Bitcoin 2024, scheduled to take place in Nashville from July 25-27th, is fast approaching. As such, BTC’s community prepares for a potentially pivotal event in Bitcoin’s history. This event has attracted unprecedented attention and could surpass even the historic landmark announcement Jack Mallers stated that El Salvador is expected to adopt Bitcoins as legal currency in 2021.
Donald Trump’s scheduled presence at the event has significantly increased the excitement around it. Rumors began circulating The suggestion last week was that Trump would endorse Bitcoin if he won the election for president in November.
The speculations continued. fueled Dennis Porter is the founder of Satoshi Act Fund and a regulatory advocacy group. He posted on the social media platform X a leak that was not confirmed, stating Trump’s plans. “announce a USA bitcoin strategic reserve in Nashville,” Citing sources who wish to remain anonymous.
Bitcoins Could Be A Game Changer “$100,000 Trinity Candle”
Dan Ripoll was a managing director for the former company, A.R. Ripoll & Co., in this environment. financial Swan is a service provider and also a trader. scenario If Trump’s plan comes to pass, Bitcoin could instantly double in price. Ripoll, speaking on X described the potential as “one of the most gangster moves” Trump can make.
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Trump’s hypothetical scenario is that Trump announced at a recent conference that, despite having significant investments in Bitcoin, he plans to include it as part of the US Strategic Reserve. “Get balls long BTC (as in thousands of coins) going into the Bitcoin Conference next week. Announce plans to put BTC in the US Strategic Reserve. BTC goes vertical with a $100,000 Trinity Candle. Trump quintuples his net worth overnight. He never sells,” Ripoll posited a theory.
According to him such an action will not only increase Trump’s wealth but would also be beneficial for BTC hodlers He will keep his word if. “Then, he should actually follow through with that promise and start accumulating BTC once in office. Everyone wins. Gensler comes after Trump for market manipulation. Trump to Gensler: “Ripoll also added, “You’re fired”.
Ripoll said that the Democratic Party may be willing to adopt a pro Bitcoin position before the elections. However, he expressed doubts about this. Ripoll declared: “The Democrats could steal his thunder by coming out in favor of BTC before the election. But they won’t do it. It makes one question, how badly to the Dems want to win this thing?”
BTC Community’s Reactions
Bitcoin’s community has had mixed responses to this scenario. Eugene Gant has expressed his skepticism regarding the wider implications of linking Bitcoin and potential political maneuvers. financial Gain through cryptocurrency. Ripoll responded, stating that the United States would gain from adopting Bitcoins as reserve assets. “hard money” Bitcoin’s value could be stabilized and the holders would benefit.
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Another community member, Steve, voiced concerns that Trump’s history of promoting and then divesting personal ventures could indicate a similar strategy with Bitcoin—buying low, pumping the price, and then selling high. Ripoll retorted by pointing out the trend from skepticism toward support in the Bitcoin community. This would suggest that it is not surprising if Trump has truly changed his position.
Expert conclusion: “Everyone who is a bitcoin maximalist started off as a bitcoin skeptic. Every single one of us. It would not be surprising to see that he actually learned about it and changed his tune. That is the path.”
BTC prices have been rising in anticipation of Trump’s Bitcoin 2024 event. BTC was trading at $67.373 as of press time. This is an increase of more than 24 percent in just two weeks.
Featured Image created using DALL.E and chart from TradingView.com
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Source: www.newsbtc.com