Bitcoin is Not Bullish Enough Following Trump’s Endorsement
YEREVAN (CoinChapter.com) — At the recent Bitcoin Conference in Nashville, GOP presidential nominee Donald Trump announced plans for the U.S. to build a national Bitcoin stockpile. He stated his intention to make the U.S. the “crypto capital of the world.” This declaration marks a notable moment in the discussion surrounding BTC at the conference.
Other prominent figures echoed similar sentiments. There was also a notable legislative push from various lawmakers.
Lawmakers Advocate for U.S. Bitcoin Reserves as National Asset
Senator Cynthia Lummis (R-WY) proposed that the U.S. Treasury purchase 1 million Bitcoin. Lummis has consistently supported BTC and emphasized its importance for the country’s financial future.
Lummis speaking on the Bitcoin 2024 mainstage in Nashville on July 27. Source: Rumble/Bitcoin Magazine
In a bipartisan move, Representative Ro Khanna (D-CA) urged Democrats to embrace BTC, advocating for a departure from previous policies. He highlighted Bitcoin’s potential role in the U.S. financial system.
Robert F. Kennedy Jr., an independent presidential candidate, suggested acquiring 4 million BTC. He compared this acquisition to the U.S. holding a significant portion of global gold reserves.
Politicians Rally Behind BTC, Signaling Growing Political Importance
Several politicians expressed strong support for BTC at the conference. Senator Roy Haggerty (R-TN) stated that Bitcoin was part of his “DNA,” associating it with concepts of freedom. Senator Marsha Blackburn (R-TN) also demonstrated support, with promotional trucks displaying pro-Bitcoin messages around the event.
Even though Democratic presidential nominee Kamala Harris did not attend the conference, reports indicated that she was considering a new approach to working with crypto companies. This response reflects the increasing political significance of BTC.
Bitcoin Gains Political Momentum Amidst Growing U.S. Support
The political landscape around BTC has evolved significantly. Two years ago, the collapse of FTX and Bitcoin’s low price led to widespread skepticism. Today, however, political leaders are actively discussing Bitcoin’s potential.
The growing support for BTC in Washington comes as more Americans invest in cryptocurrency. The 2024 Bitcoin Conference demonstrated that BTC is now a central topic among U.S. political leaders, with significant legislative and policy proposals being discussed.
Bitcoin Market Update: Price Stability Amid Key Legislative and Market Developments
At the time of writing, the price of BTC is $64,525.42, reflecting a 0.31% increase over the past seven days. The market cap stands at approximately $1.273 trillion, a decrease of 2.65%. The 24-hour trading volume is $36.06 billion, marking a 26.07% increase. The volume-to-market-cap ratio is 2.83%. The circulating supply of BTC is 19,734,146 BTC, out of a maximum supply of 21,000,000 BTC.
Recent notable events include Senator Cynthia Lummis announcing a bill related to BTC, and Coinbase Prime starting custody services for government assets. Additionally, Mt. Gox creditors have begun receiving their BTC and cash distributions.
BTC Market Trends. Source: CoinMarketCap
The post Bitcoin is Not Bullish Enough Following Trump’s Endorsement: Bitwise appeared first on CoinChapter.
