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Why Trump is ‘very close’ to the bitcoin industry, according to an expert
While Bitcoin (BTC-USD) recently saw a drop in trading, Bitcoin ETFs saw their first surge in flows 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 elimination of bitcoin from its holdings.
BTC Inc. CEO David Bailey joins Asking For A Trend to provide insight into his outlook on bitcoin and how the cryptocurrency plays into the current political environment.
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 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 also lead to… [Trump]in his classic style, coined the phrase: “We want bitcoin made in America.”
For more expert insights and the latest market action, click here here to watch this full episode of Asking for a Trend.
This post was written by Nicolas Jacobino
Video Transcript
Bitcoin continues to fall today.
But crypto digital asset products are seeing inflows for the first time, in fact, in the coming weeks. For more on the cryptocurrency landscape, we now welcome David Bailey.
He is CEO of BT C INC and organizer of the Bitcoin conference.
David.
Good to see you.
So, you know, you think about this year, David, you know, Bitcoin, of course, you had this strong first quarter, everyone’s very excited about these new spots.
Bitcoin ETS lately, David, you know, not as much.
II, you know, first and foremost, that’s it, that’s Mount Gox, that’s the main problem 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 that investors are still very excited about the Bitcoin ETF. Thank goodness we have the Bitcoin ETF S because it’s been a brutal week of selling from the German government and the Mount Gox bankruptcy filings that are finally getting paid after 10 years.
And so these ETFs are actually absorbing a lot of the liquidity crisis that’s happening right now.
So, uh, we’re about two-thirds of the way there.
Uh, the German government just got rid of its Bitcoin.
And we’re looking forward to seeing it end, but I think it’ll probably end next week.
What would you see?
You know, David, you’re looking at the kind of potential catalysts in the short and medium term.
The story continues
You know, what would you look for?
Is it, uh, you know, one or two rate cuts from the Fed, would that help?
You know, I think there are probably two major catalysts that are driving Bitcoin stock right now.
First of all, we just had a Bitcoin case that happened in April.
Historically, every Bitcoin transaction has caused a supply shock with Bitcoin.
And so, these are kind of the precursors to what causes the price of Bitcoin to increase dramatically over the next couple of years.
And so, a lot of people in our industry are watching with great anticipation what happens, it takes time for the supply shock to actually play out in the market dynamics.
And then the second kind of new catalyst, I would say, is the political environment for Bitcoin.
Um, just today.
Details have been published on the official RN C platform regarding Bitcoin and cryptography.
And for the first time, Bitcoin is a key part of a major political party’s platform.
So I think there are a lot of positive developments coming politically and geopolitically that are kind of new catalysts for our industry.
And let’s stick to politics.
David, because from what I’m saying, you actually met former President Trump.
I’m just curious how this happened, David.
What are you guys talking about?
Yeah, we talked about Bitcoin mining, we talked about how Bitcoin aligns 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, uh, the president is very close to the Bitcoin industry and seizes the opportunity that Bitcoin presents to the United States and, and also the risk, you know, uh, that a lack of action would also bring.
So, it was a very fruitful conversation.
This is also where, you know, the president and his classic style coined the term “we want Bitcoin made in America.”
So uh, it was, it was a big hit.
It’s interesting, David, because you, you have, as you rightly point out, I mean, you see this, I mean, crypto has become an issue in this election and it’s interesting to see Trump position himself as an ally of the crypto community.
Do you think this works, David?
Do you think it will conquer the crypto community?
Yes, absolutely.
It’s already happening.
You know, there are 70 million people who own Bitcoin or cryptocurrencies in the United States.
And there’s an old political adage that people vote according to their wallets.
Now, digital assets.
Bitcoin is the people’s wallet.
And so when they’re doing an analysis of who they’re going to vote for, there are a lot of voters who are single-issue and their number one priority is what’s going to be good for the value of my portfolio.
And so when you look at the two candidates right now, Trump has done a really incredible job of standing out as the only candidate to choose.
So, uh, you know, we’re trying to raise $100 million for the president’s re-election.
And we’re trying to get 5 million votes, the deciding votes, in these next elections.
And so I think, you know, Bitcoin is really having its political moment, David, I’m also curious, I want to talk to you about this when you talk to your friends and family 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?
You tell me in exchange?
What, what’s the story you’re telling them?
You know, it’s a little bit of all that.
I think you know, you kind of tailor the message of Bitcoin to the buyer.
You know, there are different things that intrigue people about technology.
Um, you know, personally, I think what’s most exciting is that we live in a very fractured world.
Our monetary system is very fractured globally.
Bitcoin represents a new beginning, the ability to rebuild and reorganize our monetary system for the world on its own infrastructure.
And so when I look at Bitcoin, I argue the view of Bitcoin as being sort of the primary asset of a future monetary system.
And you know, basically, it’s the story of the numbers going up.
It’s like what is the theoretical value of a Bitcoin if Bitcoin fulfills its potential as, as you know, the new monetary system, David, it was great having you on the show.
Thank you for taking the time to help us.
Yeah, Josh, thanks for having me.