TL;DR
- Bitcoin (BTC) Rally and Trump’s Keynote Address: Bitcoin surged nearly 5% in the past 24 hours, reaching $67,000. The rally coincides with anticipation surrounding former U.S. President Donald Trump’s keynote address at the Bitcoin 2024 Conference in Nashville.
- Trump’s Shifting Stance on Crypto: In 2019, Trump criticized Bitcoin, calling it “not money” and highlighting its volatility. Recently, he has rebranded as the “crypto president” and chosen a Bitcoin investor as his running mate.
- Crypto Lobby and Long Positions: Traders expect Trump to announce plans for a strategic Bitcoin reserve if elected U.S. president in November. Fear of a price surge has led to a reluctance to short Bitcoin.
Bitcoin (BTC), the largest digital asset by market capitalization, has surged nearly 5% in the past 24 hours, crossing the $67,000 mark. This rally coincides with anticipation surrounding former U.S. President Donald Trump’s keynote address at the Bitcoin 2024 Conference in Nashville, Tennessee.
At 2 p.m. CT on July 27, Trump is set to take the Nakamoto Stage, making him the inaugural U.S. presidential candidate to speak at a significant cryptocurrency conference. The details of his address are still under wraps, but event planners are calling it a “historic” moment.
Trump’s Shifting Stance on Bitcoin (BTC)
Trump’s views on Bitcoin and cryptocurrencies have evolved significantly. In 2019, he expressed disapproval, calling them “not money” and criticizing their volatility. However, recent months have seen him rebrand as the “crypto president.”
By choosing Ohio Senator JD Vance, a Bitcoin investor, as his running mate, it becomes even more apparent that he is in favor of cryptocurrency. Bitcoin’s dominance has risen to 52.8%, while ether’s dominance has dropped to 15.5%.
The GM 30 Index, representing the top 30 cryptocurrencies, rose 3.08% to 133.99. Traders are cautious, expecting Trump to announce plans for a strategic Bitcoin reserve if elected U.S. president in November. Fear of a price surge has led to a reluctance to short Bitcoin.
The Crypto Lobby and Long Positions
10x Research CEO, Markus Thielen pointed out that the US Treasury holds gold reserves worth $600 billion, and the government has seized Bitcoin valued at $15 billion. Nevertheless, Thielen suggested that Trump might disclose his plans to rebalance these assets.
According to him, Trump might signal his desire to raise this proportion to approximately 10% of the gold reserves, or even higher. He anticipates that just a hint of this could lead the market to react immediately, rather than waiting until November for Trump’s potential presidency. Currently, Bitcoin is priced at $67,245, showing a 4.72% increase over the last 24 hours.
