Bitcoin
‘Are you ready?’ — Elon Musk applauds wild rumors that Donald Trump will create a strategic Bitcoin reserve in the US and trigger chaos in crypto prices
Updated 7/22 below. This post was originally published on July 21
Bitcoin
Bitcoin
burst back to life this month as traders bet that former US President Donald Trump will trigger a boom in the price of bitcoin.
Bitcoin’s price has risen nearly 20% since its early July lows, helped by Shark Tank billionaire Mark Cuban issuing a “crazy” bitcoin price prediction.
Now, after Trump dropped a bombshell about JPMorgan’s bitcoinWild rumors are circulating that Trump could announce he would create a strategic bitcoin reserve in the US during his much-hyped appearance at the Bitcoin 2024 conference in Nashville next week – something that could trigger an “instant moon” in the price of bitcoin.
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Former US President and 2024 Republican presidential candidate Donald Trump has embraced bitcoin… [+] in recent months, driving up the price of bitcoin and sparking bullish predictions that it would create a strategic bitcoin reserve in the US.
AFP via Getty Images
“There is speculation that Trump may announce the establishment of a strategic bitcoin reserve in the US during the Bitcoin 2024 conference in Nashville,” said Markus Thielen, CEO of institutional-focused analytics firm 10x Research. he said in an emailed note to clients noting that the price of bitcoin has soared nearly 1,900% during Trump’s first term.
“The U.S. could strategically incorporate bitcoin into its reserves, diversifying its portfolio and reducing reliance on traditional assets like gold and foreign currencies,” Thielen wrote, pointing to the roughly 212,000 bitcoins the U.S. government currently holds, worth about $15 billion, compared with its $600 billion in gold reserves.
“Donald Trump may already be thinking about adding bitcoin to the US balance sheet,” Lark Davis, bitcoin analyst and author of the Wealth Mastery newsletter, he wrote to your subscribers.
Update 7/22: David Bailey, the organizer of the Bitcoin 2024 conference and editor of Bitcoin Magazine, cheered up expectations over the weekend that Tesla CEO and one of the most powerful movers in the cryptocurrency market, Elon Musk, could make a surprise appearance at the Bitcoin 2024 conference.
Bailey noted that Musk changed his X profile picture to one with laser eyes — a symbol of bitcoin and cryptocurrency supporters that peaked in popularity during the 2021 bull run.
“Laser eyes are back in fashion,” said Michael Saylor, founder of bitcoin-buying software company MicroStrategy. posted alongside a screenshot of Musk’s new profile picture.
“Musk changes profile picture to laser eyes, Bitcoin Magazine CEO says ‘you’re ready’. If this means what I think it means, then this week is about to get even wilder,” crypto analyst and podcaster Scott Melker, posted for X.
Previously, Dennis Porter, the executive chairman of regulatory lobby group Satoshi Action Fund, posted to X that Trump “will announce a strategic US bitcoin reserve in Nashville,” citing anonymous and unnamed sources.
“People are skeptical that the U.S. could implement a strategic bitcoin reserve, but at this point it is inevitable,” Porter added.
A strategic reserve, such as the U.S. Strategic Petroleum Reserve, is a stockpile of assets kept on hand and designed to be used in emergencies or to secure debt.
“We are getting more and more confirmation that these rumors may be true,” said Simon Dixon, founder of investment platform BnkToTheFuture, posted for X.
In response, Ari Paul, chief investment officer at cryptocurrency hedge fund BlockTower Capital, put the odds on the U.S. creating a strategic reserve of bitcoin over the next four years by 10 to one, adding that it is “plausible to me that Trump would say that, which would be very bullish for bitcoin in the medium term” and that if Wall Street “really believed that would happen, then instant moon” — referring to a popular bitcoin meme that means the price of bitcoin is rising rapidly.
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Bitcoin’s price has soared in the months since Donald Trump embraced the cryptocurrency, with some… [+] betting that Trump could drive the price of bitcoin up a lot.
