Bitcoin Nashville recap: Trump speech and the Strategic Bitcoin Reserve proposal

Transcript

GM good morning welcome to the milroad show The Daily crypto show that's as smooth as Michael Jordan's fadeaway jumper I'm your host Jay Hamilton and this past week was one of the biggest conferences in crypto I'm talking about Bitcoin Nashville a massive event where multiple US presidential candidates spoke so today we've got our good friend Tyler D on the show to give us the inside scoop about what happened there now before we jump in today's episode is brought to you by coin gecko API be sure to stay tuned to the end where we'll share an exclusive offer just for milk Road listeners Ty welcome back to the show hit us up with what's your quick rundown of the highlights of Bitcoin

Nashville Jay it was a hell of a conference so five big things for me Trump's speech and why it beat my expectations Senator Lumis her strategic Reserve policy and why it surprised me my broader takeaways from the conference including Michael sailor's mind-blowing prediction how I'm now re-evaluating my portfolio and trading strategy coming out of the conference and then the the last part of the show we got to talk about this the wildest poly Market bet I've ever made which involved in-depth private jet tracking from one of the world's richest men uh with an incredible outcome yeah Elon Musk in case you didn't catch who he's talking about there we'll get to that at the end so stick around because that story is hilarious uh but let's let's start off at the top um uh give us

the lowdown on Trump's speech what were the highlights from what he said yeah so if anyone hasn't listened to Trump before I think his speech was very much in line with his classic campaign rally speeches where like he does meander around he covers a multitude of topics I mean he covered a lot of his core like talking points in a very like trumpian fashion but he did catch the crowd's attention with this one tagline which is already starting to go somewhat viral uh which was never sell your Bitcoin never sell your Bitcoin right uh he was talking effectively about how the Biden Administration has

been breaking that cardinal rule how the Crypt native crowd knows that the cardinal rule is never sell your Bitcoin interestingly I already saw that tagline being used on CNBC this morning so it is starting to to permeate uh but then to his credit after dancing around a little bit and working the room he did end up touching on effectively all the core key policies that I think the crowd wanted to hear so he promised to fire Gary ginzler on day one to just Rus Applause like this was probably the the most Applause he got I think he even repeated himself because he was surprised how much uh Applause he got from this he said stable coins will increase the US dollar dominance and he did praise stable coins I think that was a bit of a

surprise he promised to end operation chokepoint 2.0 and actually used that that terminology so he was at least versed on that concept along with this ending the broader war on crypto he mentioned creating a crypto committee to help regulate crypto in the United States He committed to re releasing Ross as well and then I think the arguably the Highlight how he ended his speech he offered up a new strategic stockpile for Bitcoin where he didn't necessarily he didn't bring up the United States buying Bitcoin but he said the US would stop selling and effectively hold uh so I think to me that this strategic stockpile thing the mention of of stable coins and operation chokepoint were items that exceeded my

expectations I actually predicted before he went on I thought the speech would be underwhelming and I didn't really think he would deliver uh I think I would call this a win if you are you know in the the crypto crowd and like putting all the other politics aside looking from this singular issue I think it's hard to argue that that Trump is not the more Pro crypto candidate at at this point in time unless uh Robert F Kennedy Jr gets uh gets his name on the ballot in which case he might battle him for it but we don't need to go down that path the the amazing thing to me is you and I did an episode a few weeks ago talking about the power of stable coins and here is Trump acknowledging that which is so true but this wasn't really the biggest

highlight of the day in terms of you mentioned Trump saying us is going to stockpile Bitcoin but then Senator cincia Lumis who I'm sure many people don't know about unless she's a local senator for you she kind of stole the Thunder what happened here yeah she 100% stole the spotlight from Trump and arguably from the entire conference so just I say within an hour of Trump's speech she dropped her official strategic Reserve proposal she dropped it on her website and then she did go on again she had spoken the previous day and she spoke about again on Saturday at the conference um so this is the Strategic Reserve proposal where the United States is going to buy up to 1

million Bitcoin over the course of five years and hold it on the United States balance sheet along with a few other details but but that's the the core premise of this as I've been reflecting on this a little bit hey this was the Blockbuster announcement of the whole thing we we thought we might get a strategic Reserve policy uh it had been rumored that Lumis was going to do one U but then I went to her her speech on Friday and no mention of it so I thought uh the probability of this happening is is probably a little bit low at this point so this was a pretty big surprise when it came out I'm a little concerned like so why did Trump not break the news uh like he literally had had just gotten off the

