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Political support is bad for Bitcoin in the long term: Samson Mow

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Political support is bad for Bitcoin in the long term: Samson Mow

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Former Blockstream chief strategy officer Samson Mow believes new political support for Bitcoin could weaken its core principles and increase the risk of future failures that could harm users.

“I’m not optimistic that politicians will become pro-crypto.” It may sound good given previous hostile anti-crypto stances, but in the long run it is bad for Bitcoin,” said Mow. stated in a recent post on X.

According to Mow, political involvement potentially compromises the strength of Bitcoin. He highlighted that the change in stance could lead to similar collapses like FTX or Luna and ultimately harm the entire ecosystem.

“Without a strong Bitcoin spirit, this move just paves the way for the next FTX/Luna/Genesis and, once again, we will pay for it,” he added.

Mow’s comments follow a post by Senator Cynthia Lummis, a well-known advocate for the future of cryptography in the US.

Mow did not object to the fact that Lummis is one of the most genuine pro-Bitcoin politicians. However, he disagreed with Lummis grouping Bitcoin with other crypto assets. He he said that many people, including politicians who are becoming pro-Bitcoin, may not understand the difference between Bitcoin and other crypto assets.

Cryptography has become an increasingly influential factor in US politics in recent years, with industry bodies investing heavily in lobbying and campaign contributions to shape regulations and elect supportive representatives.

Over the past two weeks, US lawmakers have voted on three crypto-related bills, including HJRes. 109, a bill that aims to strike down SEC SAB 121 crypto ruleFIT21, a bill created to establish a regime to regulate US crypto marketsand the State CBDC Anti-Surveillance Law, legislation aimed at stop the Federal Reserve the issuance of a central bank digital currency (CBDC).

The most notable development is that the Biden administration has softened its stance on encryption. Instead of threatening a veto FIT21, what the White House did with HJRes. 109, just expressed concerns about the lack of investor protection.

Some experts and industry figures suggest that the recent approval of listing of spot Ethereum exchange-traded funds (ETFs) in the US may be partially influenced by political considerations.

They speculate that the US Securities and Exchange Commission’s (SEC) decision may have been impacted by potential pressure from the Biden administration, which has long faced criticism for its stance on crypto regulation.

Observers believe that these measures are part of a strategy to win votes in the upcoming presidential elections, especially since Donald Trump, Biden’s biggest competitor, has publicly advocated making the US a crypto leader. Trump also intends end hostility towards the industry.

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Bitcoin

What to watch for in the markets

SatoshiTimes Staff

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What to watch for in the markets

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

SatoshiTimes Staff

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

SatoshiTimes Staff

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

SatoshiTimes Staff

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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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