Key Points
- Bitcoin’s potential integration into U.S. financial strategies reflects a major shift in political attitudes.
- Despite recent decline, Bitcoin’s optimistic RSI indicates a potential bullish reversal.
Bitcoin Gains Political Traction
The Bitcoin 2024 conference in July garnered significant attention from cryptocurrency enthusiasts and industry leaders. A highlight of the event was Bitwise’s chief investment officer, Matt Hougan’s unique perspective on Bitcoin, particularly following its endorsement by several U.S. politicians.
In a recent blog post, Hougan stated, “What’s happening in the Bitcoin market right now is making me rethink what’s possible.” This sentiment aligns with the ambitious plans of several U.S. political figures to incorporate Bitcoin into national financial strategies.
Proposed Bitcoin Strategies
For instance, Donald Trump proposed the creation of a strategic Bitcoin reserve for the U.S., while Senator Cynthia Lummis suggested a bill that would utilize Bitcoin reserves to address the country’s $35 trillion debt crisis. Moreover, Robert F. Kennedy Jr. pledged that if elected, the U.S. Treasury would purchase 500 Bitcoin daily until amassing at least 4 million Bitcoin.
Hougan also shared key takeaways from the conference, emphasizing the surprising shift of politicians towards cryptocurrency. He stated, “Less than two years ago, FTX was collapsing in a historic fraud, Bitcoin was trading at $17,000, and skeptics were dancing on crypto’s grave. Now politicians are openly talking about building a ‘Bitcoin Fort Knox’.”
Bitcoin’s Market Performance
According to Reuters, Bitcoin hit a two-week peak on the 12th of July, driven by the increased likelihood of President Trump winning the upcoming election following an attempted assassination. Despite a recent 2.40% fall, trading around the $64,000 mark, the Relative Strength Index (RSI) nearing a neutral level at 49 and trending upwards indicates a potential shift where bulls might soon overtake bears.
