Donald Trump’s upcoming speech at Bitcoin 2024 sparks a crypto market rally, with BTC reclaiming $68K.
Cardano is up 2%, Dogecoin has risen 3.66%, and XRP has increased by 1%.
Crypto advocates hope Trump will announce plans for a U.S. strategic Bitcoin reserve.
With the former U.S. President Donald Trump set to speak at the Bitcoin 2024 conference in Nashville, Tennessee, the crypto market has responded with a price boom. Bitcoin surged past $68,000 as of writing, while other major cryptocurrencies also saw significant gains. Cardano (ADA) was up 2%, Dogecoin (DOGE) rose 3.66%, and XRP increased by 1%.
This rally seems to be driven by hopes that Trump will make a positive announcement about cryptocurrency, potentially sparking broader growth in the industry. Many speculate that Trump will discuss plans for the U.S. government to establish a strategic Bitcoin reserve. Others hope he will reiterate his views about wanting Bitcoin to be “made in America.” Fred Thiel, CEO of Bitcoin miner Marathon Digital, remarked:
“If the U.S. were to have a strategic reserve for Bitcoin, they could project power. The U.S. needs to be the largest holder of Bitcoin and the largest miner of Bitcoin.”
Michelle Bond, a former political candidate and crypto advocate, hopes Trump will detail his plans to keep the industry onshore and make the U.S. a leader in the space. She also suggests he consider appointing a “crypto czar” to coordinate regulatory efforts and promote a positive tone towards cryptocurrency.
Meanwhile, not everyone is excited about Trump’s upcoming speech on crypto. Bittrex Global CEO Oliver Linch took a more laid-back approach, stating that the Trump’ address is newsworthy in itself. Others, like retired software developer Phil Whatley, hope Trump will clarify on whether Bitcoin transactions would become tax-free.
While the market’s precise reaction to Donald Trump’s speech remains uncertain, the pre-keynote price surge suggests a bullish sentiment. Investors may be anticipating a positive message that could propel the market to new all-time highs.
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