Why Donald Trump’s Bitcoin 2024 speech didn’t spark a rally

Donald Trump made his big speech at the Bitcoin 2024 yesterday in Nashville, which some thought would set the market on fire. But, guess what? It didn’t. 

Despite his grand promises about supporting Bitcoin and the industry, the market barely blinked. 

When the news first broke that Trump would speak at the conference, Bitcoin prices saw a small bump. But that excitement was short-lived. 

Investors are no strangers to political speeches, especially during campaign season. Hu Feitong thinks it is because they’ve learned not to get too excited about promises until they see real action.

What Trump said

Trump’s speech was a long one, full of big promises for the crypto community. He talked about making the U.S. a global hub for Bitcoin mining and innovation. He also promised to end what he called “regulatory overreach” that’s stifling the industry. 

According to Trump, he would establish a Presidential Advisory Committee on Bitcoin and Cryptocurrency within his first 100 days in office.

Hu Feitong pointed out that Trump’s made similar statements before, and many of these promises were already factored into the market. 

Trump claimed he believes that Bitcoin stands for freedom and independence from government control, a stance opposite to the Biden/Harris administration, which he says is anti-crypto.

He promised to end this “anti-crypto campaign” if elected, saying, “I will fire Gary Gensler on day one.”

He also vowed to shut down “Chokepoint 2.0,” referring to what he sees as regulatory actions trying to limit the growth of the crypto industry. 

Trump said he would set up fair rules for crypto, promising there would never be a central bank digital currency (CBDC) under his watch. 

He pledged to support dollar stablecoins and global Bitcoin savings, framing them as important to protecting the dollar’s status.

Trump talked about making the U.S. the cheapest energy producer to turn the country into a Bitcoin mining powerhouse. 

He also promised to stop the government from selling its Bitcoin holdings and mentioned commuting the life sentence of Ross Ulbricht, the founder of Silk Road, to time served.

Why investors aren’t buying it

Hu Feitong said the crypto market is skeptical, and rightfully so. Campaign speeches are one thing, but real change requires action. 

Trump’s track record and the general unpredictability of politics make it hard for investors to trust these promises until they see them become reality.

The crypto market is driven by real developments, not just words. Investors want to see actual changes in regulations or new laws before they make big moves. Trump’s speech, filled with campaign rhetoric and promises, didn’t offer anything new or concrete enough to spark a rally.

President Joe Biden and Vice President Kamala Harris. Credits: CNBC

Trump also mentioned China several times, framing it as the U.S.’s biggest competitor and the most innovative country in the world. 

This was part of his argument for why the U.S. needs to lead in Bitcoin and technology innovation. However, even this angle didn’t do much to move the market.

But Trump did make history as the first presidential candidate to accept cryptocurrency donations. His campaign even did a fundraising event at the Nashville conference, with ticket prices going up to $844,000.