ClearValue Tax (Uncut) 12-10-2024

Bitcoin & Crypto Important Updates — The Trump Bump in Full Swing

I want to give you a bitcoin and crypto update so you know what is going on. Because President elect Trump is bringing about a lot of crypto friendly changes which has helped Bitcoin surpass $100,000. So let’s start with this. Here’s the price of bitcoin over the past six months.

I’ve outlined the first week of November, the presidential election. So the price of bitcoin shoots up after Trump wins. Now, why did this happen? It’s because Trump is very pro bitcoin and crypto.

So I’m going to show you what he said about bitcoin and crypto when he was campaigning and we’ll see if he’s been delivering.

This afternoon, I’m laying out my plan to ensure that the United States will be the crypto capital of the planet and the bitcoin superpower of the world. Upon taking office, I will immediately appoint a bitcoin and crypto Presidential Advisory Council. If I am elected, it will be the policy of my administration, United States of America, to keep 100% of all the Bitcoin the US government currently holds or acquires into the Future. We’ll keep 100%.

I hope you do well. Please. If crypto is going to define the future, I want to be mined, minted and made in the usa. On day one, I will fire Gary Gensler and appoint a new SEC chairman.

Okay, so I want to clarify the last part. So Trump said that he wanted to get rid of SEC Chair Gary Gensler. That’s because Gensler is very anti crypto. So it’s like if you have Superman in that story, the archenemy is Lex Luthor.

If you have Batman, the archenemy is the Joker. Right. When it comes to bitcoin, the archenemy in that crypto story is SEC Chair Gary Gensler. That’s how it goes.

So that’s why he wants him gone. So SEC Chair Gary Gensler has been a key source of frustration for the crypto industry. This has not been a secret, and this is not a surprise. He has made it very difficult for crypto to make progress.

So Gensler’s term expires in 2026. Because if you didn’t know the SEC terms, it’s for five years. So as you saw from Trump’s last video clip, I mean, it’s very clear, and he’s been very vocal about it, that he wants to fire Gensler, he wants him replaced. So Gensler decides that he’s not going to Even try to keep his job.

He officially announces that he’s going to quit as soon as Trump takes office on January 20th. So Gensler’s out, and Trump delivered on this. Now, Trump has picked Paul Atkins to be the new SEC chair. Atkins is a former SEC commissioner and he is very crypto friendly.

Now, President Elect Trump said that he would immediately create a crypto advisory council, and Trump has. So Trump is named David Sachs as the White House cryptocurrency czar. So Sachs was an early member of PayPal alongside Elon Musk. Now, I have to show you this video clip.

I thought that this was huge. So this is the Federal Reserve Chair Jerome Powell saying he refers to Bitcoin as digital gold. So he said this last week, and a lot of people are saying that this is what this comment is, what gave Bitcoin the little push to go above 100,000 for the first time?

You know, one of the reasons I wanted to actually ask about Bitcoin is to some degree, people think that that is a symbol of people’s faith or lack of faith in either the US Dollar or in the Federal Reserve itself in terms of the system. What do you think of that idea?

I don’t think that’s how people think about it. I mean, it’s. It’s. So, you know, people use Bitcoin as a speculative asset, right?

It’s. It’s like gold. It’s just like gold, only it’s virtual. It’s digital.

People are not using it as a form of payment or is a store of value. It’s highly volatile. It’s not a competitor for the dollar. It’s really a competitor for gold.

You know, it’s. That’s really how I think of it.

Okay, so you just saw that. And the Federal Reserve is saying this is so important. They’re saying that they don’t see Bitcoin as a threat against the US Dollar. So in other words, they have no reason to be against bitcoin or crypto.

Okay, so that’s the Federal Reserve. The Federal Reserve is not a part of the governments. Right. But the government, the U.S.

treasury Department, they are saying that bitcoin. They’re referring to bitcoin as digital gold as well. So take a look. So I want to show you in the Treasury’s presentation to the TBAC, the Treasury Borrowing Advisory Committee.

So the report is 132 pages long. Now, if you go to page 108, you’ll see it right there. The U.S. treasury refers to Bitcoin as digital gold.

So primary use case for bitcoin seems to be a store of value, AKA digital gold. Okay, so you have the chair of the Federal Reserve calling bitcoin digital gold. You have the US Government, the Treasury Department calling bitcoin digital gold. You have President elect Trump supporting bitcoin.

You have a new sec chair, crypto friendly. So going back to this headline, it’s no wonder why bitcoin has shot up past $100,000 with a now more crypto friendly Washington. So after Bitcoin crossed 100k, here’s what Trump said on Truth Social. Congratulations Bitcoiners, 100,000.

You’re welcome. Together we will make America great again. Now, of course the big question is, will bitcoin continue to rise in this BTC cycle? I believe that the big wild card is whether the US Government will buy bitcoin as a reserve asset as digital gold.

So I’m referring to Senator Loomis Bitcoin act for the US government to buy 1 million Bitcoin over five years. So here it is. If you’re not familiar with it, I want to give you the details. So this originated in the Senate from Senator Loomis.

The short title of the bill is the bitcoin act of 2024. So if you go to page two of the bill, then you’re going to see this. The US Government would buy Bitcoin to strengthen the financial condition of the United States and hedge against economic uncertainty and monetary instability. So the US Government would essentially establish a strategic Bitcoin reserve.

So there would be a purchase program and this is how it would work. The US government would buy up to 200,000 bitcoins each year over five years. So up to 1 million bitcoin in total. And the government will hold the bitcoin for at least 20 years.

Now, as you can imagine, if the government actually passed that and did that, then that would skyrocket the price of bitcoin. However, is that certain that it’s going to pass? Of course it’s not certain. That’s why I’m saying it’s a wild card.

You can let me know what you think. Now, I do want to end with this and you can give me your thoughts on this as well. So some people are suggesting that Washington is warming up to bitcoin and crypto. However, it’s because the end goal is to roll out a cbdc, a central bank digital currency.

Now a lot of people are afraid of this because if abused, the government would have more control over us and we would have less privacy. Now, Jerome Powell said people don’t need to worry about a central bank digital currency. Nothing like that is remotely close to happening anytime soon. Well, regarding that, that was the last status update from the Federal reserve as of 2024.

Now, if you ask for my opinion when it comes to cbdc, I believe that it is inevitable. It’s just a matter of time before we get there. So if you watch my great Melt up series, this is what it’s all leaning towards. It’s leaning towards a system reset.

And at the end of that, it’s going to be a new system. And I believe that, yes, the CBDC will be involved. The question is, will it be used for good or bad? So I hope that helps you stay updated on the current bitcoin and crypto situation.

Please subscribe. I thank you for the support and I wish you a very nice day. Take care.