BTC Retreats Post Trump's Pro-Crypto Speech at Bitcoin 2024

The Bitcoin ($BTC) price experienced a slight decline on Saturday, reflecting market reactions to recent events and statements. Bitcoin's volatility often leads to price changes based on news, statements from influential figures, and broader market sentiment.

Former President Donald Trump addressed a crowd at the Bitcoin 2024 conference, expressing strong support for the cryptocurrency, citing that Bitcoin was "going to the moon". The former president further advocated for the U.S. to dominate the cryptocurrency sector and supersede China, which despite banning BTC in 2021 is still a popular tradeable asset amongst Chinese investors.

Trump also emphasized his desire for the U.S. to lead in the cryptocurrency space. This statement aligns with broader discussions about the role of the U.S. in global financial innovation and the regulatory environment for cryptocurrencies.

Although this pro-crypto speech led to gains in crypto stocks, these were later erased as Bitcoin's price dropped. The pullback in bitcoin prices is attributed to investors booking profits after reaching key milestones. 

SEC Chair Gary Gensler has consistently warned about the unpredictable and speculative characteristics of cryptocurrencies. Interestingly, in one of his speeches, Trump pledged to fire SEC Chair Gensler and create a national bitcoin stockpile using seized cryptocurrencies if elected. 

On the other hand, Congress presently remains mixed about its stance on Bitcoin and other cryptos. In the past three years, BTC has been predominantly traded by Republicans - including Senators Ted Cruz and Cynthia Lummis. The only Democrat on record to trade BTC is Rep. Shri Thanedar who sold up to $500,000 worth of BTC on February 5, 2024, in addition to selling several other high-value stocks. 

Lummis also served as an additional speaker at the conference. Other speakers at the event included Rep. Ro Khanna, Sen. Bill Hagerty, and Sen. Marsha Blackburn.