Bitcoin Gains Political Momentum in the U.S. as Politicians Rally Behind BTC

At the recent Bitcoin Conference in Nashville, GOP presidential nominee Donald Trump announced plans for the U.S. to build a national Bitcoin stockpile.

Bitcoin (BTC) took center stage at the recent Bitcoin Conference in Nashville, attracting the attention of prominent figures and sparking discussions on integrating the flagship cryptocurrency into the U.S. financial system.

Among the key highlights was the announcement by GOP presidential nominee Donald Trump of his plans to build a national Bitcoin stockpile. Trump also expressed his intention to make the U.S. the “crypto capital of the world.”

Several lawmakers also used the conference to advocate for measures related to BTC. Notably, Senator Cynthia Lummis (R-WY) proposed that the U.S. Treasury purchase 1 million Bitcoin. Lummis has consistently supported BTC and highlighted its importance for the country’s financial future.

In a bipartisan move, Representative Ro Khanna (D-CA) urged Democrats to embrace BTC, advocating for a departure from previous policies. He highlighted Bitcoin’s potential role in the U.S. financial system.

Robert F. Kennedy Jr., an independent presidential candidate, also suggested acquiring 4 million BTC. He compared this acquisition to the U.S. holding a significant portion of global gold reserves.

Several politicians also expressed strong support for BTC at the conference. Senator Roy Haggerty (R-TN) stated that Bitcoin was part of his “DNA,” associating it with concepts of freedom. Senator Marsha Blackburn (R-TN) also demonstrated support, with promotional trucks displaying pro-Bitcoin messages around the event.

Although Democratic presidential nominee Kamala Harris did not attend the conference, reports indicated that she was considering a new approach to working with crypto companies. This response reflects the increasing political importance of BTC.

The political landscape around BTC has evolved significantly over the past two years. While the collapse of FTX and Bitcoin’s low price led to widespread skepticism, political leaders are now actively discussing Bitcoin’s potential.

The growing support for BTC in Washington comes as more Americans are investing in cryptocurrency. The 2024 Bitcoin Conference demonstrated that BTC is now a central topic among U.S. political leaders, with significant legislative and policy proposals being discussed.

At the time of writing, the price of BTC is $64,525.42, reflecting a 0.31% increase over the past seven days. The market cap stands at approximately $1.273 trillion, a decrease of 2.65%. The 24-hour trading volume is $36.06 billion, marking a 26.07% increase. The volume-to-market-cap ratio is 2.83%. The circulating supply of BTC is 19,734,146 BTC, out of a maximum supply of 21,000,000 BTC.

Among the recent notable events are Senator Cynthia Lummis announcing a bill related to BTC and Coinbase Prime starting custody services for government assets. Furthermore, Mt. Gox creditors have begun receiving their BTC and cash distributions.

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