July 28, 2024 Grandpa checks in

Trump's speech at the Bitcoin Conference ended, and the price surged for a short time, but the high point did not reach 70,000, and overall it fell slightly. Trump's speech focused on several points, including "It is recommended not to sell BTC", "The price of Bitcoin will go to the moon", "Bitcoin has a chance to exceed the market value of gold in the future", etc., which shows that he still has some research on Bitcoin, or Trump is at least an insider now. So, these views are actually nothing special, just take a look, after all, we hear them every day, just a different person said it.

It is worth noting some political propositions about cryptocurrencies, which are also part of Trump's campaign manifesto. He mentioned that he would urge the US government to establish a national Bitcoin reserve to make the United States a Bitcoin superpower. At the same time, in terms of specific measures, he would fire the current SEC Chairman Gary Gensler and reduce the sentence of the founder of Silk Road. If what he advocated can be realized, there is no doubt that both the internal and external environment for the development of cryptocurrency and the funding situation will be improved.

In fact, as for cryptocurrencies, I have always said that only when you are strong enough, you will not be destroyed. From the earliest days, Bitcoin has been suppressed by governments of various countries. After more than ten years, it has been proved that this is an unkillable monster, and people began to believe and embrace it. I don’t care whether Bitcoin can become a strategic reserve of the United States. I care more about the adoption rate of Bitcoin, which is also the most important factor affecting the price of Bitcoin. The future must be good, but it will definitely not be easy. This road is still long and difficult.

As for the market, Bitcoin did not break through 70,000 yesterday under Trump's favorable news, and did not even touch this pressure. In my opinion, this is not a good sign. Although there was a sharp drop in the early morning, I still think that short-term market should be cautious, because this wave of price fluctuations is concentrated in Bitcoin, and the mainstream of Shanzhai is basically nothing special. In addition, the related Tugou meme was active all night. These phenomena show that the funds in the circle still do not recognize the next stage of the market, and after Trump's favorable news comes to an end, there will be no obvious good news for a period of time.

Thank you for your attention and likes.