The second day of the Bitcoin 2024 conference in Nashville was a mix of ideas, predictions, and political stances, showcasing the increasing impact of Bitcoin across various fields.
Michael Saylor, the CEO of MicroStrategy, shared his ambitious vision for Bitcoin at the event. He painted a picture where Bitcoin’s market cap could soar to $280 trillion by 2045, representing 7% of global wealth. This could potentially drive the value of a single Bitcoin to an astounding $49 million. Even in a more conservative scenario, Saylor suggested that Bitcoin could still reach $3 million per coin, making up 2% of global wealth. MicroStrategy, under Saylor’s leadership, currently holds 226,331 Bitcoins valued at around $15.4 billion.
Senator Cynthia Lummis, a strong supporter of Bitcoin, joined the stage with Senator Tim Scott to discuss cryptocurrency regulations. While there were expectations for new legislation regarding Bitcoin as a strategic reserve asset for the U.S., Lummis focused on criticizing the regulatory stance of the U.S. Securities and Exchange Commission and highlighted the Republican Party’s efforts to safeguard digital asset ownership. Senator Scott proposed innovative uses of Bitcoin like establishing “opportunity zones” to foster growth in underserved areas.
Edward Snowden, the whistleblower and privacy advocate, issued a cautionary note during his virtual speech at Bitcoin 2024. He warned attendees about politicians trying to woo the crypto community for their own agendas, advising them to engage with politicians cautiously and not be swayed by superficial promises. Snowden emphasized the importance of staying vigilant and independent in the face of political support.
Independent presidential candidate Robert F. Kennedy Jr. made waves by pledging to make Bitcoin a strategic reserve asset if elected. His plan involves transferring over 200,000 BTC held by the government to the U.S. Treasury and initiating daily purchases to amass a reserve of 4 million Bitcoins. Kennedy also hinted at a potential announcement from Republican presidential candidate Donald Trump about authorizing the U.S. government to acquire a million Bitcoins as a strategic reserve asset.
Despite these bold proposals, recent polls indicate that Kennedy is trailing behind VP Kamala Harris and Donald Trump in the presidential race. As the event moves into its final day, all eyes are on Trump’s keynote speech scheduled for 2 pm ET. Stay tuned for more updates on Bitcoin 2024 and the unfolding discussions surrounding the future of Bitcoin in the U.S. monetary landscape.