Jul 29, 2024
According to Tradingview, At the Bitcoin 2024 conference, the largest annual gathering for the cryptocurrency community, former President Donald Trump made headlines with his emphatic endorsement of Bitcoin. His rallying cry, "Never sell your Bitcoin," resonated deeply with the attendees and the broader crypto community, sparking a significant surge in Bitcoin's value. Over the weekend, the price of Bitcoin skyrocketed to $69,900, approaching the significant $70,000 mark. This represented a 6% increase from the Friday opening price of $65,000 per coin, showcasing the market's enthusiastic response to Trump's remarks.
Trump's speech not only focused on the virtues of Bitcoin but also took a strong stance against the current regulatory environment. He criticized the approach of Gary Gensler, the chairman of the Securities and Exchange Commission (SEC), accusing him of stifling innovation and broader adoption within the crypto industry. Trump vowed to replace Gensler with officials who are more supportive of the crypto industry, promising that future regulations would be crafted by "people who love your industry, not hate your industry." This promise of regulatory reform aimed at fostering a more favorable environment for cryptocurrencies aligns with his broader vision of making the United States a global leader in the crypto space.
In a dramatic shift from his earlier views, Trump, who in 2021 called Bitcoin a "scam," now positions himself as a champion of the digital currency. He outlined plans to make the United States the "crypto capital of the planet" and the "bitcoin superpower of the world," committing to policies that would support the growth and stability of the cryptocurrency market. This change in stance has been seen as a strategic move to align with the growing popularity of cryptocurrencies among investors and the public.
The conference also highlighted the absence of other key political figures, notably Vice President Kamala Harris, who declined an invitation to speak at the event. Her absence was noted by the organizers and participants, adding to the narrative of a divided political stance on cryptocurrency regulation.
Trump's endorsement and the promise of a more favorable regulatory environment have not only buoyed Bitcoin's price but also energized the cryptocurrency community, creating a buzz around the potential for significant policy shifts in the near future. As the former President continues to engage with the crypto community, the industry watches closely to see how these developments will shape the future of digital currencies in the United States.
Source : Tradingview
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