Looks like the future #bitcoin #BTC #البيتكوين 
The mining industry is brighter than ever, according to HC Wainwright, following the most anticipated rally in Bitcoin's 15-year history held in Nashville, Tennessee.
The Bitcoin 2024 event saw over 20,000 attendees, including two presidential candidates, former US President and Republican candidate Donald J. Trump, several US Senators including Cynthia Lummis, and industry leaders such as Michael Saylor of MicroStrategy.
“It has been refreshing for the entire Bitcoin community to hear the overwhelming support shown by many US politicians for both Bitcoin and the mining industry,” H.C. Wainwright wrote.
Donald Trump's speech at the conference, the first US presidential candidate to speak at a Bitcoin event, included several highlights. He likened the status of the primary currency to the steel industry of 100 years ago and outlined a plan to make the United States “the crypto capital of the world” and “the Bitcoin superpower.”
His plan includes supporting Bitcoin mining and expanding artificial intelligence, creating a national Bitcoin stockpile, creating a presidential advisory board for digital currencies, and defending the right to self-custody of digital currencies. The Republican candidate also called for the rejection of central bank digital currencies (CBDC), the termination of current SEC Chairman Gary Gensler, the shutdown of “Operation Chokepoint 2.0,” and the creation of a regulatory framework for stablecoins.
As suggested by presidential candidate Robert F. Kennedy Jr. and Senator Loomis Bitcoin Accumulation Strategies. RF Kennedy pledged to transfer US government bitcoin holdings to the Treasury Department and purchase 550 bitcoins daily until a reserve of at least 4 million bitcoins is achieved. Senator Lummis introduced a bill to create a strategic reserve for Bitcoin, proposing to accumulate one million Bitcoin within five years.
HC Wainwright also discussed institutional allocations into Bitcoin ETFs, which could be a major near-term catalyst for the native cryptocurrency. Despite the good demand the currency has seen since the launch of spot Bitcoin ETFs in January, adoption by large wealth advisory platforms has been slow. However, several platforms are speeding up the approval processes for these ETFs, and we may see them launched this year.
BlackRock (BLK) also highlighted Bitcoin's low correlation to other assets and its potential to be used as a hedge against currency depreciation, inflation and de-dollarization as key selling points.
One of the main attractions was Michael Saylor, who presented his bear, rally, and bull price targets of $3 million, $13 million, and $49 million by 2045. These targets assume annual growth rates of 21%, 29%, and 37%, all of which are less than Bitcoin's annual growth rate has reached 60% over the past decade. Saylor's analysis is influential in the Bitcoin community, and although his goals are aggressive, they are taken seriously.
HC Wainwright came out of the event increasingly bullish on Bitcoin and miners, and identified three positive near-term catalysts: the presidential election in November with pro-Bitcoin candidate Trump leading the race, and the potential for large wealth advisory platforms to initiate strategic allocations into Bitcoin via ETFs during The next 12 months, and interest rate cuts by the Fed.
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Wael Taha #Wael_Taha