Bitcoin

After arresting real miners, Trump tries to woo bitcoin ones

Published

10 months ago

13 June, 2024

After arresting real miners, Trump tries to woo bitcoin ones

For many Americans, Donald Trump’s recent decision post on social media about cryptocurrency would probably be inscrutable. Is he opposed to a “CBDC”? Does he think “bitcoin mining” will make us “energy dominant”? What exactly is this all about?

The short answer is that Trump feels that the North American community of cryptocurrency advocates is tilting toward his side, so, in keeping with his standard approach to politics (and business), he is dumping them. He is adopting niche crypto positions as a response to community enthusiasm, rather than as a driver of that enthusiasm. It’s similar to the way he tailors proposals for other communities where he thinks he’s gaining ground, like black voters and younger voters in general.

That’s the important point here, but let’s first offer a longer answer, explaining what Trump was saying and why.

The post in question linked to an essay in Bitcoin magazine written by a former Trump administration communications official. He suggested that Trump was “the best choice for bitcoin,” which Trump’s post amplified.

“VOTE FOR TRUMP! Bitcoin mining could be our last line of defense against a CBDC,” it said. “Biden’s hatred of Bitcoin only helps China, Russia and the Radical Communist Left. We want all remaining Bitcoins to be MADE IN THE USA!!! This will help us become ENERGY DOMINANT!!!”

A “CBDC” is a central bank digital currency, a government-issued cryptocurrency. The idea is anathema to many bitcoin advocates, given their embrace of cryptocurrency as a alternative for government-backed currencies. Trump, in an attempt to woo crypto enthusiasts, took up the cause – at least, as part of his speech.

“I will never allow the creation of a central bank digital currency,” Trump said (in one form or another) half a dozen times in speeches this year, including during remarks at the Libertarian Party’s anti-government convention. The complaint usually comes in a list of campaign promises that he reads from the teleprompter.

This wasn’t a problem when he was president. In fact, he criticized cryptocurrencies specifically in 2019, saying he was “not a fan” and that the coins could “facilitate illegal behavior.”

I’m not a fan of Bitcoin and other cryptocurrencies, which are not money and whose value is highly volatile and based in the air. Unregulated crypto assets can facilitate illegal behavior, including drug trading and other illegal activities….

-Donald J. Trump (@realDonaldTrump) July 12, 2019

But now he wants “all remaining Bitcoins to be made in the US”, which is like declaring that you want all remaining animated films to be made in the US: if people elsewhere have computers, they will have a chance to mine bitcoin.

Bitcoin mining is not real mining, obviously. It is a term of art used to describe efforts to solve complicated mathematical equations, with users who solve the equations earning bitcoins as a reward. It is not about solving equations with pen and paper, but rather computational, so the effort to solve the equations requires an enormous amount of computational power – and, by extension, electricity. Apparently, this is why Trump says that focusing on bitcoin mining would make the United States “energy dominant,” although that’s a bit like saying that using a much larger percentage of the world’s gasoline would make us fossil fuel dominant.

Trump’s effort to appeal to the cryptocurrency community is not surprising given how young and male the community is. This broader constituency is one that Trump has been targeting for some time.

Vote taken by YouGov earlier this year reflected that young Americans and men were more likely to have heard a lot about cryptocurrency.

Men were also more likely to have invested in cryptocurrencies, although this constituency was slightly older.

But hearing about cryptocurrency and having confidence in it are two different things. About three-quarters of Americans, including young Americans, indicated that they thought at least half of cryptocurrency companies were blatant frauds.

At Axios, Trump’s promotion of cryptocurrency, including his introducing a line of NFTs in 2022, was framed as part of its effort to appeal to younger voters. But this takes us back to where we started: their proposals tend to follow supportive cues rather than push them forward. (NFTs, however, were clearly a pure money game.)

