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My job will be to set you free and to let you do what Americans do best and what you're

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going to do better than anybody. Win, win, win, win. You're going to win, win, win.

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Welcome into this week in Bitcoin, episode 20, a special report as Bitcoin 2024 Nashville just

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wraps up as Trump walks off stage. And yeah, we'll be getting into the substance of his Bitcoin

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policy that he announced and I'm going to try to avoid all the campaign stuff, cut it down,

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but I've been monitoring the entire event so you don't have to. And while it feels a bit awkward

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having politicians start telling us everything we've ever wanted to hear, I do think we should

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take some stock. It was less than a full epoch ago that Bitcoiners were just thrilled to get the

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attention of the president of El Salvador, shout out to Pekeli. But now, Bitcoiners are being

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courted from both the right and the left in the US. And my hope is, is that this set's a standard

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for international politicians that internationally politicians start to recognize there's a cohort

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of voters that have some issues that are very important to them. And I think what Bitcoin 2024

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will do is it'll set the stage for the rest of the politicians around the world to finally get it.

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So what happens here is going to spread. And so that's why I think we should take stock and talk

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about why this is such a historic conference. And you know, RFK Jr. kind of said the quiet part out

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loud during his speech as to why Bitcoiners make such a good voting cohort.

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Fight their different, they're different viewpoints. I found the most striking feature of Bitcoin

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community is this kind of paradoxical juxtaposition marked by fierce divisions on several minor issues

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and an overwhelming sense of unity within the larger Bitcoin ecosystem. The Bitcoin community

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reminds me of how American politics ought to be fiercely diverse, but ultimately united in our

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aspirations and our belief in our country and in our convictions that America is worth the fight.

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Let me break down what he's saying there is he saying that there is a contingent perhaps 50 to

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60 million people in the United States that all kind of coalesce around a common set of concerns,

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beliefs, and priorities. That is an addressable cohort that these politicians can understand,

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wrap their heads around and address the concerns of an attempt to seek their votes.

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This is how it's supposed to work. How genuine you believe any of them. Well, that's really yet to be

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seen, but each politician that went up on stage wanted to say something pretty momentous. Let's

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stick with RFK for one more clip here. This is where RFK talks about the executive order that he would

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issue when he enters office should he be elected. Oh, this is actually I included the beginning of his talk.

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Yeah. Hello, Bitcoiners. I am so glad to be back from my second Bitcoin conference. Since last year

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in Miami, I've been meeting with leaders and thinkers from this community. I've conferred with

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Bitcoin miners with policymakers, with economists, with financial experts, with investors and developers,

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entrepreneurs, the deep in my understanding of the extraordinary promise of Bitcoin for our country

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and for our planet. One thing that was notable about RFK's introduction and Trump's introduction is

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Trump took him quite a while to actually get to Bitcoin specifically where RFK kind of starts with Bitcoin.

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After, after all I've learned, I intend as President of the United States to sign an executive order

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on day one, directing the Department of Justice and the US Marshals to transfer the approximately

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200,000 Bitcoin held by the US government to the United States Treasury where it will be held as a strategic asset.

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On day one is President. I will sign another executive order directing the US Treasury to purchase

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550 Bitcoin daily until the US has built a reserve of at least 4 million Bitcoins.

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DCA, baby. A hand up position of dominance and no other country will be able to use SERP.

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Our nation holds approximately 19% of global gold reserves. This policy will give us about the same

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proportion of total Bitcoin. The cascading impact from these actions will eventually move Bitcoin

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to a valuation of hundreds of trillions of dollars. On day one as President, I will sign also an

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executive order directing the IRS to issue public guidelines that all transactions between Bitcoin

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and the US dollar are unreportable transactions.

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And by extension, not untaxable. Yeah, they got it. They got it.

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Later in the speech, RFK Jr said that he holds now the majority of his wealth in Bitcoin after

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the winnings from a lawsuit against a pharmaceutical company. And I watched his entire speech and I

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would say he seems to understand Bitcoin specifically better than most politicians that I've seen

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speak about it. But there have been others. So, RFK is running as an independent. But Democrat

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Congressman Row Connuss says that the US needs to be leaders in Bitcoin, kind of echoing things we've

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also heard from Trump. So you're not increasing fossil fuel emissions by using Bitcoin. And that's

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something that government can do. But the bottom line is that you want America to lead when it comes

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to Bitcoin and make sure that the appreciation of it is something that benefits the United States

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and that we're setting the financial standards. Great. So over the course of the past two days

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and into this afternoon, we're going to hear about a lot of executive orders or proposals for

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executive orders. But I know that there is some bipartisan legislation that has popped up from time

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to time in Congress. How far are we away in your mind of getting something past is actually a bipartisan

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approach, sensible regulation and some sort of term defining that everybody can agree with and

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know what the rules of the game are. How far away are we from that? Well, I've supported two bipartisan

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pieces of legislation. One, a Republican bail by Patrick McEnry, fit 21, that applies not just

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to Bitcoin, but to all cryptocurrencies to say that we need regulatory clarity. We need to say what

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the SEC can do, what the CFTC can do. And we need to make sure that the software developers aren't caught up

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in being penalized. And that passed with 70 plus Democrats in the House. It's a good sign.

