{"id":12072,"date":"2024-07-29T14:20:47","date_gmt":"2024-07-29T14:20:47","guid":{"rendered":"https:\/\/topat10.com\/?p=12072"},"modified":"2024-07-29T14:20:47","modified_gmt":"2024-07-29T14:20:47","slug":"bitcoin-jumps-7-on-bullish-trump-remarks-reports-of-a-democratic-reset","status":"publish","type":"post","link":"https:\/\/topat10.com\/?p=12072","title":{"rendered":"Bitcoin jumps 7% on bullish Trump remarks, reports of a Democratic \u2018reset\u2019"},"content":{"rendered":"\n
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Bitcoin is up 7% following the start of the Bitcoin 2024 conference in Nashville, which began on Thursday and culminated with a pro-crypto keynote speech<\/a> by Donald Trump. In his address, the former president laid out plans to make the U.S. the \u201ccrypto capital of the planet and the Bitcoin superpower of the world.\u201d As of Monday morning ET, Bitcoin is hovering at just under $70,000, its highest price since June 6, according to CoinGecko data.<\/p>\n

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In a 30-minute address to 20,000 or so crypto enthusiasts at the industry\u2019s largest U.S. conference, Trump also swore to end the hostile regulatory environment under President Joe Biden and Securities and Exchange Commission\u2019s Chairman Gary Gensler. Instead, he told the crowd, crypto policies would be \u201cwritten by people who love your industry.\u201d He continued by likening crypto to the steel industry a century ago.\u00a0\u00a0<\/p>\n

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\u201cNever sell your #Bitcoin<\/a>\u201d
\u2013 President Donald J. Trump pic.twitter.com\/olYEsaCBFy<\/a><\/p>\n

\u2014 The Bitcoin Conference (@TheBitcoinConf) July 27, 2024<\/a><\/p><\/blockquote>\n

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Trump\u2019s growing embrace of crypto, and his improved electoral outlook according to prediction markets\u2014which currently forecast a 60% chance<\/a> of victory\u2014have been sending crypto prices soaring. Over the past week, Ethereum and Solana tokens have also climbed, with the former up 8% and the latter 7%, according to CoinGecko data. While Trump has historically been a deep skeptic of Bitcoin, his success at rebranding himself as a crypto candidate was reflected in Nashivlle: many conference attendees wore red \u201cMake Bitcoin Great Again\u201d<\/a> hats, and orange \u201cMake Money Great Again\u201d<\/a> hats.\u00a0\u00a0<\/p>\n

During his address, Trump pledged to create a Bitcoin \u201cstrategic reserve\u201d if re-elected, meaning the U.S. government would hold onto all tokens it currently owns, in addition to buying 1 million Bitcoin over five years, worth about $70 billion at current market prices.\u00a0<\/p>\n

\u201cThe US establishing a #Bitcoin Reserve would rank among the most important events in US economic history. In fact, this is more than an economic event; it is a declaration of a new era of prosperity and freedom,\u201d Jack Mallers, CEO of Strike, a Bitcoin payments platform, wrote on X<\/a> following the announcement.<\/p>\n

However, Trump\u2019s bullish rhetoric isn\u2019t the only reason why Bitcoin is pumping over the last week. Following Biden bowing out of the presidential race on July 21, optimism has been growing that Vice President Kamala Harris, the presumed Democratic nominee, could take a friendlier stance<\/a> on crypto than her predecessor.\u00a0<\/p>\n

While Harris is yet to make any public comments about crypto, some in the industry are interpreting this blank slate and her Silicon Valley roots\u2014she was raised in California and served as the District Attorney of San Francisco\u2014optimistically. In a sign Harris may be seeking to win back crypto voters: On Saturday, the Financial Times<\/em> reported<\/a> that members of her team had reached out to major crypto firms in an attempt to \u201creset\u201d relations. These include exchange Coinbase<\/a>, stablecoin-issuer Circle,\u00a0and blockchain payments group Ripple Labs.\u00a0<\/p>\n<\/div>\n

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