- Hypothesis grows about Trump asserting Bitcoin as a U.S. strategic reserve asset.
- Trump’s Bitcoin endorsement would possibly sway influential figures like Jamie Dimon.
With former President Donald Trump scheduled to attend the Bitcoin Convention 2024 in Nashville, Tennessee on the twenty seventh of July, hypothesis is rising a couple of potential announcement concerning Bitcoin [BTC].
The Trump-crypto nexus
There are rising discussions that Trump would possibly reveal plans to designate Bitcoin as a strategic reserve asset throughout his look on the convention.
For these unfamiliar, strategic reserves are usually belongings held by the federal government for essential conditions, just like the U.S. strategic oil reserves.
Increasing on the identical, Ran Neuner, Founder and Host of Crypto Banter, in a current dialog with Michelle Makori, Lead Anchor and Editor-in-Chief at Kitco Information, mentioned,
“For Bitcoin, there’s no real reason to hold it except for value protection.”
Right here, Neuner is explaining that BTC needs to be handled like gold—holding it as a precious asset for diversification reasonably than for rapid use.
He additionally talked about that the U.S. already held a big quantity of Bitcoin, estimated at round 200,000 BTC, acquired by means of numerous confiscations.
Affect on Bitcoin’s market development
Therefore, hypothesis means that if Trump pronounces BTC as a part of the strategic reserves, it may scale back the potential promoting stress on Bitcoin and stabilize its market dynamics.
Moreover, Neuner additional famous that Trump’s help for BTC may affect different key figures as properly.
He highlighted that Trump has already gained backing from notable billionaires and bankers, together with Jamie Dimon, CEO of JPMorgan Chase.
Though Dimon has not publicly endorsed Bitcoin, Trump’s help would possibly affect his views, doubtlessly boosting market confidence.
Right here Neuner highlighted how Trump has understood the voter dynamics within the States and mentioned,
“He’s appealing to the crypto voters which is a very large cohort of voters. In fact, more people own crypto in the states than own dogs in the states believe it or not.”
What lies forward?
Thus, with the election nonetheless approaching and President Joe Biden withdrawing from the presidential race, it will likely be intriguing to see how developments unfold and whether or not crypto voters proceed to help Trump or change camps.
In the meantime, BTC was buying and selling at $67,514, marking a modest 0.85% enhance up to now 24 hours. At the moment, the Relative Power Index (RSI) was at 64, indicating sturdy bullish momentum.
Supply: TradingView