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It's a good sign. So you have up and down the ticket, Tim Scott was there along with Senator

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Lomis. They had a really rowdy kind of like pre-talk. I might play some of that depending if we have time.

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But what I thought was interesting is these senators would go up on stage like you just heard

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Rokana there or like I just mentioned Tim Scott. They would give their pitch. They don't always

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really appreciate the difference between the wider crypto ecosystem and Bitcoin. Although they

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clearly have been brief slightly, they try to walk the line, but they just don't I think intuitively

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understand it in most cases. And so they go up there. They do their speech. And then what's interesting is

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they're then going back to their offices and they're releasing policy statements to kind of back up

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what they set up on stage. Or in the case of Tim Scott, they're going on national television and

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trying to promote their position on national TV. I remember when he said it. I thought it was

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unfortunate. I think I was shaking my head and I wish he hadn't, but he has made a transition

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at this point too. I don't know if he's a full Bitcoin maximalist, but he is on board. And I

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guess we're going to hear that on Sunday. So Joe, you just said you were a profit. That's good to know.

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Here's what I can tell you with that any question. You were not alone. 20,000 more people

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showing up at a financial conference here in Nashville is a big deal. Bitcoin's future has to be

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in America. Well, we know about the Biden administration and the SEC is they've been anti-Bitcoin,

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anti-digital assets. Elections have consequences. If I have the good fortune of being the chairman

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of the next banking committee, what we're going to do is make sure that innovation happens in America.

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That means that the regulations cannot be oppressive and we cannot have an SEC nominee that

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actually wants to run it back to China. Now Tim Scott, as you may have been able to understand

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there, he is set if the Republicans get the leadership position to be the head of the banking

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committee in Congress and he would be pro Bitcoin. So he's kind of, it's kind of a big deal in the

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sense that he would be sort of sitting on a very influential position around banking and he has a pro

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Bitcoin stance. Let's talk a little bit about sort of that stage. So that stage at the Bitcoin

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conference is really several stages and they're all going all of the time and we only get to get

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bits and pieces. But on some of the different stages, we have different types of guests and some of

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them are talking more microfinances, some of their talking open source software. And of course,

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you got the big headliner stage, right? And the big headliner stage had all kinds of anticipation.

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We knew Trump was coming. We had the RFK speech on the day before. So we knew like, this is where all

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the big heavy hitters are going to be. But the reason why all the expectations were set is because

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before, I'd say midweek, before the event even kicked off, people started leaking that we might

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hear a big announcement at the conference. And Senator Cynthia Lumis went on television to tease

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that there might be a big announcement. No central bank digital currency. I'm so happy about that

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because that's a means of surveillance of the American people. But we want to make sure people can

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have individual wallets for their Bitcoin. So they have that sovereign over their own money. We know

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we want the US dollar to remain strong. And actually having Bitcoin in reserve can help the US dollar

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remain strong. What have Bitcoin in reserve? Yeah, that started then that was midweek. So that really

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started to set the expectations. And then of course, Kathy Wood, our investors, if the rumors are

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true, it's going to be huge. You know, this is not an instrument of monetary policy at all. But it

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simply goes on our balance sheet, Michael Sailor gave us some really good talking points there.

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This could be transformational transformational transformational for Bitcoin holders.

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And you know, I suppose it's probably true. So let's talk about this. Why are

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why are the Republicans falling all over themselves to court Bitcoiners? Why does Kathy Wood say there'd be

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a massive transformational change of Bitcoin is put in reserve? I think the unspoken part of it is

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everyone expects it would kick off sort of that great nation state game theory that individuals would

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want to buy into individuals and nation states would want to start buying Bitcoin before each other

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and kind of kicks off this buying frenzy, which drives the value up. This is this stuff always kind of

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gets talked about. You know, these are big promises to make an election season and we'll see where

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these go. But before Trump got on stage, he was about 15 minutes late. And so here's all these

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expectations. Donald Trump, he's going to come up on stage. He's going to make this big promise.

