- Speculation grows about Trump announcing Bitcoin as a U.S. strategic reserve asset.
- Trump’s Bitcoin endorsement might sway influential figures like Jamie Dimon.
With former President Donald Trump scheduled to attend the Bitcoin Conference 2024 in Nashville, Tennessee on the 27th of July, speculation is rising about a potential announcement regarding Bitcoin [BTC].
The Trump-crypto nexus
There are growing discussions that Trump might reveal plans to designate Bitcoin as a strategic reserve asset during his appearance at the conference.
For those unfamiliar, strategic reserves are typically assets held by the government for critical situations, like the U.S. strategic oil reserves.
Expanding on the same, Ran Neuner, Founder and Host of Crypto Banter, in a recent conversation with Michelle Makori, Lead Anchor and Editor-in-Chief at Kitco News, said,
“For Bitcoin, there’s no real reason to hold it except for value protection.”
Here, Neuner is explaining that BTC should be treated like gold—holding it as a valuable asset for diversification rather than for immediate use.
He also mentioned that the U.S. already held a significant amount of Bitcoin, estimated at around 200,000 BTC, acquired through various confiscations.
Impact on Bitcoin’s market trend
Hence, speculation suggests that if Trump announces BTC as part of the strategic reserves, it could reduce the potential selling pressure on Bitcoin and stabilize its market dynamics.
Additionally, Neuner further noted that Trump’s support for BTC could influence other key figures as well.
He highlighted that Trump has already gained backing from notable billionaires and bankers, including Jamie Dimon, CEO of JPMorgan Chase.
Although Dimon has not publicly endorsed Bitcoin, Trump’s support might influence his views, potentially boosting market confidence.
Here Neuner highlighted how Trump has understood the voter dynamics in the States and said,
“He’s appealing to the crypto voters which is a very large cohort of voters. In fact, more people own crypto in the states than own dogs in the states believe it or not.”
What lies ahead?
Thus, with the election still approaching and President Joe Biden withdrawing from the presidential race, it will be intriguing to see how developments unfold and whether crypto voters continue to support Trump or change camps.
Meanwhile, BTC was trading at $67,514, marking a modest 0.85% increase in the past 24 hours. At that time, the Relative Strength Index (RSI) was at 64, indicating strong bullish momentum.
Source: TradingView
