priced at $249, features a high-resolution 2.8-inch screen and uses electronic ink to maximize energy efficiency.
Additionally, Ledger announced the immediate availability of the Ledger Stax, its highly anticipated crypto wallet, priced at $399 to meet growing demand.
The 2024 Bitcoin Conference in Nashville marked a turning point for the future of Bitcoin, with price increase prospects spurred by Donald Trump’s promises and visionary discussions.