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And he ends up being 15 minutes, 20 minutes, 30 minutes late. And he comes on stage with a joke as

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to why he's late. A little more time. I said, you take all the time you want. He's talking about the secret

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service. You can take two hours, three hours, the hell with the people that have been waiting out here.

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I'm sure they don't mind either, but it is a great honor. And a lot of things are happening in the

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world. We just heard you probably heard that Israel was just attacked or is severely attacked.

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So he doesn't start by talking about Bitcoin. He starts with what is a typical kind of Trump campaign

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talk about Israel and whatnot. So I skipped ahead and I wanted to kind of focus on the policy stuff

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that he talks about. And one of the things he said that I thought was it's an interesting insight

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for somebody his age. And I think probably appropriate is that he thinks that Bitcoin may end up

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being the new steel industry in the US. Many of you, but this is the kind of spirit that built

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America. And this is the spirit that's going to help us make America great again. So what we're doing.

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I stand before you today filled with respect and admiration for what the Bitcoin community has

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achieved. It's incredible actually. I sort of say to my sons, it's like incredible because they

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do so much about it is so they're so aware of it much more so than people that are a little bit older.

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But I say this is the steel industry of a hundred years ago. It really is. I think you're just in your

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infancy. I can see it happening. In just 15 years Bitcoin is gone from merely an idea posted

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anonymously on an internet message board to being the ninth most valuable asset anywhere in the

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world. Can you believe that? Is that right? That's a big deal. Yeah. He then says you better watch out.

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Gold. I think it's coming for you. Just about a moment the people really liked. He talks a little

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bit as to why he's focusing on Bitcoin now. The reason I've come to address the Bitcoin community

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today can be summed up into very simple words. America first because if we don't do it China is going

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to be doing this is going to be doing it. Let's do it and do it right. Watching the entire speech

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it really seems like Trump has come to a point where he recognizes there is nation-level competition

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here and an opportunity to kind of integrate a Bitcoin policy in both the economic side to help

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produce growth in the energy side to help grow the energy sector and then of course just in this

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kind of America trying to claim the future. America is the one that makes the big leaps and Trump says

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if Bitcoin is going to go to the moon he wants he wants the us of a to be the ones to take it there.

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This afternoon I'm laying out my plan to ensure that the United States will be the crypto

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capital of the planet and the Bitcoin superpower of the world and we'll get it done.

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If crypto is going to define the future I want to be mind-minted and made in the USA it's going to

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be it's not going to be made anywhere else and if Bitcoin is going to the moon as we say it's

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going to the moon I want America to be the nation that leads the way and that's what's going to happen

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though you're going to be very happy with me. He does have some specifics he says on day one he'll

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end Chalk Point 2.0. I pledge to the Bitcoin community that the day I take the oath of office

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Joe Biden Kamala Harris's anti crypto crusade will be over it will end it'll be done.

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He does actually later specifically state Chalk Point 2.0 and anti Bitcoin and anti crypto

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business policies. But the line that probably got the biggest praise out of all of them even though

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there's some bigger announcements he makes I in my opinion later on in the speech but the speech

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you know it gets the applause it gets and the the line that got the most applause firing Gary

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Gensler the SEC chief Elizabeth Warren and her goons and she's very nasty to you she hates your

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people she hates everything about you will keep their hands off Bitcoin they're going to keep

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their hands off crypto they get let it grow we're going to let it grow on day one I will fire Gary

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Gensler in a point a new SEC chairman

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I didn't know he was that unpopular

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wow I think it was really surprised in fact he was so surprised Trump loves attention you know

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and if he can get a if he can get a round of applause he'll go for it again he'll just do it again

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wow I didn't know he was that unpopular let me say it again on day one I will fire Gary Gensler

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wow

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I as far as I recall this is the only time we got the Trump Trump Trump chant was when he says he'd

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fire Gary I will appoint a new SEC chairman who believes America should build the future not block

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the future which is what they do now there was other moments the more actual policy thing that I

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heard him mention is that he plans a pro crypto council that would likely be responsible for

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helping form pro crypto business regulation a bond taking office I will immediately appoint a

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Bitcoin and crypto presidential advisory council would anybody like to be on that particular council

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please raise your hand their task will be to design transparent regulatory guidance for the

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benefit of the entire industry and they will get it done in one hundred days we will have regulations

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but from now on the rules will be written by people who love your industry not hate your

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industry people that want to make it clear and simple straightforward and fair people that want

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to see your industry thrive not die next I will immediately order the treasury department and other

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federal agencies to cease and desist all steps necessary because you know there's a thing going

