Bitcoin

Trump’s Bitcoin Conference Speech Will Mark a Pivotal Moment for Cryptocurrency

Published

9 months ago

15 July, 2024

Donald Trump's pro-crypto bluster at the NFT gala lacked political substance

Cryptocurrency is now on the campaign trail in an official capacity, extending beyond throwaway lines to appease whatever voting demographic and fundraising PAC needs to be appeased that day. The shred of legitimacy the industry has been begging for since its inception has arrived, personified in an orange man at a conference about an orange coin.

I’m no political strategist, but I’ve always found it odd when presidential candidates spend time campaigning in states they have no risk of losing. Trump, or any Republican candidate, is not going to lose Tennessee in the 2024 presidential election (let’s face it, folks: Joe Biden is not Bill Clinton). And yet, Trump is stopping by a Bitcoin conference in the Volunteer State during the hugely busy campaign season, the same way a candidate makes campaign speeches in airplane hangars for the military vote and in front of factories on behalf of blue-collar America, with truck drivers in tow, for the union vote.

Trump’s appearance in Nashville has a clear message: the content of the conference is more important than the location. There are enough single-issue crypto voters out there to make a difference for Trump.

(At least, enough if you take into account the possible donations from the crypto rich: a Trump fundraiser at the event costs more than $800,000 per seat.)

Republicans have been jostling (against… no one, except maybe independents or libertarians) to be seen as the pro-crypto party in the United States. One example is the preemptive party official anti-CBDC statements by people like Florida Governor Ron DeSantis (perhaps to appear anti-China and pro-capitalism). Another is the House of Representatives vote effort to override President Biden’s veto of a pro-crypto resolution that is falling through neatly along party lines (except one Republican dissenter and some bipartisan support from 21 Democrats).

To me, it seems like this election cycle, crypto is standing out as a feather in the cap to the individual liberty talking point that GOP voters love, to the point where Trump has completely backed off his anti-crypto rhetoric. In 2019, Trump tweeted: “I’m not a fan of Bitcoin and other cryptocurrenciesthat 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…” Then in 2021, he said Bitcoin is a fraud against the dollar” during an interview with Fox Business.

Clearly, there are votes to be won and Trump wants them.

We’re about to get a good dose of reality. Let’s say there are 50 million cryptocurrency holders, as Coinbase suggests. They’re all really single-issue voters?

But you don’t even need that to win.

He’s right. I’m claiming that the 2024 US presidential election will be decided by something like 100,000 votes (not the popular vote, of course, I mean net votes in the battleground states) and therefore if a candidate wants to win, he needs as many votes as he can get in the high-risk areas. And because President Biden seems to have no interest in engaging with or courting the crypto vote (a significant misstep, in my opinion, as appearing pro-crypto isn’t enough to turn people around) off a candidate, as long as the positioning is correct), every single-issue cryptocurrency voter will likely vote for Trump and try to influence those around them to also vote for Trump.

So it makes perfect sense that the Republican Party believes cryptocurrencies are a worthwhile place to win some of those crucial votes.

What’s more, the conference is a spectacle that people are traveling to Tennessee for. Trump won’t be speaking to Tennessee voters, he’ll be speaking to a geographically diverse (dare I say… decentralized?) cross-section of American voters (that is, if you can get Bitcoiners to vote…).

It just makes so much sense. Crypto is clearly solidified in the mainstream. And even as crypto is weird, American politics has been weird, too. And the weirdness will continue: it will be weird to have Secret Service agents stationed at the Bitcoin conference, it will be weird that the mainstream media (and not just your financial or tech reporters) will be there to cover the proceedings, and it will be weird when President Trump says again that he wants all remaining Bitcoin to be Made in America.

I think when things get weird, weird becomes professional.

Please note: The opinions expressed in this column are those of the author and do not necessarily reflect those of CoinDesk, Inc. or its owners and affiliates.

UPDATE (July 15, 2024, 17:02 UTC): Adds details about the fundraiser.

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Related Topics:Election 2024 Opinion Trump

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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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