This weekend, the Donald Trump Bitcoin Conference in Nashville, Tennessee, sparked a lot of interest. Former President Trump may have affected the crypto market by raising $25 million over one night.
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Trump’s Bitcoin Speech Impact
Fundraising Success
David Bailey, the CEO of BTC Inc., and conference organizer, confirmed this total amount to Breitbart News. Bill Hagerty (a former Trump ambassador to Japan) played an important role in organizing the conference.
“President Trump’s speech was one of the clearest and strongest talks on Bitcoin and crypto I’ve ever heard from a political leader,” Hagerty spoke to Breitbart News. “The mood throughout the conference was electric as a result.”
Proposed Crypto Policy
Senator Cynthia Lummis has announced that she will introduce legislation for a Bitcoin strategic reserve. She proposes that the U.S. buy one million BTC within five years. That’s about 5%.
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Market Response
Bitcoin currently trades at $65,980. That’s a drop of over 2% from the previous 24 hours. The chart below shows Bitcoin’s most recent price fluctuations:
The TradingView chart published on 30 July 2024 shows the price of Bitcoin from February 2024 to August 2024.
Significant fluctuations are visible on the 1-day chart. The two moving averages will likely give a context of the market’s current situation.
Future Implications
Brian Hughes, Senior Trump Campaign Advisor:
“President Trump is ready to remove barriers, and the tech sector is excited by his vision and plans to fulfill it.”
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Donald Trump Bitcoin Conference illustrates the link growing between politics and cryptocurrency. Digital assets are becoming more and more popular. Their role in policy making and political fundraising could increase.
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Source: watcher.guru