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on in your industry they want to move the creation of a central bank digital currency it's over

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forget it who not the CBDC oh no no no CBDC CBDC there will never be a CBDC while I'm president of the

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United States and I will always defend the right to self-custody self-custody you're gonna have a

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great industry you're gonna have a great industry and we're going to be fuel I like the remarks about

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self-custody of course I think that's good and he had them going and then they got a little quiet

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when he mentioned staple coins as part of our refer to provide regulatory clarity we will create

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a framework to enable the safe responsible expansion of staple stable coins you know what a stable coin is

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does anybody know please raise your hand yeah not much not much love for the staple coins there

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you know I think the thing that you have to understand is the administration is going to be pro crypto

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not pro Bitcoin and I'm not even sure if they fully get the nuance I think this conference helped

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his team was on the ground talking to people that legitimately was happening so I think they're

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starting to understand the nuance there but you can tell just because they included this bit in the

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speech they don't fully get it possible expansion of staple stable coins you know what a stable coin is

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does anybody know please raise your hand allowing us to extend the dominance of the US dollar to

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new frontiers all around the world America will be richer the world will be better and there will

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be billions and billions of people brought into crypto economy and storing their savings in Bitcoin

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oh wait so that's the way it is all right it's pretty much the way it is kind of say it's their

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the end kind of says you know all right yeah but they're gonna they're gonna use those

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stable coins to buy Bitcoin oh okay all right okay yes but I think the bit that people like hearing

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is there was a one eighty that Donald Trump did in the past you know I think back in 2019 or

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or something like that he said that he didn't like Bitcoin it's not money you know he likes the dollar

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well here he says specifically that Bitcoin does not threaten the dollar goes who say that Bitcoin

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is a threat to the dollar have the story exactly backwards I believe it is exactly backwards Bitcoin

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is not threatening the dollar the behavior of the current US government is really threatening the

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dollar right which he would he had no nothing to do with our financial future does not come

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from crypto it comes from Washington DC oh that's true yeah yeah I suppose so and it's it's nice to

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hear him seeing this and thinking this way he says the Bitcoiners also were right all along about

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inflation it's a country buster the Bitcoiners and I say to you that you recognize the dangers of

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inflation along before most others did you understood inflation frankly better than anybody else you

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know that don't you if only they had listened they didn't listen to you yeah it's a

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transitory mr. president's transitory Trump also another crowd pleaser affirms that he would

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release Ross today I repeat my pledge to commute the sentence of Ross all brick to a sentence of

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time sure it's enough it's enough they like the Ross getting the you know and it'd be good to see

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I some people say when they hear that well then why didn't he release Ross during this first term

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I don't even know if he knew if anybody out there knows otherwise if he'd ever made a statement

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about Ross all-bricht before this you know before this campaign I'd love to know if he if he was

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aware of him but that kind of wraps up all of the all of the many announcements and then he had his

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big policy statement the one that everybody was expecting the one that was absolutely breaking news

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don don don don't Donald Trump says he will create a reserve of us Bitcoin many Americans do not realize

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that the United States government was among the largest holders of Bitcoin does anyone know that

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how about that the federal governor's almost 210,000 Bitcoin or 1% of the total supply that will ever

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exist but for too long our government has violated the cardinal rule that every Bitcoiner knows

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by heart never sell your Bitcoin that's right isn't it that's right how did I figure that one

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never sell your Bitcoin and so as the final part of my plan today I am announcing that if I am

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elected it will be the policy of my administration United States of America to keep 100% of all the

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Bitcoin the US government currently holds or acquires into the future will keep 100% I hope you do

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well please this will serve an effect as the core of the strategic national Bitcoin stockpile as you know

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not not a bad not a bad policy you know not as strong as RFK is where he's going to basically TCA

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for 20 years but probably more realistic is to take that amount that they already have and just

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simply keep it the other advantage that have of course that would remove those anger hangar

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overs from the market people wouldn't be worried about those getting sold at some point in the future

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so that's the major policy stuff and then he wrapped it up and says goodbye to everybody and kind

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of a classic Trump way with your help we will save our nation we will restore our republic and we

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will make America and Bitcoin bigger better stronger richer freer and greater than ever before thank

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you all have a good time with your Bitcoin and your crypto and everything else that you're playing with

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and we're going to make that one of the greatest industries on earth good luck and God bless you all

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thank you God bless you thank you

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as Trump pointed out himself he is the first president of the United States to ever address a Bitcoin

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event and it was mostly a campaign speech as is Trump's typical fashion but there was some good

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things in there you know acknowledging that Bitcoiners were the first to see inflation that was a nice

