{"id":6697,"date":"2024-07-25T05:42:41","date_gmt":"2024-07-25T05:42:41","guid":{"rendered":"https:\/\/businesstriumphs.com\/index.php\/2024\/07\/25\/crypto-market-buzzing-on-rumor-trump-will-announce-bitcoin-as-strategic-reserve-asset\/"},"modified":"2024-07-25T05:42:41","modified_gmt":"2024-07-25T05:42:41","slug":"crypto-market-buzzing-on-rumor-trump-will-announce-bitcoin-as-strategic-reserve-asset","status":"publish","type":"post","link":"https:\/\/businesstriumphs.com\/index.php\/2024\/07\/25\/crypto-market-buzzing-on-rumor-trump-will-announce-bitcoin-as-strategic-reserve-asset\/","title":{"rendered":"Crypto Market Buzzing on Rumor Trump Will Announce Bitcoin as Strategic Reserve Asset"},"content":{"rendered":"

Crypto investors are abuzz amid rumors that former US President Donald Trump may announce Bitcoin as a strategic reserve asset at a Bitcoin event scheduled to run from July 25 to 27 in Nashville, Tennessee. <\/strong><\/p>\n

Trump, who is scheduled to speak on July 27 and is currently gunning for his second presidential term, has historically had a mixed relationship with Bitcoin and cryptocurrencies in general. <\/p>\n

What will he say at the event this weekend? Here\u2019s what experts think could happen. <\/p>\n

\n

From critic to champion: Trump\u2019s turbulent past with cryptocurrencies <\/h3>\n

In 2019, Trump\u00a0criticized cryptocurrencies in a series of posts on X, then called Twitter, stating that they are \u2018not money\u2019 and that their value is \u2018highly volatile and based on thin air.\u2019<\/p>\n

He also expressed concerns about their use in illegal activities.<\/p>\n

However, his stance appears to have shifted in recent times. At a Mar-a-Lago dinner earlier this year, Trump encouraged his supporters to back him if they are in favor of crypto assets, signaling a possible change in his approach.<\/p>\n

Bitcoin has had a turbulent year, experiencing significant fluctuations over the past months. Starting 2024 on a positive note, Bitcoin prices reached an all-time high in March, eclipsing US$73,000. <\/p>\n

The price has pulled back since then, dipping below US$60,000 in early July. <\/p>\n

Bitcoin saw both peaks and troughs during Trump\u2019s presidency, including a remarkable 2017 price run that saw it skyrocket, breaching $US20,000 for the first time in December after hovering around US$1,000 at the start of the year.<\/p>\n<\/div>\n

\n

What will Trump say about Bitcoin in Nashville? <\/h3>\n

The crypto market\u2019s anticipation for Trump\u2019s Nashville speech isn\u2019t without basis. <\/p>\n

Markus Thielen, founder of 10x Research, noted in an email sent to clients that there is speculation that Trump may use the conference as a platform to announce the establishment of Bitcoin as a strategic reserve asset.<\/p>\n

\u2018Speculation is high that he will announce bitcoin as a strategic reserve asset, which could trigger a parabolic rise in bitcoin\u2019s price,\u2019 he added in a Monday (July 22) edition of the 10x newsletter.<\/p>\n

According to CoinDesk, this sentiment has been echoed in the options market, where traders are preparing for potentially extreme price movements following Trump\u2019s rumored announcement.<\/p>\n

Beyond market reactions, there are broader economic implications to consider. If the US were to officially recognize Bitcoin as a strategic reserve asset, it could validate the \u2018digital gold\u2019 narrative and position Bitcoin alongside traditional reserve assets like gold. Moreover, the political ramifications are noteworthy. Rumors suggest that Trump may appoint pro-crypto figures to key positions, such as chair of the US Securities Exchange Commission or Treasury secretary.<\/p>\n

Names like Larry Fink, chairman and CEO of BlackRock, have been mentioned, indicating a potential shift toward a more favorable regulatory environment for cryptocurrencies that could accelerate its growth.<\/p>\n

The US government already holds a substantial amount Bitcoin seized during past confiscations, such as those resulting from the Silk Road case. Transferring these holdings to the Treasury could effectively position Bitcoin as a strategic reserve asset without requiring additional purchases on the open market. <\/p>\n

This approach could reduce the supply of Bitcoin available for public trading, potentially driving up its price due to its inherent scarcity. However, the integration of Bitcoin into national financial strategies raises challenges.<\/p>\n

The US government\u2019s current legal framework and monetary policy would need substantial adjustments to accommodate Bitcoin as a strategic reserve asset. Additionally, experts have raised questions about the security and custody of a volatile asset like Bitcoin, particularly given its susceptibility to cyber threats.<\/p>\n

The volatility of Bitcoin itself poses risks as well; its price swings could lead to substantial impacts on national financial stability if it were to be heavily integrated into the country\u2019s reserve holdings.<\/p>\n

Trump will join independent presidential candidate Robert F. Kennedy Jr., industry experts, business figures and politicians at the Nashville conference, where he is set to give a 30 minute speech at 3:00 p.m. EDT on July 27. <\/p>\n<\/div>\n

Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.<\/strong><\/p>\n<\/p>\n

This post appeared first on investingnews.com<\/div>\n","protected":false},"excerpt":{"rendered":"

Crypto investors are abuzz amid rumors that former US President Donald Trump may announce Bitcoin as a strategic reserve asset at a Bitcoin event scheduled to run from July 25 to 27 in Nashville, Tennessee. Trump, who is scheduled to speak on July 27 and is currently gunning for his second presidential term, has historically […]<\/p>\n","protected":false},"author":0,"featured_media":6698,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[],"class_list":["post-6697","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-investing"],"_links":{"self":[{"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/posts\/6697","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/comments?post=6697"}],"version-history":[{"count":0,"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/posts\/6697\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/media\/6698"}],"wp:attachment":[{"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/media?parent=6697"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/categories?post=6697"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/tags?post=6697"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}