Why Was Web3 Not Discussed by Trump at the 2024 Bitcoin Conference?

Bittime - Donald Trump's 50-minute speech at the Nashville Bitcoin Conference on July 27 was hailed as an important milestone in the crypto industry. However, after the event was over, many noticed that Trump did not mention Ethereum, blockchain, or Web3 at all. In fact, the only mention of Vitalik's name turned out to be a hearing error.

What is the Reason Behind Web3's Absence in Trump's Speech?

Why isn't Trump discussing Web3? There's no definitive explanation, so the only way to find out is to ask Trump's speechwriter, who is reportedly David Bailey, CEO of Bitcoin Magazine. However, if we put this in the context of the crypto industry as a whole, the answer may not be so surprising.

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Bitcoin vs Ethereum: Trump's Differences in Views

Trump's speech appeared to reflect the views of the progressive Bitcoin maximalist faction. Bitcoin and Ethereum are two major currencies in the crypto world and are often compared. However, they represent very different views: Bitcoin is considered a “useless use” while Ethereum is a “useless use”.

Bitcoin as Digital Gold

Bitcoin aims to become digital gold and a benchmark for the value of the digital world. It has no additional use value, so it cannot be analyzed from a utility point of view or measured with indicators. Bitcoin is considered unrivaled because there is no logic in beating it. However, Bitcoin also does not provide much space for application development and ecosystem building. Some Bitcoin proponents argue that Bitcoin already does everything a blockchain should do and that any other blockchain innovation is mere vanity.

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Ethereum as Digital Infrastructure

In contrast, Ethereum had the initial goal of becoming a global computer and now functions as a settlement layer of the digital economy as well as a dedicated computer. Ethereum is designed to support the development of applications such as DeFi, Web3, and RWA. It provides a strong foundation for building additional structures, although it is more vulnerable than Bitcoin.

Differences in Focus: Wall Street vs Silicon Valley

Trump's speech emphasized more on the Bitcoin logic accepted by Wall Street, namely recognition of Bitcoin's value as digital gold and policy guarantees if elected. Wall Street tends to like this narrative because of the financial benefits it offers. On the other hand, Silicon Valley is more focused on creating new technologies, tools, and platforms such as DeFi, Web3, and industrial blockchain on Ethereum.

Impact on Trump's Speech DeFi and Web3

Although Trump did not discuss DeFi, Web3, or RWA in his speech, the impact of cash flows into digital assets remains significant for those areas. Additionally, Trump's statement about replacing Gary Gensler as SEC chairman attracted attention. Although Gensler gave the green light to Bitcoin, he was seen as hindering the development of the Ethereum and Web3 ecosystems. Gensler's replacement could provide a breath of fresh air for Web3.

Towards the Future of Web3 in the US

To make the US a Web3 paradise, the SEC's stance will be more important than Wall Street's. Regulations that support the use of tokens for user incentives and effective governance are critical for Web3 to develop and grow. Trump's speech may not directly affect Web3, but US political developments could have a major impact on the industry.

We still have to wait to see how the upcoming election will affect Web3's future.

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