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takeaway I had in the speech Trump says Bitcoin will probably overtake gold he said he'd fire Gary

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Gensler said never sell your Bitcoin he also said that the danger to the dollar comes from Washington

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DC and not Bitcoin and he says that the US should create a strategic Bitcoin stockpile I think what's

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noteworthy about that is regardless if he gets in regardless if he actually does it that cats out

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of the bag now that concept at the nation level is out and it was right here streamed live in front

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of the world to see it and if Donald Trump does get into office and he does make good on that promise

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it would likely kick off an arms race to get Bitcoin which would really be something to see the run

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up to 2030 would really be pretty crazy I really hope it does kick that off I hope this is

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influential to other nations as well of course all of our I guess I'm favorite you know I mean

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air quotes favorite Bitcoiners always go out and do their thing you know they had a live stream of

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course on a technical problems right before Trump went on air but otherwise was pretty good and whenever

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you have a big event like this you got to get Mikey sailor out there and he had a couple of moments

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I he had a few moments he had quite the talk you might go to find it on YouTube so far I just see

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the entire live stream sessions but when he was on a Q&A on their live stream he said something that

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I'd like to get your feedback on do you think that the US government should hold the majority of the

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Bitcoin I think he talks about it in the context of the fact that the US government already holds

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the reserve currency of the world and so this is a natural extension of that backing the dollar with

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Bitcoin yeah well you know I think you back the dollar by by doing something economically rational

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so when the United States actually purchased Louisiana and we expanded the country a double

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the size of it we backed the dollar and when Seward bought Alaska and we found a trillion dollars of oil

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underneath it we backed the dollar and when the when we developed a port of New York New York City

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and we engaged in international commerce we backed the dollar so the country's got a look to the

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future and the future of the country is in cyber space and Bitcoin is an essence cyber Manhattan so

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the way you back the dollar is you buy Manhattan for pieces of paper and trinkets and you buy it

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before it's worth hundreds of trillions of dollars just like the Dutch bought New York for

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$50 worth of plastic beads and so I think that it's it's right in front of us the United States owns

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the majority of the the gold in the world the US federal government owns 28% of the land

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you know in the United States the US government should own the majority of the Bitcoin in the world

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I'd like to know what you think about that send me in a boost

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you think the United States should own the majority of the Bitcoin in the world it's likely

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some nation state will right because they can print their trinkets they can just print their

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fiat money and they can buy a hard asset that's capped and I think Mike's right in that in a hundred

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years we'll look back at plastics little beads we'll look back at cash like we look at plastic beads

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today and at least at some point in the future and it's just going to take some government that looks

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forward a little bit and realizes we've got infinite fiat and we can buy this scarce thing

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and a mic also had Mr. Saylor also had pretty good speech you know he's he's given this talk now in

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different venues to different audiences and he kind of has different gears and he's refined it

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and he's more bullish than ever but what's happening here's my macro bitcoin forecast it's 21 years

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goes out to the year 2045 what do I think will happen will i've got a bear case in a bulk case but what

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I think will happen is that 55% AR goes to 50% 45 40 35 30 30 25 20 it's between 50 and 20 it'll

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gradually decelerate till it's growing about twice as fast as the s and p index and at that rate

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bitcoin's 13 million dollars of coin in year 2045 13 million it could be it could be a 3 million

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bear case it could be a 49 million bull case but see you got three million is his bear case I take

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that as a bear have 49 million is his bulk 13 million it could be it could be a 3 million bear case

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it could be a 49 million bull case but what is bitcoin 7% of the world's assets then

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what about the rest of the assets well I actually think that ayes and technology gonna revolutionize

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tech we had no companies worth a trillion then we had a bunch of trillion dollar companies

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you're gonna see more because you're gonna see companies with 100,000 ayes and no employees and

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they're gonna do the work of companies that you still have 100,000 employees you're gonna see

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mega corpse develop you know shipping robots and self-driving cars and a company that gives a

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personal physician to a billion people without any doctors on the payroll so clearly equity is

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gonna grow fast gold's gonna get demonetized land obese less monetize but look here's the future in

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2045 doesn't look that revolutionary it looks like today there you go it's not that exciting it looks

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like more of what we've been doing today more bubbles everybody is that what he's saying I'd love

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for you to boost in and tell me what you think and if you like this special edition a lean mean

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focused on bitcoin 2024 national event and why and how and which politicians we're trying to get

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your vote thanks for listening to this special short edition of this week in bitcoin I'll see you

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right back here for a full episode an episode of 21 and I leave you with politics be damned by my gettings

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