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Why Trump Is ‘Highly Aligned’ With Bitcoin Industry: Expert
While bitcoin (BTC-USD exchange rate) has seen a decline in trading recently, bitcoin ETFs have seen their first surge in inflows in weeks, according to Bloomberg data. Part of bitcoin’s decline is due to the fallout from Mt. Gox’s bankruptcy filings and the German government’s recent dumping of bitcoin from its holdings.
BTC Inc. CEO David Bailey joins Asking For A Trend to share his thoughts on Bitcoin and the cryptocurrency’s role in the current political climate.
Bailey commented on a recent meeting with former President Donald Trump: “We talked about bitcoin mining. We talked about how bitcoin is aligned with the president’s agenda for energy independence, for energy abundance, for America first, to really dominate what is a strategic asset of the United States. So, the president is very much aligned with the bitcoin industry and sees the opportunity that bitcoin presents to the United States and also the risk that a lack of action would bring… [Trump]in his classic style, he coined the phrase, “We want bitcoin made in America.”
For more in-depth insights and the latest market action, click Here to watch the full episode of Asking for a Trend.
This post was written by Nicholas Jacobin
Video Transcription
The value of Bitcoin continues to fall.
But digital cryptocurrency products are seeing inflows for the first time, in fact in the coming weeks we will introduce David Bailey to learn more about the cryptocurrency landscape.
He is the CEO of BT C INC and the organizer of the Bitcoin Conference.
David.
It’s nice to see you.
So, you know, you think about this year, David, you know, Bitcoin, obviously, you had that strong first quarter, everybody uh very excited about those new spots.
Lately Bitcoin ETS, David, you know, it’s not like that anymore.
I, you know, first of all, I am, it’s Mount Gox, that’s the main issue here, David, that’s caused some selling pressure.
Well first of all Josh, thanks for having me on the show and I have to say investors are still very excited about the Bitcoin ETF. Thank God we have the Bitcoin S ETF because it was a brutal week of selling by the German government and Mt Gox bankruptcy filings finally paying off after 10 years.
And so these ETFs are actually absorbing a lot of the liquidity hit that’s happening right now.
So we’re about two-thirds of the way there.
Um, the German government just sold off its Bitcoin.
And we can’t wait to see it finished, but I think it will probably finish next week.
What would you see?
You know, David, you have to consider the potential short- and medium-term catalysts.
The story continues
You know, what would you be looking for?
Would it be an accommodative monetary policy, with one or two rate cuts, which would help?
You know, I think there are probably two main catalysts that are driving the movement of Bitcoin right now.
First, in April we saw a Bitcoin housing operation.
Historically, every Bitcoin acquisition has caused a shock to the supply of Bitcoin.
And so these are in a way the precursors of what will dramatically increase the price of Bitcoin over the next couple of years.
And so many people in our industry are eagerly watching how this will play out: it takes time for the supply shock to really play out in the dynamics of the market.
And then the second kind of new catalyst I would say is the political environment for Bitcoin.
Um, just today.
Details have been released on the official RN C platform regarding Bitcoin and cryptocurrencies.
And for the first time ever, Bitcoin is a key component of a major political party’s platform.
So, I think there are a lot of positive developments coming on the political and geopolitical front, which are in a way new catalysts for our industry.
And let’s stop at politics.
David, because what I’m saying is you actually met former President Trump.
I’m just curious how this happened to David.
What are you talking about?
Yes, we talked about Bitcoin mining, we talked about how Bitcoin fits into the president’s agenda of energy independence, of energy abundance, of America First, of really dominating what is a strategic resource of the United States.
So, the president is very aligned with the Bitcoin industry and he sees the opportunity that Bitcoin presents to the United States and, and also the risk, you know, that a lack of action would entail.
So, it was a very, very fruitful conversation.
And this is also where, you know, the president and his classic style coined the term “we want Bitcoin to be made in America.”
So, um, it was a huge success.
It’s interesting, David, because you, you had, as you rightly pointed out, I mean, you’re seeing this, I mean, cryptocurrencies have become an issue in this election and it’s interesting to see Trump positioning himself as an ally of the cryptocurrency community.
Do you think it works, David?
Do you think it will conquer the cryptocurrency community?
Yes, absolutely.
It’s already happening.
You know, there are 70 million people who own Bitcoin or cryptocurrency in the United States.
And there’s an old political adage that people vote with their wallets.
Now, digital assets.
Bitcoin is the people’s wallet.
And so when they look at who they’re going to vote for, there are a lot of voters who are focused on one issue and whose number one priority is what’s going to be good for the value of my portfolio.
And so when you look at the two current candidates, uh Trump has done a really extraordinary job of distinguishing himself as the only candidate of choice.
So, you know, we’re trying to raise $100 million for the president’s re-election.
And we are trying to get 5 million votes, decisive votes, in the next election.
And so I think, you know, Bitcoin is really having its political moment, David, I’m also curious, I want you to talk to your friends and family about this and maybe they don’t own Bitcoin and they’re thinking about it.
Um, what do you tell them?
What is the reason you say to buy Bitcoin?
You say David Store of value?
Tell me in return?
What, what’s the story you tell them?
You know, it’s a little bit of all of that.
I think that, you know, you, you kind of tailor the message of Bitcoin to who the buyer is.
You know, there are several things that fascinate people about technology.
Um, you know, personally, I think the most exciting thing is that we live in a very fragmented world.
Our monetary system is very fragmented globally.
Bitcoin represents a new beginning, the ability to rebuild and redesign our monetary system for the world on a clean infrastructure.
And so when I, when I look at Bitcoin, I argue that Bitcoin is in some sense the primary asset of a future monetary system.
And you know, it’s basically the story of the numbers going up.
It’s like, in theory, how much would a Bitcoin be worth if Bitcoin realized its potential, as you know, in the new monetary system, David, it’s been great having you on the show.
Thank you for taking the time to talk to us.
Yes, Josh, thanks for having me.