Gallup data shows that younger Americans, black and Hispanic Americans, have veered to the rightespecially since 2020. This is not strongly reflected in voter registration data analyzed by the Pew Research Center, but it’s something Trump and his allies have noticed. So his campaign is trying to capitalize on the perceived advantage.

The campaign and its allies also tend to present causality in reverse. After Trump was prosecuted following his indictment in Georgia, for example, his photo was hailed by conservative pundits as boosting new black support for his candidacy. There was no evidence of this. In June 2023, YouGov measured Trump’s support among black voters at 15 percent. The police photo was in August of that year. A recent YouGov poll had Trump at a statistically similar 12%.

Polls show that younger voters are more divided in the race between Trump and President Biden than reflected in 2020 exit polls. But this has been the case for some time; younger voters were among the first electoral districts sour Biden’s presidency. The trend began well before anyone on Trump’s team included his denunciation of central bank cryptocurrencies in his speech.

The question, of course, is what happens on election day. Polls also suggest that Biden a broader advantage among the most likely voters, including among younger Americans. The Harvard Youth Survey, released in April, showed this effect dramatically.

Trump’s social media post about bitcoin reflects an effort to appeal to cryptocurrency supporters, even if it conveys some unfamiliarity with the community. It seems safe to assume that the endorsement has less to do with a broad appeal to young voters than with an attempt to secure a favorable voting bloc, however modest. It is also about positioning Trump once again as the outsider, the guy willing to confront the establishment in all its manifestations.

He spent decades trying to close the deal on New York City real estate transactions. This bitcoin post can probably best be read as an effort to sweeten the deal for a client he hopes is about to put pen to paper.

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Bitcoin

What to watch for in the markets

Published

9 months ago

21 July, 2024

SatoshiTimes Staff

Photo: Andrew Harnik (Getty Images)

After witnessing one of the largest global IT outages on record, affecting the travel, finance and healthcare sectors worldwideThis week is set to see more political drama, events, and earnings reports from tech giants.

Donald Trump’s ‘Lovefest’ Sets Jamie Dimon Up for Consideration for Treasury Secretary Job

Let’s take a look at what awaits us:

Major companies will release their earnings reports

Major tech companies and others will release their earnings reports this week, paving the way for what the second half of 2024 will look like.

Monday

Verizon will report earnings before the start of operations.

Tuesday

Coca-Cola, Comcast and UPS are all set to report earnings before the market opens.
Tesla will report earnings in the morning, while General Motors will report earnings in the evening.
Alphabet and Visa will report results after the market closes.

Wednesday

AT&T will release its report before the market opens.
Ford and Chipotle will report earnings after the market closes.

Thursday

Earnings reports from AstraZeneca, American Airlines and Southwest Airlines will be released before the market opens.

Trump to speak at Bitcoin conference

Presumptive Republican presidential nominee Donald Trump will speak at the next Bitcoin Conference in Nashville, Tennesseewhich is scheduled for July 25-27. While this is the first time a presidential candidate will attend the conference, it has sparked a debate over whether the crypto-friendly Trump will receive support from the crypto community in the upcoming election.

In addition to Trump, independent presidential candidate Robert F. Kennedy Jr. will also discuss crypto during the conference. Crypto advocates such as ARK Investment’s Cathie Wood, MicroStrategy’s Michael Saylor, and whistleblower Edward Snowden are among some prominent names who will be participating in the conference.

Ether ETFs are on the way

New Ether Spot ETFs are set to begin trading on Tuesday, July 23. Much like the spot Bitcoin ETFs, these ETFs will allow investors to buy the second most popular cryptocurrency like stocks. BlackRock, Ark Invest/21Shares, VanEck, Grayscale, Fidelity, Bitwise, Franklin Templeton, and Invesco/Galaxy Digital are all set to offer Ether ETFs. Crypto asset manager Bitwise predict that trading in the Ether ETF will drive the price of Ether higher, potentially surpassing $5,000.

