Bitcoin

Trump’s appeal to Bitcoin miners is a warning for crypto to remain apolitical

Published

7 months ago

12 June, 2024

Trump's appeal to Bitcoin miners is a warning for crypto to remain apolitical

Former President Donald Trump is asking a domestic bitcoin mining industry to develop in the US Perhaps with a bit of exaggeration, the Republican presidential candidate said on Tuesday that he wants “all the rest” bitcoin – about 2.1 million units – to be produced in the US, arguing that this would help the country to become energy independent and combat the development of a central bank digital currency.

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The announcement, made on its social media platform Truth Social, followed a conversation between Trump and Bitcoin Magazine CEO David Bailey in front of representatives from major bitcoin mining companies CleanSpark, Riot Platforms, Marathon Digital at the former president’s Mar-a-Lago resort in Florida.

The latest in a series of increasingly pro-crypto statements — including a pledge to defend the right to self-custody, accept crypto campaign donations, and “keep Elizabeth Warren and her goons out of your Bitcoin” — has drawn mixed reactions from crypto advocates . Perhaps this is not so surprising, given the polarization of the former president (whose favorability rating never exceeded 50%) in the US.

However, this is arguably the first time since 2019 – when Trump said he was “not a fan” of Bitcoin – that the former reality TV star missed the mark on crypto. The idea of onshore bitcoin mining is very good and has been happening ever since China banned the practice in 2021. But if you take Trump literally, calling for all Bitcoin miners to be located in a single region suggests a profound ignorance about what Bitcoin is, how it works, and why it is powerful.

However, this is just an opinion. There are many others. Alex Bergeron of Bitcoin Magazine, for example, argues that Trump’s statement is a powerful signal for the importance of encryption.

“We absolutely want the most powerful man in the world to signal to all other power brokers that Bitcoin mining is a geopolitical issue. This is how you get everyone to start mining. This is how you decentralize the network,” wrote Bergeron, responding to climate change expert and Bitcoin Policy Summit co-founder Margot “jynurso” Paez.

Paez argued that centralizing hashrate production in any country – specifically one where politicians and regulators have been hostile to cryptography in recent times – is perhaps unwise. President Biden’s administration, for example, floated the idea of an exorbitant 30% tax on bitcoin mining.

Either way, the hashrate is unlikely to centralize in any one region, given that there are bitcoiners all over the world, which would be difficult for even the President of the United States to stop mining.

So the real question here is whether the US attempt to dominate the bitcoin mining trade through government support or even subsidies would inspire other governments to encourage domestic mining. It’s far-fetched, but global leaders often turn to the US to set agendas. The problem is Trump’s notably low standing among so-called global leaders.

Therefore, it is difficult to say whether this campaign platform actually moves the needle on bitcoin mining. Especially since it’s impossible to say whether Trump’s pro-crypto statements should be taken as sycophantic or flattering. He is certainly a divisive figure among bitcoiners – and not just among progressives.

Many find it downright embarrassing to be friends with any politician, let alone Trump’s Napoleonic ego. Bitcoin writer and privacy advocate L0la L33tz, for example, wrote an entire essay on the issue, arguing that politicians can’t be trusted, that Trump hasn’t fulfilled many of his previous campaign promises, and that Bitcoin doesn’t even need political support.

“When your morals can be bought, you are not a patriot – you are a traitor,” wrote L33tz.

In addition to being an internally consistent view considering the “Bitcoin ethos”, it is worth noting that L33tz’s position is also probably the best optically long-term one for the industry’s development.

It may seem convenient to agree with the Republican Party’s standard-bearer, given that most political support comes from the right. But I think the opinion of someone like Marvin Ammori of Uniswap (who debated major Trump supporter Ryan Selkis at Consensus 2024 last month) – that the crypto industry should Strive to be neutral and apolitical – is probably the best strategy.

I have discussed before that it is inevitable that cryptography, as a celebrity cause, will become an issue for the right to defend and the left to vilify. But should you want it to be?

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Bitcoin

What to watch for in the markets

Published

6 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

6 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

6 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

6 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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