NASHVILLE, Tenn. — Former president Donald Trump took the stage an hour late Saturday to make his speech at the Bitcoin 2024 conference at the Music City Center, but that didn't dampen the enthusiasm from the capacity crowd.
Why it matters: Cryptocurrency has become, for the first time, an issue in a U.S. presidential campaign, ever since Trump vowed in May that he would make sure America dominates bitcoin production going into the future.
NASHVILLE, Tenn. — At Bitcoin 2024, former president Donald Trump said that if elected he would see that the federal government would not sell any of its bitcoin holdings, effectively creating the core of a "strategic national bitcoin stockpile."
Why it matters: It was one of several crypto-related promises made to the bitcoin conference crowd Saturday afternoon intended to build on Trump's growing base of support from this corner of the tech world.
Sen. Cynthia Lummis (R-Wyo.) predicted at a gathering of original cryptocurrency fans Friday that Sen. Tim Scott (R-S.C.) would chair the Senate Banking Committee if Republicans took control of the Senate in this upcoming election.
Why it matters: That would mean a shift in the vision for regulation of all sorts of financial matters, particularly the $1.3 trillion Bitcoin economy, which Scott promised to treat with a "light touch."
NASHVILLE, Tenn. — Donald Trump will deliver a keynote speech at a Bitcoin conference in Nashville Saturday.
Why it matters: His appearance at the United States' largest gathering of bitcoiners comes amid cryptocurrency's emergence as a wedge issue in the 2024 election. It's already caused some notable tech executives to pledge support — and donations — to the former president.
NASHVILLE — Bitcoin miners at Bitcoin 2024 came out of the gate striking back on the question of energy use, arguing that its critics are thinking about energy all wrong.
Why it matters: The question is one of the core points of contention between Bitcoin miners and the wider world, which still views the asset with suspicion — a fight that has gotten political at the highest levels in recent years.
What they're saying: "We should not be conservation maximalists," Harry Sudock of GRIID said on stage at one of the first sessions of the conference.
Sudock said that quality of life for humans and energy consumption are correlated — more power used equates to greater human flourishing.
Robert Mitchnick, head of digital assets at BlackRock, said on stage at Bitcoin 2024 that he expects major wealth advisers to start soliciting its bitcoin ETF this year, describing it as "likely."
Why it matters: Once major wealth advisers start showing the new instrument to clients, that should open a giant new wave of buyers — for products that came out of the gate stronger than any other ETF in history.
What they're saying: Mitchnick called out what he describes as the bitcoin "punditry community" for describing the cryptocurrency as a risk asset.
"One, I think it's fundamentally inaccurate and, two, I think it's massively unhelpful," he said on stage.
Ledger's latest hardware wallet, called Flex, is shipping, and a special edition is on sale in Nashville.
Zoom in: It's the second product from Ledger this year and is priced at a slightly more accessible $249. (It's not cheap but is less expensive than the now $399 Stax.)
👆 The special BTC edition of the Flex has that orange bar at the bottom.
Flashback: When Ledger's chief experience officer showed us the goods in New York a few weeks back, he said that the firm was indifferent to which one sells.
Some people drive Mercedes, others, Toyota, he said.
💭 Crystal's thought bubble: I prefer the feel of the Stax over the Flex.
One great economic question mark of 2024 has been whether the post-pandemic inflationary episode is well and truly dead or would prove to have more lives than a horror movie monster.
The big picture: Midway through the year, it looks like the monster has indeed been vanquished. Friday morning's new reading of the Fed's preferred inflation measure, the Personal Consumption Expenditures Price Index, confirm as much.
The Federal Reserve's preferred inflation index showed prices increased at a moderate pace last month — the latest indication that America's inflation crisis is nearing its end.
Why it matters: The data also showed that consumers spent at a healthy clip in June as income gains outpaced that of inflation, signs of a still-solid economy.
