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Key Takeaways from Bitcoin 2024 Conference

Bitcoin | Jul 29, 2024

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Highlights from the Bitcoin 2024 conference, including major policy proposals and insights

The Bitcoin 2024 Conference, which was held in Nashville on July 25–27, was a mix of creativity and energy with the enthusiasm of almost 20,000 people coalescing, including tech aficionados, business titans, and newbies filling the venue. Passionate conversations permeated the air against the backdrop of the newest blockchain tech and companies on display and neon lights.

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This year was infused with anticipation as prominent speakers like Senator Cynthia Lummis and Donald Trump espoused their version of a crypto future.  It was an event honouring the digital revolution, where innovative concepts collided with the enthusiasm of a society poised to revolutionize the world of finance.

Top 5 Takeaways

1. Trump's Bitcoin Endorsement

Drawing parallels to China's advances in digital assets, former President Donald Trump suggested establishing a "strategic national bitcoin reserve" in the United States. He said, "If Bitcoin is going to the Moon, I want America to send it there." This represented a substantial departure from his earlier pessimism and was consistent with his larger goal of establishing the United States as a global leader in crypto.

2. Senator Lummis's Legislative Proposal

Senator Cynthia Lummis announced plans to introduce legislation for the U.S. Treasury to purchase 1 million bitcoins, equivalent to 5% of the world's supply, over five years. The goal is to establish a strategic Bitcoin reserve to counter inflation and protect against dollar depreciation. Lummis emphasized the need to hold these assets for at least 20 years.

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3. Political and Regulatory Jockeying

Trump warned of possible harsh restrictions and attacked Vice President Kamala Harris and the Democratic position on cryptocurrencies. On the other hand, more than a dozen Democratic lawmakers—among them Ro Khanna and Ritchie Torres—called for a more crypto-friendly stance, pushing the DNC to incorporate financial inclusion and innovation into their agenda.

4. Institutional Demand

The conference brought attention to the increasing interest in Bitcoin ETFs, which are being led by large institutions like BlackRock. Strong institutional demand is seen in BlackRock's iShares Bitcoin Trust (IBIT), which has made a 20-25% of the company's revenue flow this year. This pattern suggests that Bitcoin is becoming a more widely accepted financial asset.

5. Energy and Mining Outlook

Integrating renewable energy sources and sustainability were the main topics of discussion when it came to Bitcoin mining. Marathon Digital Holdings declared that it has purchased and will full HODL more than 20,000 Bitcoin, worth $1.3 billion.

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This action fits in with the industry's broader trend toward strategic asset management and sustainability.

Closing Outlook

With strong political and institutional support, the future of Bitcoin and digital assets looks promising. However, regulatory developments will be crucial in shaping the industry's trajectory.  Bitcoin magazine is hosting the talks on it's youtube channel here.

NCFA Jan 2018 resize - Key Takeaways from Bitcoin 2024 ConferenceThe National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, artificial intelligence, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org

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