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Recent developments suggest a possible realignment in political attitudes towards cryptocurrencies, with both Vice President Kamala Harris and former President Donald Trump at the center of speculation.
Bitcoin Magazine CEO David Bailey revealed on social media platform X that discussions were underway with Vice President Kamala Harris’ campaign regarding her potential speaking engagement at the upcoming Bitcoin Conference. Bailey suggested this could mark a significant shift in the Democratic party’s stance on cryptocurrency, potentially appealing to a rapidly growing voter demographic:
We’re in talks with Kamala Harris campaign for her to speak at the conference. Would be very savvy of her to reset the democrat positioning on the fastest growing voter block in the country. They’re making up their minds today.
The Vice President’s team was expected to make a decision on the matter promptly. This potential move aligns with observations from billionaire Mark Cuban, who told Politico that Harris would likely be more receptive to business, artificial intelligence, and cryptocurrency compared to President Biden.
Politico also reported that Harris’ team has been reaching out to cryptocurrency executives for policy input ahead of the Democratic National Convention. This outreach has led some tech industry leaders to speculate about Harris potentially adopting a pro-innovation stance that could garner significant support from Silicon Valley.
Box CEO Aaron Levie suggested that a credible pro-tech policy framework could quickly secure Harris the backing of numerous tech industry leaders. This approach could potentially differentiate Harris from the current administration’s more cautious stance on cryptocurrencies and blockchain technology:
Kamala literally comes from this area. Her backers have been in tech. […] To me, it’s almost like a math question — what other candidate would have more alignment that is on the national stage? And I don’t think there’s obviously a better answer to that.
Trump and Bitcoin as Strategic Reserve?
On the Republican side, following a reported failed assassination attempt and subsequent crypto rally, former President Donald Trump’s odds for the 2024 Presidential Election have reportedly increased — with Polymarket placing them at 63%. Simultaneously, rumors are circulating about a potential announcement from Trump regarding Bitcoin.
Dennis Porter, co-founder of the Satoshi Act, a non-profit organization, claimed that inside sources suggest Trump may declare Bitcoin as a strategic asset at the upcoming Bitcoin 2024 Conference in Nashville. Porter argued for the benefits of such a move, describing Bitcoin as a “borderless, censorship-resistant, decentralized, counter-party free, perfectly finite, digital gold with an immutable ledger.”
The U.S. government currently holds approximately $5.5 billion worth of Bitcoin, seized through law enforcement operations. Porter proposes converting this into a strategic reserve to back the dollar.
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Mt. Gox, the defunct cryptocurrency exchange, has transferred 37,477 Bitcoin (BTC), valued at approximately $2.5 billion, to an unidentified wallet address. The transaction follows a similar transaction moving $2.7 billion of Bitcoin.
Data from blockchain analytics firm Arkham Intelligence shows that this transaction occurred on July 24 at 4:53 am UTC. Of the transferred amount, 5,106 BTC were subsequently moved to a separate cold storage wallet owned by Mt. Gox.
This transfer follows closely on the heels of another significant movement of funds by the exchange. On July 22, Mt. Gox shifted $2.8 billion in BTC to multiple wallets, with $340 million directed to four wallets linked to Bitstamp, one of five exchanges collaborating with the Mt. Gox trustee to reimburse creditors.
According to CryptoQuant data shared by Cointelegraph, approximately 40% of the Bitcoin owed to Mt. Gox creditors has been distributed so far. This leaves about 60%, or roughly $5.6 billion, yet to be returned.
The Mt. Gox saga stems from a major security breach in 2014, which led to the exchange’s collapse. Around 127,000 creditors have been waiting over a decade to recover their funds, totaling about $9 billion worth of Bitcoin.
Impact on the markets
While some fear these repayments could trigger a mass sell-off, several analysts suggest these concerns may be exaggerated. Alex Thorne, head of research at Galaxy Digital, noted in a recent tweet that much of those assets are unlikely to directly impact the spot market:
Creditors have been stuck in mt gox bankruptcy for 10+ yrs–finally trustee says in-kind distribution of #BTC #BCH will begin in July. we think fewer coins will be distributed than people think & that it will cause less #bitcoin sell pressure than market expects
Thorne also speculates that individual creditors might not immediately sell their recovered funds, suggesting many Mt. Gox creditors may have a “diamond-handed” approach to their assets.
Some market observers believe that much of Mt. Gox’s potential impact on Bitcoin prices has already been factored into the market. They argue that the worst of Bitcoin’s price fluctuations related to this event may have already passed.
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