Trump’s Bitcoin 2024 Speech Sends MAGA Memecoin Down 9%
The MAGA (TRMUP) memecoin, inspired by former President Donald Trump, took a nosedive following his speech at the Bitcoin 2024 conference in Nashville, Tennessee. The token’s value plummeted from $6.90 to $6.05 shortly after Trump addressed the audience.
Trump’s Crypto Vision
In his speech, Trump outlined his ambition to make the United States a leading force in cryptocurrency if he wins the election in November. He compared the Bitcoin community to the early steel industry, predicting that Bitcoin would eventually surpass gold in value. Trump called Bitcoin “a miracle of cooperation and human achievement.”
He also unveiled a campaign promise to create a Bitcoin stockpile for the United States, pledging that his administration would never sell any of the Bitcoin currently held by the government. “If I am elected, it will be the policy of my administration to keep 100 percent of all the Bitcoin the U.S. government currently holds or acquires into the future,” Trump stated. This proposal aims to serve as the core of a national Bitcoin reserve, which currently includes around $14 billion worth of Bitcoin primarily acquired through Department of Justice seizures.
Political Jabs & Energy Policies
Trump didn’t shy away from taking jabs at his political opponents, saying, “I’ve got a low I.Q. opponent, I’m not talking about him I’m talking about her,” apparently referring to Democratic candidate Kamala Harris.
He also discussed his plans to increase the use of fossil fuels for electricity generation and criticized current federal incentives for electric vehicles and charging stations.
Trump reiterated his support for the cryptocurrency sector, promising his administration would ensure the future of crypto is firmly rooted in the United States. “If crypto is going to define the future, it will be mined, minted, and made in America,” he said. “If Bitcoin is going to the Moon, I want America to send it there.”
Kennedy’s Bitcoin Plan
Yesterday at the conference, Independent presidential candidate Robert F. Kennedy Jr. introduced a detailed plan to integrate Bitcoin into the U.S. economy. He promised to sign several executive orders on his first day in office to change the country’s approach to cryptocurrency. His plan includes having the Treasury buy 550 BTC daily until the U.S. holds 4 million BTC in reserves.
However, Kennedy’s plan faced criticism from economist and Bitcoin skeptic Peter Schiff. Schiff called Kennedy’s proposal a “vote-buying” tactic, accusing him of trying to win over Bitcoin supporters by suggesting the use of taxpayer money to buy Bitcoin and eliminate income taxes on Bitcoin gains.
“There’s nothing strategic about Bitcoin. No nation should own any as a reserve asset,” Schiff argued, suggesting that Kennedy’s promises were more about winning votes than creating effective policy.
