Key Points
- Donald Trump’s marketing campaign raised $21 million throughout final weekend’s Bitcoin Conference.
- Senator Cynthia Lummis’ “BITCOIN Act of 2024” lays out a pathway for the US to purchase and maintain BTC.
Former US President Donald Trump was the primary main candidate to handle The Bitcoin Conference on July 27, and his marketing campaign reportedly raised $21 million in the course of the occasion.
According to official stories, the cash got here primarily from the Bitcoin Conference fundraiser following Trump’s keynote speech, which confirmed big help for Bitcoin and crypto. He promised that the US wouldn’t promote its Bitcoin reserves if he had been re-elected.
The occasion was partly organized by Sen. Bill Hagerty, R-Tenn, and was attended by 100 people. It reportedly represented his “second highest fundraiser ever.”
Besides the tens of millions introduced in in the course of the Nashville occasion, Trump’s marketing campaign additionally raised $4 million in crypto since starting to just accept crypto donations in May.
According to official information from the Federal Election Commission submitting, Trump’s marketing campaign raised a complete of $221 million.
The complete contributions had been over $10 million, with transfers from different approved committees totaling virtually $206 million.
Current money readily available totals over $128 million based on the identical official data.
BITCOIN Act of 2024
During The Bitcoin Conference, one other BTC supporter, Senator Cynthia Lummis, introduced laws for a Strategic Bitcoin reserve within the US.
Her invoice lays out a pathway for the nation to carry Bitcoin and provides states the choice to do the identical.
The invoice is reportedly known as the “Boosting Innovation, Technology, and Competitiveness by Optimizied Investment Nationwide Act of 2024” or “BITCOIN Act of 2024.”
According to the invoice, Bitcoin, the decentralized and scarce digital asset, provides distinctive properties that complement current nationwide reserves, strengthening the place of the US greenback within the international monetary system.
The invoice creates a Bitcoin Purchase Program, that can purchase 200,000 BTC a yr over 5 years, amounting to 1 million BTC.
Lummis additionally known as for the US Treasury Dept. to publish quarterly stories and make them public through its web site. States can even voluntarily take part in storing BTC holdings as a part of the reserve, having to stick to particular necessities, together with safety protocols.
The US already has reserves in belongings resembling gold and petroleum, and establishing a strategic Bitcoin reserve to bolster the US greenback with a digital arduous asset will safe the nation’s function as the worldwide monetary chief, based on Lummis.
Trump additionally promised that the US would change into the world’s Bitcoin superpower.
