Bitcoin

How Trump Went From Bitcoin Skeptic to ‘Crypto President’

Published

11 months ago

6 July, 2024

SatoshiTimes Staff

How Trump Went From Bitcoin Skeptic to 'Crypto President'

Donald Trump has not always been a supporter of cryptocurrencies, but he has recently expressed strong support for the sector.
The industry’s political spending has made cryptocurrencies an electoral issue for both parties, a source told BI.
The former president’s pro-crypto stance is making bitcoin a “Trump trade,” Bernstein said.

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At a campaign fundraiser in June, former President Donald Trump presented himself as something that would have seemed unlikely not long ago.

“He said he was going to be the president of cryptocurrency,” said tech executive Trevor Traina, who attended the fundraiser. Reuters that month.

It’s not a title the Republican candidate would have taken on with such enthusiasm during his first term.

On a series of tweets In 2019, then-President Trump made it clear that he didn’t like cryptocurrencies.

“I’m not a fan of Bitcoin and other cryptocurrencies, which are not money and whose value is highly volatile and based on nothing.”

I am not a fan of Bitcoin and other cryptocurrencies, which are not money, and whose value is highly volatile and based on thin air. Unregulated crypto assets can facilitate illegal behavior, including drug trafficking and other illegal activities…

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

He held that view until at least 2021, telling Fox Business that bitcoin “It looks like a scam.“In making these comments, Trump often reiterated that the industry needs strict regulation.

However, as the 2024 election approaches, Trump’s position has changed almost completely.

After telling CNBC earlier this year that he was not I’m not sure about taking cryptocurrency anymoreIn May, he declared that the US should be the country of industry Global leader in space.

“Corrupt Joe Biden, on the other hand, the worst president in the history of our country, wants him to die a slow and painful death,” he wrote in a post on Social Truth.

The comparison to his Democratic rival may be emblematic of one reason why cryptocurrencies have become such a hot election issue — and an increasing focus for both parties.

“By all accounts, this is expected to be a very close election,” Alan Konevsky, tZERO’s chief legal officer, told Business Insider, “where there’s fierce competition for campaign money, and where cryptocurrencies and the crypto lobby have proven to be a major force from that perspective as well.”

The numbers prove the point. According to a May report Public Citizen reportThe cryptocurrency sector is becoming a political funding titan that is hard to ignore. During the 2024 election cycle, crypto-backed super PACs raised over $102 million, the third-highest amount among all super PACs.

Trump’s promises to support U.S. cryptocurrency miners or loosen regulations are giving him access to new industry funding. For example, one cryptocurrency executive told CNBC that the space is now committed to donating $100 million to his campaign.

“As an industry, we are committed to raising over $100 million and turning out over 5,000,000 voters for Trump’s re-election effort,” said BTC Inc. CEO David Bailey.

On the other hand, the rise of cryptocurrencies in the electoral race also stems from the importance the topic has acquired for the American public, something that may have been underestimated before, Konevsky noted.

For example, about half of young voters surveyed by Grayscale said they will consider a candidate’s stance on cryptocurrencies before voting.

The increasingly bipartisan nature of crypto is also influencing President Biden’s platform. He has also opened up to crypto donations, and his administration has adjusted regulators’ approach to the industry.

The growing political acceptance of cryptocurrency means that may not matter who wins in the long run, said billionaire crypto bull Michael Novogratz. Pro-industry efforts are also being pushed by Congress, as the bill on Innovation and Financial Technology.

But in the short term, the market seems more confident in Trump to help the sector.

In late June, Bernstein noted that if Republicans seem more likely to win the November election, Trump’s promises of better regulation will help bitcoin rally in the fourth quarter.

“If electoral sentiment shifts to a more Republican one, cryptocurrencies would end up being Trump’s main ‘deal’ and hopes for a favorable regulatory regime would change the ‘use case’ narrative around blockchains like ETH,” analysts wrote.

It’s also important to note how regulatory and judicial appointees might change under a different administration, Konevsky noted. In addition to the questions of who leads market watchdogs like the Securities and Exchange Commission, cryptocurrency lawsuits placed judges at the forefront as decision makers in market-related matters.

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Bitcoin

What to watch for in the markets

Published

11 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

11 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

11 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

11 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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