Election 2024 and the Bitcoin Effect
The Bitcoin Wars Part 28
"I don't think of myself as red. I don't think of myself as blue. And I don't even think of myself as purple. Those are the colors of political parties. I think of myself as orange." -Robert F. Kennedy, Jr.
Find other Bitcoin Wars articles here. Find more discussion at the RTE Locals community, including my most recent livestream.
I spent much of last week at the 2024 Bitcoin Conference in Nashville. This was my first trip to a major conference because I avoid spending money [that I could invest] on conferences I could watch online. However, I was offered an Industry pass (usually $2400) in trade, and I took it with the goal of making new friends and building relationships. It was worth the time on that level.
I previously wrote that 2024 would be the Bitcoin election with gains flowing into the political economy. It looks as though I was correct with that general thesis.
Here is the Kennedy Keynote address from this past Friday, for those who would like to watch.
The most important takeaway is that RFK Jr. wants to make Bitcoin a strategic reserve asset. Specifically, the independent candidate talked about direct Treasury purchases of 550 BTC per day with the aim of accumulating 4 million BTC, which is perhaps 27% or so of the global supply of Bitcoin, once a rough estimate of "lost coins" (early holders who lost their private keys) are factored in/out.
Not to be outdone, Trump spoke the following day. The conference turned into a zoo that day. I was told "20,000 people," and that might have been the case. While people piled in starting in the morning, this was the line I had to wait in when I left the building for lunch and came back in.
Trump's talk was less well prepared than Kennedy's. Frankly, it was boring, but certainly historic. And ultimately, Trump matched Kennedy's commitment to Bitcoin, including the goal of amassing Bitcoin in the U.S. Treasury, and the promise to commute the sentence of Silk Road 2.0 founder Ross Ulbricht.
Let's Talk Markets
I am always a big fan of looking to the markets for signals of reality. And the idea of amassing more Bitcoin per day than is currently mined, with the goal of amassing several times the Bitcoin that will ever be mined from this point onward should not simply move the Bitcoin market, but guarantee a massive bull run after the election.
"What if Kamala wins?"
When Biden emerged victorious in the middle of the night on November 6, 2020, Bitcoin began to skyrocket immediately in price, more than quadrupling in under 12 months. Bitcoiners simply do not trust the future of American socialism, and why should they?
Bitcoiners don't trust American fascism either, and the two forces have fed one another to the point of $250,000 or so in debt per American worker.
However, this time the price of Bitcoin would skyrocket faster if the Blue Socialists of America party loses.
"So, why did Bitcoin markets not boom on the announced plans of the new Bitcoin Treasury fund by two of three POTUS candidates?"
There was a bit of front-running of the expectations of the two candidates committing to Bitcoin, then a "sell the news" moment. However, I think multiple realities are holding Bitcoin price back in the short term: