BTC holds strong after Kamala Harris declines to speak at Bitcoin conference
|- Democratic nominee Kamala Harris will not be speaking at the upcoming Bitcoin Conference.
- Senator Lummis plans to announce a strategic Bitcoin reserve at the conference.
- Bitcoin is trading around $66K amid Mt. Gox distributions.
Bitcoin (BTC) held the $66,000 price level strong on Wednesday amid massive distribution from Mt. Gox's repayment to creditors. This follows criticism labelled at Democratic nominee Kamala Harris after news that she won't be speaking at the upcoming Bitcoin Conference slated for July 25 to 27.
BTC shows strength as Democrats struggle to gain crypto community support
David Bailey, CEO of Bitcoin Magazine, confirmed that likely Democratic nominee Vice President Kamala Harris will not speak at the upcoming Bitcoin Conference, which will kick off on July 25 and end on July 27.
Bailey previously confirmed that he was in talks with the Vice President's camp for her appearance at the conference, hinting at the possibility of a major pro-crypto switch among Democrats. However, Bailey released a follow-up post today stating that Harris will not speak at the conference.
"Kamala Harris will not be speaking @TheBitcoinConf. No surprise. What can she say to us when she's actively imprisoning developers, forcing our industry overseas, attacking PoW… it would have been a disaster for her," wrote Bailey on X.
The announcement has stirred criticism from the crypto community against the Vice President and the Democratic Party. Many suspected that Democrats may be plotting a move to win the crypto industry's support, considering Republican nominee Donald Trump's major headway among crypto-centric voters.
"I'm sorry, but you don't get to just screw our industry over for 4 years, push operation choke points, enlist Gensler and Warren as your champions, and then just pretend you're hip with Bitcoin. The major democrat donor told me Kamala says privately that Bitcoin is money for criminals," said David Bailey.
Gemini exchange co-founder Tyler Winklevoss added:
The Biden-Harris Administration wages all-out war on the crypto industry for 4 years. Despite all of this, Kamala is still invited to the @TheBitcoinConf in Nashville and given a chance to speak to our industry and reset the relationship. What does she do? She declines. She can’t…
— Tyler Winklevoss (@tyler) July 24, 2024
The Biden-Harris Administration wages all-out war on the crypto industry for 4 years. Despite all of this, Kamala is still invited to the @TheBitcoinConf in Nashville and given a chance to speak to our industry and reset the relationship. What does she do? She declines. She can’t…
— Tyler Winklevoss (@tyler) July 24, 2024
Conversely, pro-crypto Senator Cynthia Lummis is planning to announce legislation for a strategic Bitcoin reserve at the Bitcoin Conference, according to Fox Business. Crypto community members anticipate that Trump will endorse the bill at the conference.
Meanwhile, defunct exchange Mt. Gox has begun distributing BTC to creditors through the Kraken exchange and will start distributions to Bitstamp on Thursday. Despite the supply overhang, Bitcoin's price is up 0.2% in the past 24 hours, shocking many analysts who predicted a heavy downturn following the distribution.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.