Bitcoin wobbles as Trump delivers pro-crypto conference speech

Donald Trump’s keynote speech at the Bitcoin 2024 conference in Nashville, Tennessee didn’t act as the whale call some analysts may have predicted, but its impact may yet be felt as word gets out. 

The former president laid out his plans to end the war on crypto to thunderous applause as he told the US audience his plans, were he to be re-elected. While the crowd was jazzed, the markets failed to capture the Republican nominee’s supporters’ anticipation.

Approximately one hour before Trump was scheduled to take the stage, the price of Bitcoin stood at $68,626. Leading up to the event, with just 30 minutes to go, we saw a jump of nearly $500 in the positive direction but, by the time the speech was slated to start, it had retreated back to $68,286.

As he finally took the stage in Nashville at approximately 3:00 PM local time, an hour late, Bitcoin traded at about $68,447.

Despite promising to send Bitcoin to the Moon and fire Gary Gensler on day one, as well as stating that he would “never sell” the country’s current Bitcoin stockpile and recommitting to freeing former Silk Road operator Ross Ulbricht, even the president’s own enthusiasm wasn’t reflected in the market.

As the president’s speech came to a close, the price of Bitcoin was $67,382 — down about 1.72% versus just three hours ago.