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Crypto News

Trump Unveils Bold Plan: Bitcoin to Become a Reserve Currency Under His Vision

At the Bitcoin conference held in Nashville on Saturday, former U.S. President Donald Trump made a notable announcement: He intends to designate Bitcoin as a reserve currency should he win the upcoming presidential election. This revelation captivated the 300 attendees, who had anticipated such a declaration following prior speculation and statements from key figures.

Trump proposed the establishment of a "strategic national Bitcoin reserve," wherein the government would acquire and hold substantial Bitcoin assets, ensuring they remain unsold. This initiative aims to integrate Bitcoin into the U.S. economy and bolster its production, including mining and related activities.

Additionally, Trump outlined plans to address stablecoins and investor protections while promising to dismiss SEC Chairman Gary Gensler on his first day in office. Trump likened cryptocurrency's potential to the steel industry a century ago, suggesting it could surpass gold in value.

He also criticized potential Democratic re-election, citing concerns for the cryptocurrency sector.

Kennedy Jr. Endorses Bitcoin At Nashville BTC Conference

U.S. independent Presidential candidate Robert F. Kennedy Jr. has reiterated his strong support for cryptocurrency, revealing that most of his wealth is in Bitcoin. This makes Kennedy the second presidential candidate, after former president Donald Trump, to publicly endorse digital assets.

At the Bitcoin 2024 Conference in Nashville, Kennedy voiced his commitment to Bitcoin, stating he is "fully committed." He aims to align with the crypto community, support innovation, and champion decentralization.

Cryptocurrency has become a significant campaign issue, with industry leaders donating Bitcoin to political parties and campaigns. Jesse Powell, founder of Kraken, donated $1 million to Trump’s campaign, while the Winklevoss twins contributed to a Trump-aligned PAC.

Kennedy also criticised the Federal Reserve, describing it as parasitical and serving bankers' interests over the general public.

Democrats Push for Shift in Cryptocurrency Policy: A New Stance on Digital Assets

A group of Democrats in Congress is urging the Democratic National Committee (DNC) to adopt a more favourable stance on cryptocurrency. In an open letter, they requested support for pro-crypto policies.

This request aligns with Rep. Wiley Nickel's recent talk at the Bitcoin Nashville Conference, where he expressed support for cryptocurrency and suggested that Vice President Kamala Harris might consider pro-crypto policies in her 2024 presidential campaign.

Twenty-eight Democratic officials are advocating for this policy shift, which contrasts with the current administration's position. President Biden and his team, including SEC Chairman Gary Gensler, have not been supportive of cryptocurrency.

A policy change could attract more voters for the Democrats. During his presidency, Trump criticised cryptocurrency as a "scam," and Democrats are likely to emphasise this contrast.

Crypto Analysis

Bitcoin (BTC)

Bitcoin has experienced a strong bullish trend since last week’s analysis. The cryptocurrency has shown a significant rebound, forming a double-turn pattern by bouncing off daily support, indicated by a bullish Pinbar on the chart, marked by the black horizontal line. The blue arrows highlight swing highs, with the first major high at approximately $63,860.

Currently, Bitcoin's price has moved towards the resistance zone around $71,500, and is quickly heading towards the all-time high of $73,777, as identified last week.

It's important to note the slightly downward-sloping resistance line, indicated by the black arrows, which connects the body closures of four major swing highs. This resistance line is at approximately $69,700.

Additionally, the Relative Strength Index (RSI) is not yet in the overbought zone, indicating there may still be room for further upward movement before the market signals potential overbought conditions and a possible price correction.

A glance at the 4-hour chart reveals a potential to hit the black trendline on the chart. Reaching the trendline would indicate bullish strength, counter the RSI bearish divergence signals, and suggest that buyers are gaining control, thus preventing further price decline.

Bitcoin: Summary

Bitcoin has recently experienced a significant turnaround, prompting us to reassess the situation. If the price maintains its consolidation at these elevated levels, there's a strong possibility of breaking through weekly resistance and achieving new all-time highs. Meanwhile, bears hope that the bearish divergence observed daily and shorter time frames will halt the upward momentum. Currently, the path of least resistance is upward. I’m eager to see how Bitcoin performs in the coming days.