A possible Bitcoin reserve might be launched by Trump using the 200,000 BTC held by the Justice Department, according to analysts.
Elon Musk's remark on the US dollar's demise and his laser eyes profile photo suggest he may favor Bitcoin.
There has been complete silence from the negative camp after Bitcoin's two-week recovery.
On Monday, Bitcoin (BTC) rose 1.2% as speculation about a possible rally for the biggest digital asset arose due to Elon Musk's recent remarks and talks of Donald Trump designating Bitcoin as a reserve asset if elected president.
Possible strong month for Bitcoin might be stamped by Elon Musk and Trump.
Many investors anticipate a positive week for Bitcoin starting on July 25, the day the Nashville Bitcoin Conference is scheduled to begin.
Among the conference's notable speakers is Republican contender Donald Trump, who is rumored to address the possibility of a US Bitcoin policy. If elected president, most in the cryptocurrency world believe Trump may think about designating Bitcoin as a US reserve asset.
In an interview with CNBC, Bryan Courchesne said that although such a move would be difficult to implement, it may trigger a price boom for Bitcoin. If Trump were to explore moving the Bitcoin reserves if elected, he pointed out that the Justice Department's holdings of around 200,000 BTC may be a critical starting point.
President Joe Biden's decision to not run for president in the next US election and Elon Musk's change of X profile picture to a photo of himself with laser eyes happen at the same time. Many people who are passionate about Bitcoin utilize their piercing gaze to show how much they believe in the biggest digital currency.
A common issue among Bitcoin investors, Musk has also been blogging about the devaluation of the US dollar in recent hours.
At the same time, according to Santiment statistics, the audience has gone quiet as Bitcoin has rebounded after the German government auction drying up. Early in July, most investors were pessimistic, predicting a possible big drop. This was particularly true given that July is often a pessimistic month for Bitcoin.
Santiment claims that the crowd's hush-hush behavior shows that "bulls and bears are both afraid of 'getting it wrong,' often allowing prices to move any direction unimpeded until the crowd leans one direction again."
Crypto enthusiasts may be on hiatus, but conventional investors have been purchasing Bitcoin ETFs, with a net inflow of $1.27 billion over the last week, according to statistics from CoinShares. With Friday's inflows, it has now had net inflows for eleven trading days running.
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