Key Points
- Former President Donald Trump might announce Bitcoin as a U.S. strategic reserve asset at the Bitcoin Conference 2024.
- This announcement could influence other influential figures and stabilize Bitcoin’s market dynamics.
Speculation is increasing over a potential announcement by former President Donald Trump about Bitcoin (BTC) at the upcoming Bitcoin Conference 2024 in Nashville, Tennessee.
The Trump-Bitcoin Connection
There are growing debates suggesting that Trump could declare plans to classify Bitcoin as a strategic reserve asset during his conference appearance.
Strategic reserves are usually assets held by the government for critical situations, similar to the U.S. strategic oil reserves.
Ran Neuner, Founder and Host of Crypto Banter, recently discussed this topic. He stated that Bitcoin should be held for value protection, similar to gold.
He also noted that the U.S. already possesses a substantial amount of Bitcoin, estimated at around 200,000 BTC, obtained through various confiscations.
Effect on Bitcoin’s Market
Speculation suggests that if Trump declares BTC as part of the strategic reserves, it could decrease the potential selling pressure on Bitcoin and stabilize its market dynamics.
Neuner also pointed out that Trump’s support for BTC could influence other key figures.
He mentioned that Trump has already received support from notable billionaires and bankers, including Jamie Dimon, CEO of JPMorgan Chase.
Although Dimon has not publicly endorsed Bitcoin, Trump’s support might sway his views, potentially boosting market confidence.
Neuner emphasized how Trump has understood the voter dynamics in the States. He said that Trump is appealing to the large cohort of crypto voters.
With the election approaching and President Joe Biden withdrawing from the presidential race, it will be interesting to see how developments progress and whether crypto voters continue to back Trump or switch sides.
Meanwhile, BTC was trading at $67,514, marking a slight 0.85% increase in the past 24 hours. At that time, the Relative Strength Index (RSI) was at 64, indicating strong bullish momentum.
