- Bitcoin gained 3.5% after the organizers of Bitcoin 2024 announced that Republican presidential nominee Donald Trump would be among the speakers.
- The event will be held in Nashville, Texas, as Trump continues to champion crypto interests, including claiming he’d fight to expand US crypto mining operations.
Donald Trump, the Republican Party presidential nominee, will be the headline speaker at Bitcoin 2024, the event’s organizers have revealed. Bitcoin gained over 3.5% on the announcement.
The Bitcoin Conference confirmed today that Trump would be the main attraction at the event, although speculation has been rife for months that the former president would show his boldest backing for crypto by appearing in its biggest event. The event takes place on July 25-27 at the Music City Center in Nashville, Texas.
ANNOUNCING: PRESIDENT DONALD J. TRUMP TO SPEAK AT #BITCOIN2024 pic.twitter.com/F2mwECVMTW
— The Bitcoin Conference (@TheBitcoinConf) July 10, 2024
Trump will headline a stellar lineup of industry leaders set to take to the stage in Texas, including Michael Saylor, Cathie Wood, Edward Snowden, independent presidential candidate Robert F. Kennedy Jr., actor Russell Brand, and dozens more.
“Trump announced his support for the American Bitcoin industry in May 2024, advocating for financial freedom and the growth of the U.S. Bitcoin industry on the global stage,” reads his byline.
Following the announcement, Bitcoin surged by 3.5% to set an intra-day high at $59,253. However, since then, it has lost its momentum and trades at $57,797 at press time amid a 5% rise in 24-hour trading volume.
Bitcoin’s price has been suppressed for close to a month, with the sale of a massive amount of BTC by the German government triggering the downtrend. As we reported earlier today, Germany is still selling its stash, and for the first time, it now holds less than 10,000 BTC, worth just below $600 million.
Despite the recent downtrend, analysts believe that BTC will rediscover its upward trajectory. One analyst pointed out today that the token has formed a “massive inverse head and shoulders” pattern. He believes that once it breaks out from this pattern, $100,000 will be inevitable.
A head and shoulders pattern usually indicates a reversal of a price pattern from bullish to bearish. In turn, an inverse head and shoulders pattern signal the reversal from bearish to bullish.
#Bitcoin massive inverse head and shoulder
$100,000+ is inevitable once it breaks out👀 pic.twitter.com/uDn3HPLput
— Elja (@Eljaboom) July 11, 2024
Is Trump Crypto’s Best Hope?
Trump has emerged as the frontrunner in the race to be the next US president, with the recent debate in which he faced off with Democratic Party’s Joe Biden boosting his poll numbers, as we reported. A Trump presidency could be a godsend for crypto.
While he was once a crypto skeptic, the Apprentice TV star is now firmly pro-crypto and has reiterated his support for the industry over a dozen times, as we have reported.
Trump recently met with crypto miners and guaranteed them that his government would protect their interests. He even described miners as “our last line of defence against a CBDC.”
One of the biggest changes that would push the industry forward the most would be the reconstitution of the SEC. Under Gary Gensler, the agency has become increasingly anti-crypto to the point that even those in the Biden government are worried it might cost them the election.
Already, market participants are placing huge bets on Gensler’s exit, none more so than Van Eck. The investment firm filed the first Solana spot ETF application with the agency, with executive Matthew Sigel making it clear that the firm is betting on Gensler’s dismissal for the ETF’s approval, as we reported.
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