As the Bitcoin 2024 conference in Nashville approaches, scheduled for July 25-27, the Bitcoin community braces for what might be a watershed moment in the cryptocurrency’s history. This year’s event is drawing unprecedented attention and may eclipse the landmark 2021 announcement by Jack Mallers that El Salvador would adopt Bitcoin as legal tender.
Fueling the anticipation is the announced appearance of Donald Trump, the leading US presidential candidate. Last week, rumors began circulating that Trump might endorse Bitcoin as a potential reserve asset should he win the November election.
These rumors gained further traction when Dennis Porter, founder of the regulatory advocacy group Satoshi Act Fund, shared an unverified leak on social media platform X. According to Porter, sources wishing to remain anonymous claimed Trump plans to “announce a USA bitcoin strategic reserve in Nashville.”
Dan Ripoll, a former managing director at financial services company Swan and now a professional trader, outlined a bold scenario that could more than double Bitcoin’s price instantly if Trump’s plans come to fruition. Speaking on X, Ripoll described the potential move as “one of the most gangster moves” Trump could make.
Ripoll theorized that Trump could announce significant investments in Bitcoin and plans to integrate it into the US Strategic Reserve at the conference. According to Ripoll, such a move could send Bitcoin’s price soaring, creating what he termed a “$100,000 Trinity Candle.” He suggested that Trump could quintuple his net worth overnight and keep his promise to accumulate Bitcoin once in office, thereby benefiting Bitcoin holders.
Ripoll also speculated that the Democratic Party might attempt to undercut Trump’s impact by adopting a pro-Bitcoin stance before the election. However, he expressed skepticism about their willingness to make such a move, pondering, “The Democrats could steal his thunder by coming out in favor of BTC before the election. But they won’t do it. It makes one question, how badly do the Dems want to win this thing?”
The reactions within the Bitcoin community to this speculative scenario have been mixed. Community member Eugene Gant expressed skepticism about linking Bitcoin with potential political maneuvers, questioning the ethicality of leveraging a public position for personal financial gain through cryptocurrency. Ripoll responded by emphasizing that adopting Bitcoin as a reserve asset could stabilize the US currency and present broader benefits.
Another community member, Steve, voiced concerns about Trump’s history of promoting personal ventures only to divest later, suggesting a similar strategy could be applied to Bitcoin—buying low, pumping the price, and then selling high. Ripoll countered by noting the common trajectory from skepticism to support within the Bitcoin community, suggesting it wouldn’t be surprising if Trump had genuinely shifted his stance.
“Everyone who is a bitcoin maximalist started off as a bitcoin skeptic. Every single one of us. It would not be surprising to see that he actually learned about it and changed his tune. That is the path,” Ripoll concluded.
The anticipation for the Bitcoin 2024 conference featuring Trump is visibly reflected in Bitcoin’s recent price action. As of the latest trading data, Bitcoin is valued at $67,373, marking a rise of over 24% in the past two weeks.