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Bitcoin

Cryptocurrency’s Biggest Winners and Losers in a Second Trump Presidency

Published

9 months ago

21 July, 2024

SatoshiTimes Staff

Cryptocurrency’s Biggest Winners and Losers in a Second Trump Presidency

Bitcoin miners and cryptocurrency companies that have been blocked from going public in the U.S. could ultimately be the biggest winners in the digital asset world under a second Donald Trump presidency. Foreign companies at risk of losing market share could end up being the biggest losers.

That’s the view that’s taking hold among market participants and observers in the wake of the former president’s growing embrace of cryptocurrency as his chances of election grow. survey released Thursday by CBS News showed Trump with the majority — 52 percent — of likely voters in his likely November rematch with President Joe Biden.

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Bitcoin

Bitcoin, Ethereum, Solana and Cryptocurrency Markets Look Ready to ‘Send’ as Stars Align, According to Investor Chris Burniske

Published

9 months ago

21 July, 2024

SatoshiTimes Staff

Bitcoin, Ethereum, Solana and Cryptocurrency Markets Look Ready to ‘Send’ as Stars Align, According to Investor Chris Burniske

Cryptocurrency investor Chris Burniske says Bitcoin (BTC), Ethereum (ETH), Solana (SUN) and the cryptocurrency market in general seem poised for a run.

Former Head of Cryptocurrency at ARK Invest account his 292,200 followers on social media platform X that several catalysts are aligning, suggesting that digital asset markets are on the verge of a bull run.

According to Burniske, a partner at venture capital firm Placeholder, the highly anticipated launch of Ethereum-based exchange-traded funds (ETFs), Republican presidential candidate Donald Trump speaking at an upcoming Bitcoin event, and the current state of the BTC, ETH, and SOL charts all suggest significant optimism for the cryptocurrency markets.

“With ETH ETFs set to go live, Trump speaking at The Bitcoin Conference, and BTC, ETH, and SOL charts looking [they do] (while stocks are weak), it’s hard to imagine a world where we don’t ship next week.”

Reuters recently reported that preliminary approval for ETH ETFs has been granted as the Bitcoin Conference is scheduled to take place from July 25-27.

BTC, ETH, and SOL are trading at $67,333, $3,528, and $174 at the time of writing, respectively.

The venture capitalist too provides an update on his prediction that the total crypto market cap will eventually hit $10 trillion. According to his chart, the path to $10 trillion is currently “23%” complete, as it sits around $2.2 trillion.

Source: Chris BurniskeX

Earlier this month, Burniske he said in an interview with Real Vision CEO Raoul Paul that he has his eye on the Move ecosystem, which was originally built by social media giant Meta and then used to develop layer 1 blockchains Sui (IUE) and Apts (APT).

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Bitcoin

Here’s the next target for BTC before bulls can hold out for $70K

Published

9 months ago

21 July, 2024

SatoshiTimes Staff

Here’s the next target for BTC before bulls can hold out for $70K

Bitcoin’s recovery is going well, and the market is seemingly poised to create a new all-time high in the near term.

Technical analysis

Per NegotiationRage

The daily chart

As the daily chart shows, the price of Bitcoin has been rising since it broke above the 200-day moving average.

The market has also reclaimed the $60K and $65K levels and is moving towards the $68K resistance zone, which could be the last hurdle before creating a new all-time high. With the RSI also indicating that the price has clear bullish momentum, it could be just a matter of time.

Source: TradingView

The 4-hour chart

Looking at the 4-hour chart, it is evident that the price has been rising rapidly since breaking the downtrend line to the upside. The market also broke the $65K resistance level with momentum, turning it into a support.

While almost everything points to a new record high in the coming weeks, there is one worrying sign. The RSI is showing a clear bearish divergence between recent price highs, which could indicate a correction or even a reversal in the near term.

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Cryptocurrency Charts by TradingView.

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