Forbes Digital Assets
This week, Trump sent an invitation to attendees of the Bitcoin 2024 conference for a private fundraiser that includes a nearly $845,000 per person seat at a roundtable event. reported by Bloomberg.
The fundraiser will be hosted by conference organizer David Bailey. reported by the Washington Post, who has met with Trump multiple times and said Trump’s speech at the event will be “the most important political event in the history of bitcoin and a defining cultural moment for our society.”
Bailey’s conference was also the stage for El Salvador President Nayib Bukele to announce that the country would adopt bitcoin as legal tender in 2021.
Bitcoin
‘This is huge’ — Billionaire Mark Cuban issues ‘incredible’ Bitcoin and crypto prediction amid price slump
Bitcoin
Bitcoin
came back with a vengeance this year when former President Donald Trump Cryptocurrency boosts US presidential election in November with ‘revolutionary’ plan.
The price of bitcoin has surged to more than its all-time high in recent months, surpassing $70,000 per bitcoin and triggering a wave of mega-optimistic predictions about the price of bitcointhough it fell again this week, falling below $65,000 after the Federal Reserve kept interest rates steady.
Now, as Elon Musk suddenly breaks his silence on bitcoin and cryptocurrenciesBillionaire investor Mark Cuban called a California plan to digitize 42 million car titles using blockchain an “incredible step forward” and “huge” for cryptocurrencies.
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Mark Cuban, famous Shark Tank investor and billionaire owner of the NBA team Dallas Mavericks, has… [+] called a cryptocurrency update “amazing” amid bitcoin’s price slump.
Getty Images
The California Department of Motor Vehicles (DMV) has digitized 42 million car titles using blockchain, it was reported by Reuters, through technology company Oxhead Alpha on the Avalanche blockchain and designed to detect fraud and facilitate the securities transfer process.
“This is an incredible development for crypto,” Cuban, best known as an investor on TV’s Shark Tank and owner of the Dallas Mavericks NBA team, posted on X, joking that U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler could sue the state as part of his hostility toward cryptocurrencies and blockchain technology.
“The reason this is huge for crypto is because people who hold the tokens will have an app with an Avalanche wallet,” Cuban said. “Tens of millions of Californians having and using a crypto wallet in the next five years, or however long it takes, normalizes the use of wallets and crypto.”
John Wu, president of Avalanche developer Ava Labs, told Reuters that California’s DMV is “creating a wallet that you can download on your phone.”
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Bitcoin’s price has rallied this year, triggering a wave of bullish bitcoin price predictions from… [+] people like billionaire Mark Cuban.
Forbes Digital Assets
Last month, Cuban predicted that if the US dollar falls as the global reserve currency, bitcoin could become “a global ‘safe haven’” and a “global currency.” potentially sending the price of bitcoin to a much higher level.
According to Cuban, bitcoin could become what its most ardent supporters “envision” — a means “of protecting our economies… This is already happening in countries facing hyperinflation.”
The price of bitcoin has skyrocketed over the past year, largely due to the world’s largest asset manager, BlackRock, leading a bitcoin attack on Wall Street.
Analysts are starting to pay more attention than usual to Bitcoin-proxy’s underlying enterprise software business MicroStrategy Inc.
How to better invest cash generated from operations is what originally prompted co-founder and CEO Michael Saylor to turn to Bitcoin four years ago. Since then, the Tysons Corner, Va.-based company has adopted a two-pronged strategy of investing in the cryptocurrency instead of traditional assets like short-term Treasuries and ramping up its software operations.
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Bitcoin has retreated from a six-week high as investors shift their focus to speculation the U.S. may sell seized tokens just days after Donald Trump vowed to create a government stockpile of the cryptocurrency if he is elected president again.
The US transferred $2 billion worth of Bitcoin to a new digital wallet address on Monday, blockchain research firm Arkham said in a publish on social media platform X. Market analysis firms have speculated that the tokens are from the Silk Road marketplace, where customers used virtual currencies to buy illegal drugs and hacking tools before it was shut down.
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