stage and while he gave a very Pro crypto Pro Bitcoin speech he did not mention buying and then within 15 to 30 minutes Lumis drops this bombshell we are going to buy we're going to buy a million Bitcoin uh which if you do the math is something like 420 per day for for five years so just incredible by pressure um but it is striking me a little odd as I'm reflecting about this is like was Trump not for this did she simply just not have time to to get in in front of him because this seems like something that he would have wanted to drop and and now it's raised a little bit concerns for me like of how realistic this is actually going to be to pass um but regardless I think just

the that any nonzero chance of this passing and happening is big enough for the market that we have to take it seriously and evaluate like what it would mean for each of our individual portfolios yeah obviously if this did pass and Senator Lumis is just proposing this so there's many hurdles it has to go through to pass but if it did pass it would be absolutely enormous not just for Bitcoin holders but for all governments around the world with likely very likely follow suit and put Bitcoin on their balance sheet as well because if America is doing it then they'd say hey why not us do it as well uh what do you think what what are the next steps and like what do you think is the

likelihood of this happening when do you think this might happen like give us some timeline here is this just like big hype right now and then we can expect more does Trump need to win president do you think in order for this to happen yeah so one quick note we already are seeing the impact across the world so Hong Kong spoke up this morning that they're now looking at strategic Bitcoin Reserve so so dominoes are falling across the world and I feel like an immediate impact is additional nation states are are looking at this and and taking it seriously so even if the US doesn't get it past I mean they could effectively get beat to the punch uh and the outcome could could still play out U with respect to like the reality of this uh I want to say some of the the

previous crypto policies that Lumis has put through have taken years to come to fruition through Congress uh so I'm looking at this from a very conservative fashion uh I do think most likely would require a trump presidency for this to to get pushed through and even with that like we're likely talking like late 2025 at at the earliest if it does end up getting passed and I've already seen a lot of criticisms of this policy like how this will actually get done like where the money will come from uh so and I'm not going to get into that but there's a lot of questions about the ACT actual blocking and tackling of how the United States uh would come up with the funds to to do this um so in a lot of ways it feels like a campaign promise

like if I'm if I'm being totally honest um but it is a a promising one nonetheless one that has at least got the the gears of Washington spinning and working and perhaps positive outcome would be if it gets the the Democrats to the table and a lot a broader conversation starts happening about you know how to actually put some type of Regulation framework in place to to make something like this happen in the future awesome let's go to what else came out of the conference uh you mentioned Michael sailor uh wildly bullish Bitcoin predictions uh what were your other takeaways I think one and we talked about this a little bit but the crypto

is is becoming increasingly political in the United States uh and the Republican party is is leaning in hard so like the Lumis speech uh from the day before very much came off as like a campaign rally if you were there it was very light on on crypto topics itself it was much more about like rousing the crowd and dropping the sound bites to to get Applause which we did see a little bit of in the Trump's speech but Trump went a little bit further to to his credit but now we're starting to to see more more of this divide which I think is a negative thing and I know we've got a global audience here but we we don't want an outcome where if Republicans are in power it's Pro crypto and then if Democrats are in power it's anti- crypto

so we're just constantly flip popping so that's more and more on my radar um but it seems like the dims might be coming to the table so that's good but certainly something that I feel like exists now that did not exist nearly as much uh you know four years ago Camala Harris did not show up just to bring that up because there was lots of teasing talk that she would show up but she didn't correct correct no Kamala all of the politicians who were there were all Republican so we heard from a variety of Republican politicians no no Democrat politicians but we will see if that changes apparently they're trying to have a a crypto round table with some of the leading companies they're getting a little bit of push back so we'll see if

they're able to to get that to happen on the backs of this perhaps on on a lighter note Michael sailor is more bullish than anyone that you know he's more bullish than anyone that that I know uh you know he came out he laid out his incredible $280 trillion market cap base case for for Bitcoin by 2045 along with a whopping 1,000 trillion is that quadrillion I'm not even sure like the right word to use that's his bull case uh for effectively what that the price of Bitcoin will be by 2045 so that is a 1,x from here and to his credit he made a pretty compelling supporting argument

there in his 30 minute presentation at least I thought uh for how we could get there and then for for for putting 80% of one's wealth into Bitcoin or more if someone was interested in watching the replays from this conference or at least somewhat Bitcoin interested I would tell them to watch this this speech and at Le and go into it knowing like it was Bitcoin propaganda like it is 100% Bitcoin propaganda but it's it's propaganda that if if there's any nonzero chance that this could play out the way that he sees this playing out effectively inflation continues to happen uh more and more institutions corporations start

stockpiling Bitcoin it gets on their balance sheet the rate of return effectively continues for 20 years maybe some of the numbers aren't that crazy in the scenario where even if it's five or 10% chance that it does happen the returns are big enough that that would make someone seriously consider having at least small portion of of their portfolio in Bitcoin so at least that's how I'm thinking about it I think the other one and to be clear uh the the the predictions you gave were the market cap predictions that he said uh which would work out to what were the price predictions of what bitcoin price would be if these market cap predictions are correct yeah we buried the lead so his bease for 2045 is $3 million per Bitcoin

