Crypto luminaries at Nashville’s Bitcoin Conference envision a future where the U.S. dollar is valued based on a bitcoin standard, amid the tumultuous presidential race that might determine the direction of cryptocurrency.
According to Brian Estes, a crypto advisor to independent presidential candidate Robert F. Kennedy, Nixon removed the United States from the gold standard in 1971. We have been conducting an experiment for the past 53 years, and the experiment is not working. According to him, the limited supply of bitcoin—which can only be digitally mined in predetermined amounts—makes it a novel means of preserving the value of our money.
In his opinion, humanity will not default back into gold because gold had issues and was centralized. Instead, we will return to a hard money system, similar to the one we have had for 3,500 years. He expressed his belief that the new kind of gold, known as bitcoin, will take over by default.
Bitcoin is very close to its greatest value ever, having more than doubled in value over the past year. GOP platform promises that Americans will have the freedom to keep their digital assets in their own hands and be able to do business without being watched over or controlled by the government, which is what’s driving the movement.
Individuals under 40 have a thorough understanding of cryptocurrency and bitcoin. According to Fred Thiel, CEO of bitcoin mining company Marathon Digital Holdings, folks over 50 don’t really care what you think. The over-50 demographic will begin embracing cryptocurrency as soon as it’s made as simple to acquire and sell as an AT&T share, and he believes we will see a wave of retirement accounts allocating funds to bitcoin within the next three years.
There was a lot of conjecture during the Nashville conference that, if he be elected to a second term, Donald Trump may unveil plans for a strategic national cryptocurrency reserve.
Thiel stated that the country is $35 trillion in debt. If the United States government has two million bitcoin at a current price of roughly $120 billion – slightly more – at $20 million per bitcoin, the country would have $42 trillion in worth. They could pay down the national debt without having to raise taxes or reduce discretionary or entitlement spending. It would solve a large number of problems.
