Bitcoin
Trump Potentially Declaring Bitcoin a Strategic Reserve Asset Seen as a ‘Watershed Moment’ By Investing.com
Former US President and current Republican presidential candidate Donald Trump may announce it as a “strategic reserve asset” during a cryptocurrency conference in Nashville later this month, according to rumors on social media.
Trump is widely expected to speak at the upcoming Bitcoin conference in Nashville, which will take place later this month.
Dennis Porter, co-founder and CEO of the Satoshi Action Fund, said he obtained this information from “reliable” sources.
“Adding #Bitcoin as a ‘strategic reserve’ to the US Treasury is a no-brainer and when the US does this, the paradigm will shift and the world will understand that they too should have a #Bitcoin position,” he wrote on X.
What are cryptocurrency experts saying?
Yves La Rose, co-founder of ExSat, told Investing.com that designating Bitcoin as a strategic reserve asset in the United States “would mark a fundamental shift in the country’s financial strategy.”
“This move would leverage Bitcoin’s decentralized nature and global acceptance to increase economic resilience and stability. It would be a watershed moment that would validate Bitcoin’s digital gold narrative.”
Trump has previously expressed strong support for Bitcoin, highlighting its geopolitical importance. He warned that anti-Bitcoin policies would benefit adversaries like China and Russia. This statement not only positioned him as a pro-Bitcoin nominee but also sparked discussions about classifying Bitcoin as a strategic reserve asset.
“This initiative could potentially boost the price of Bitcoin, attract new investors and increase its legitimacy. Using seized assets to fund this reserve could help effectively utilize these holdings, reducing the need for additional Bitcoin purchases on the open market,” Iva Wisher, co-founder and COO of Prom, told Investing.com.
However, Wisher believes that this pro-crypto stance is part of Trump’s current strategy.
“The concrete expectations and implementation of this initiative will become clearer after the elections, and it is a very sensible time to draw final conclusions.”
Trump adviser Vivek Ramaswamy has also proposed backing the dollar with a basket of commodities, including Bitcoin. Similarly, Robert F. Kennedy Jr. has suggested that a portion of U.S. Treasury bills be backed by hard currencies, including the original cryptocurrency.
Senator Cynthia Lummis also supported the Federal Reserve diversifying its foreign currency assets with Bitcoin.
Other Bitcoin-friendly political leaders have championed Bitcoin’s merits as a strategic reserve asset. They argue that as Bitcoin continues to gain value, countries will compete to accumulate it, similar to other scarce commodities such as gold, silver, platinum, and oil reserves.
They argue that Bitcoin’s high returns make it an attractive asset for sovereigns to acquire now.
Could the US use seized assets?
The US currently leads the way in Bitcoin holdings, having seized massive amounts from illicit actors. According to some estimates, the US government holds over 200,000 bitcoins.
With Trump becoming the first pro-Bitcoin president, the US may start leveraging Bitcoin as a strategic reserve asset.
“This basically means that the Trump administration will consider Bitcoin an essential commodity that is worth having a lot of. If they follow through, it means that the U.S. government will have a lot of it on its hands,” Eric Parker, co-founder and CEO of Giddy, told Investing.com.
Parker added that the US has “acquired a ton” of Bitcoin “from criminal activities over the years.”
“Overall, this is good news, but the impact on prices is uncertain. If people start buying in a frenzy but the US government doesn’t pump money into it, we could see a drop.
“This could actually mean that they are serious about regulating cryptocurrencies and not just using it as campaign rhetoric,” Parker concluded.
Trump has reversed his previous anti-crypto stance. In 2019, he criticized Bitcoin and other cryptocurrencies, citing their volatility and potential for illegal use. However, earlier this year, at a dinner at Mar-a-Lago, he urged voters to support him if they favored crypto assets.
Crypto is now officially on the campaign trail, moving beyond mere mentions to appease certain voting demographics and fundraising PACs. The industry that has long sought legitimacy now finds it in Trump’s presence at a Bitcoin-centric conference.
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.
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.
Bitcoin
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’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.
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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