$13 million base case and then 49 million per Bitcoin bull case Bitcoin is is is $65,000 right 67,000 right now he's saying it could be three to 49 million per Bitcoin no by 2045 this is like 21 years from now so it is it is a ways off but whoa whoo is like the only way to respond to this uh I think we could probably spend an hour just going through the all the reactions to this I think one for me though I think there was a very common trading no just common for to take profit and I think for those who who need to to take profit to fund their individual lives uh sure of course

that makes sense but if you believe that these are the price targets like why would you ever sell your your Bitcoin I understand selling other assets NTS altcoins memec coins 100% like sell those take take profit because a lot of those are are going to zero or going to zero against the crypto Majors but if you believe this is actually a scenario like to me like you should be trying to to do everything you can to stack more and so like now that I'm starting to think about that and he actually says in his speech one of his takeaways is don't quit your day job keep the income streams coming so that you don't feel forced to to sell it says don't over Lage effectively just you know don't get wiped out so other than thinking about stacking more Bitcoin what were the

takeaways for you from a portfolio allocation perspective has it has it changed what you've done with your own portfolio I mean it just happened I know but your plans a bit so I was already looking at this cycle as primarily a Bitcoin salana barbell strategy and I think this this conference reinforced that so the other takeaway I haden't got there yet is beyond Bitcoin chatter which of course there was plenty of it was salana chatter there there really was not much eth or or ethereum related chatter in the smaller events and smaller conversations with people it was mcoins it was salonic growth um and that kind of reinforced it for me is keeping that chunk of the portfolio along with Bitcoin what was missing from

from the conversations I was in was really any substance around ordinals and runes uh I had higher expectations for their presence a little bit more bullish energy and with a few exceptions like the taer Wizards were all over udy and team I think they're they're doing a great job um but for me personally not interested in in buying uh any more runes ordinals until something changes because this brings up a good question around what is the purpose of Bitcoin as a blockchain and there's feels like there's this divide of people who think it should be a smart contract Block Chain and are focused on fungible tokens and non-fungible tokens on top of

Bitcoin and then there's those that are like no let's just be digital gold and stop doing everything else was there which direction did you get a sense of where the wind is Flowing right flowing right now I I think there was a lot of conversations on like defi on bitcoin but all the the higher level harder hitting conversations were more on the the digital gold um and perhaps that was more of the you know because the the Senators the Michael Sailors the trumps of the world they're more in the they understand at a high level they don't understand like the defi components of it but like at the boots on the ground level like you don't want to lose your Bitcoin like like it's going to go up to to

anywhere close to this right like you don't want to screw up and and buy you know something that's paperware so I'm still I do believe that that defi will happen and we'll see you know a larger crypto economy on bitcoin um but it's GNA be something I'll be watching more at arms length until it feels a little bit more uh you know there's a little bit more of a confidence level and and I think unlike eth and salana and many other smart contract blockchains which need defi to succeed Bitcoin does not need defi to succeed in order to succeed so uh a a a point for the Simplicity of Bitcoin to be honest 100% multiple CEOs and multiple corporations announced

either personal Holdings for the CEOs or Holdings on company balance sheets at this conference in fact in between speeches they would just put it up they just flash it on the big screen and I'm not talking like three or four I'm talking like dozens like dozens of different individuals big hitting CEOs you know corporations with like nine to 10 figure do 10 figure market caps uh have Bitcoin on their balance sheets so that is a very important Trend to watch and I feel like it's further than I than I thought it was if I'm being if I'm being honest I didn't realize this degree of people in companies were actually holding and now like it's like

it's the Domino right it's the sign is now out there and it's easier to copy CEOs who don't want to be too far on the rist curve can can point to others who have done this and now it is an easier sales pitch 100% yeah 100% yeah love that all right any uh final takeaways before we get to the Elon private jet story let's get there okay give it to us all right so I think you've talked about poly Market uh on on the Pod before I've been conciously want give give the context quickly though give the context quickly poly Market is the the leading prediction Market resides on polygon you can bet with crypto I think they're now working with apps like moonay to allow credit card onboarding and you can bet on news event

you can bet on the election that's where a lot of the the volume on their Market is stemming from uh but there was a particular bet tied to bitcoin Nashville which was Will Elon Musk give a speech at the Bitcoin conference so I was looking at this and I originally bet no so this Market it spiked to like 30% yes for Elon to speak of this conference on Monday because his jet was in Memphis Tennesse and and I'm looking at this I'm like a a a billionaire like Elon Musk who's very busy is not getting to Tennessee five days ahead of his potential speech so this is total nonsense uh so I I went and made the the no bet I I ended up getting in around 79

