Leak Reveals ‘Major’ Fed Earthquake Could Suddenly Crash Bitcoin, Ethereum, XRP, and Crypto Prices

Bitcoin's value has surged again this week as excitement builds ahead of former President Donald Trump's appearance at the Bitcoin 2024 conference (with wild rumors of a major Bitcoin announcement continuing).

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Bitcoin price surged back towards $70,000 per bitcoin after Tesla billionaire Elon Musk warned that the US dollar was at risk of being “destroyed” and billionaire investor Mark Cuban made a “crazy” prediction about the price of bitcoin.

Now, as the controversial 2025 project sets up Bitcoin for a $16 trillion price showdown with gold, a leak has revealed that pro-Bitcoin Republican Senator Cynthia Lummis is drafting legislation that would require the US Federal Reserve to hold Bitcoin as a “strategic reserve asset” alongside gold and foreign fiat currencies.

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Forbes – 'Destroying' the US Dollar – Tesla Billionaire Elon Musk Issues $35 Trillion 'Bankruptcy' Warning as Traders Bet on Bitcoin Price Rally Under Donald Trump By Billy Bambrough

Republican presidential candidate and former US President Donald Trump will speak at the Bitcoin conference… [+] The 2024 conference is scheduled to take place this week, with traders betting on volatility in the prices of Bitcoin, Ethereum, XRP and other cryptocurrencies.

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Loomis will take the stage today at the Bitcoin 2024 conference in Nashville, Tennessee, ahead of Trump’s highly anticipated appearance tomorrow and could announce legislation that would require the Federal Reserve to hold some bitcoin as a strategic reserve asset, Fox Business reported, citing “three cryptocurrency executives familiar with the bill.”

Lummis will appear on Nakamoto’s stage at 3 p.m. CT alongside fellow Republican Senator Tim Scott where she may announce the bill. Lummis’ staff told Fox Business that they hope Trump will endorse the bill during his speech.

“Some great stuff in store this week,” Loomis posted on X this week, using the Bitcoin logo emoji instead of the letter B.

“Having Bitcoin as a strategic reserve asset by the Fed would be an important step that would bring stability to the U.S. dollar and our capital markets,” Alex Chizik, chief commercial officer at HarrisX, told Fox Business Network. “It would also send a strong signal that our central bank embraces innovation and, as an independent body, is the natural, non-partisan home for Bitcoin.”

Trump’s embrace of bitcoin and cryptocurrencies in recent months has boosted the price of bitcoin. “Bitcoin seems to have been boosted by positive sentiment that Donald Trump, who is currently the favorite to win the election, is a cryptocurrency supporter,” Daniel Polotsky, chairman and founder of Coinflip, a bitcoin ATM operator, said in emailed comments.

Rumors have been circulating in the crypto community this week that Trump may announce the creation of a US strategic reserve for Bitcoin during the Bitcoin 2024 conference.

“The U.S. could strategically integrate bitcoin into its reserves, diversifying its portfolio and reducing reliance on traditional assets like gold and foreign exchange,” Marcus Thielen, CEO of enterprise-focused analytics firm 10x Research, wrote in a note to clients, pointing to the roughly 212,000 bitcoins currently held by the U.S. government, worth about $15 billion, compared to its $600 billion in gold reserves.

“The Bitcoin 2024 conference is generating a lot of buzz,” Rachel Lin, CEO of decentralized derivatives exchange SynFutures, said via email. “There is speculation that a US presidential candidate may announce Bitcoin as part of the US strategic reserve at the conference. Even if that doesn’t happen, a presidential candidate speaking at the event highlights the growing mainstream acceptance of cryptocurrencies. No matter what is announced, this conference will be an important milestone in crypto history.”

Independent presidential candidate Robert F. Kennedy (RFK) Jr. has already appeared at the Bitcoin 2024 conference, where he reinforced his support for Bitcoin and revealed that he “owns most of the [his] “A fortune in Bitcoin,” describing himself as “fully committed,” CoinDesk reported.

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Forbes: 'He's Changed His Position' – Trump Reveals JPMorgan Chase CEO's 'Sudden U-turn' on Bitcoin, Crypto Markets Amid Massive Price Surge By Billy Bambrough

Bitcoin price has once again surged to an all-time high of $70,000 per bitcoin, helping… [+] The price of Ethereum, XRP and other major cryptocurrencies is expected to rise.

Forbes Digital Assets

Robert Kennedy Jr. also criticized the relationship between Congress and the Federal Reserve, calling it “a parasitic relationship on our country, a symbiotic relationship. The Fed is not a public institution… The decision makers are appointed by the banking industry,” he said during a conference panel hosted by TheStreet.

Meanwhile, potential 2024 Democratic presidential candidate Kamala Harris has ruled out appearing in Nashville, cementing Bitcoin and cryptocurrencies as a partisan technology supported by Republicans and opposed by Democrats.

Conference organizer and Bitcoin Magazine publisher David Bailey said in a post on X that it was “no surprise” that Harris declined to appear at the event, adding: “What does she say to us when she actively imprisons developers, forces our industry to move abroad, and attacks [proof-of-work]…it would have been a disaster for her.

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