cents so about 79% chance to get like a 25% return not too bad felt like it was low risk fast forward to Thursday in Nashville and I'm in an Uber from a liquidum event uh back to going to another event and kind of out of nowhere the Uber driver said like I had someone in the in the car yesterday who said Elon Musk is going to be the surprise guest speaker at Bitcoin dashville are you sure that's what they said like did this person seem like they were tied to the conference can you can you tell me their name so I had heard enough after gring her we actually had her take her back to the hotel so I could go and and switch the bet so I sold my yes shares there it got to like 94% so I still got like a 15% return and then flipped to

yes ended up betting $700 it would have won 10K if it paid out so it was around 14 and a half to one uh so this was a long shot so that was a part of the logic for me we'll perhaps come back to that um so we made the bet at this point in time I start tracking his jet on Instagram not not a ton of action meanwhile there's tons of rumors on the ground in Nashville that Elon is coming is is not just my Uber driver at this point it's starting to spread on Twitter there was some chat that he was already there I I wasn't buying that because i' had been tracking his jet so Elon flew to Paris for the Olympics opening ceremony and he was tweeting from there um so he was there Friday night odds were still low I knew this was still a

long shot bet then I knew he had to leave Saturday morning by like a certain time for this bet to have any shot I wake up Saturday morning the first thing I do is I I check my phone I go to his jet tracker he's left so he's up in the air so he had left in enough time to get to Nashville Tennessee um so I actually switched from a more static Instagram link a buddy of mine had a more a better live tracker so I'm live tracking this his jet enters the US airspace about three hours ahead of the Trump speech like he this could actually happen he lands in New York oh no this is uh I'm actually looking at potentially just uh you know tail between my legs can I get out you know

at at at 2% get some liquid there was no liquidity so I I couldn't even sell the BET like all right it's zero we lost I kind of go go about I'm doing some other things I'm not trekking I I get my phone starts blowing up about an hour later the Jet's taken back off it's in the air and it looks like it's directly on the path to Nashville I'm kind of glued to this thing at this point so I'm just tracking this jet like refreshing every every few minutes and this coincides with at the event they had made an announcement that there was a special guest speaker coming they in fact had delayed the Trump speech by an hour for this guest speaker so everything was lining up uh this is kind of the best case scenario the odds

on poly Market had spiked to about 25 cents the the Jets taking off I'm following it live I'm starting to live tweet it he's getting very close to Nashville I'm like oh okay we got to see this jet start to descend soon or he's just goingon to fly way past it I'm sweating odds are going down and then the plane starts descending it starts descending at like, 1500 feet per minute again the stars are aligning when I made my yes bet there were only like $25,000 in action on this bet uh it closed with 1.6 million oh my God became a viral bet during all this so so so fast forward he he's he starts to descend he's he's still getting past

Nashville like oh no he's gonna have to turn this plane soon long story short he ends up Landing in Memphis at this point like we were so close we we lost the bet then one last out so Eleanor trinit like she she comes out and tweets that Elon was secretly in Nashville the whole time that he was spotted at dinner in Nashville last night and that he was going to speak the odd spiked one more time I think they got back to like 25 30% time elapsed no Elon speaker in fact I'm not even sure a guest speaker ended up coming to the event uh the BET went to zero it was a hell of a ride probably the most fun I've ever had and again like 1.6 million end up getting bet on this thing uh I think it was within a 14-1 chance of it actually happening and

I had multiple chances to to cash out up two to fourx on the bet uh I didn't want to do that because my tweets been going viral and like look like I'm like trying to like manipulate or dump on people I made the cous decision I'm gonna hold this to zero or 100% again and it was it was a fun ride Tyler you are a gambler at heart my man I I respect the gambling mentality you had to go into this but I mean I think the main takeaway to me is exactly what you said is was Elon ever tied at all to the event was there and and I think the answer is probably yes there was probably some communication it clearly didn't happen who knows why but even the fact that it was possible you

know all the all the stars are aligning for more and more attention on crypto and on bitcoin coin from bigger and bigger sources and more trust and it's no surprise with Elon I mean Tesla has been a big supporter of crypto and of Bitcoin for a long time so uh love to see it Tyler thanks so much for joining us today for the great story and for breaking down this amazing conference uh everybody who missed it I hope you got everything you got from Tyler if you have any questions make sure you follow Tyler D on Twitter because this guy will be keeping us up to date on lots more throughout the week and before we wrap up here we're just G to take a minute to hear from our sponsor thanks so much have a wicked awesome day everybody every crypto project needs reliable

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