As the bitcoin 2024 conference in Nashville, scheduled for July 25-27, approaches, the btc community is preparing for what could be a pivotal moment in bitcoin history. The event is attracting unprecedented attention, possibly surpassing Jack Mallers’ historic 2021 announcement that El Salvador would adopt bitcoin as legal tender.
Anticipation surrounding the conference has been significantly heightened by the scheduled appearance of Donald Trump, the leading US presidential candidate. Rumors that began circulating last week suggested that Trump might endorse bitcoin as a potential reserve asset should he win the presidential election in November.
These speculations were expanded bitcoin-reserve-plan/” target=”_blank” rel=”nofollow”>fed by Dennis Porter, founder of regulatory advocacy group Satoshi Act Fund, who posted on social media platform x about an unconfirmed leak claiming Trump plans to “announce a US strategic bitcoin reserve in Nashville,” citing sources who wish to remain anonymous.
bitcoin could see a “$100,000 trinity candle”
Against this backdrop, Dan Ripoll, former CEO of financial services firm Swan and now a professional trader, outlined a bold strategy x.com/danieleripoll/status/1814749053718335999″ target=”_blank” rel=”nofollow”>script which could potentially double the price of bitcoin instantly if Trump’s plans come to fruition. Speaking to x, Ripoll described the possibility as “one of the most mafia-like moves” Trump could make.
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His hypothesis involves Trump announcing at the conference that he has invested significantly in bitcoin and plans to integrate it into the US Strategic Reserve. “Get long btc (in thousands of coins) ahead of the bitcoin Conference next week. Announce plans to put btc into the US Strategic Reserve. btc spikes with a $100,000 Trinity candle. Trump quintuples his net worth overnight. He never sells,” Ripoll theorized.
According to him, such a move would not only boost Trump’s net worth but would also be positive for btc holders if he keeps his promise. “So, he should keep that promise and start accumulating btc once he’s in office. Everyone wins. Gensler goes after Trump for market manipulation. Trump to Gensler: “You’re fired,” Ripoll added.
Ripoll also suggested that the Democratic Party could potentially undermine Trump’s impact by taking a pro-bitcoin stance before the election, though he expressed skepticism about their willingness to make such a move. Ripoll stated: “The Democrats could steal his thunder by coming out in favor of btc before the election. But they won’t. This raises a question: how badly do the Democrats want to win this?”
btc Community Reactions
Reactions within the bitcoin community to this speculative scenario have been mixed. Eugene Gant expressed skepticism about the broader implications of linking bitcoin to potential political maneuvering, questioning the ethics of leveraging a public position for personal financial gain through cryptocurrency. Ripoll responded by emphasizing the broader benefits if the United States adopts bitcoin as a reserve asset, suggesting that pegging the dollar to “hard money” could stabilize the currency and benefit bitcoin holders.
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Another community member, Steve, expressed concern that Trump’s history of promoting and then divesting from personal ventures might indicate a similar strategy with bitcoin: buy low, drive up the price, then sell high. Ripoll responded by pointing to the common trajectory of skepticism to support within the bitcoin community, suggesting that it would not be surprising if Trump had genuinely changed his stance.
The expert concluded: “Everyone who is a bitcoin maximalist started out as a skeptic of bitcoin. Every single one of us. It wouldn’t be surprising to see him actually learn about the topic and change his attitude. That’s the way to go.”
The anticipation for the bitcoin 2024 conference that Trump will attend is clearly visible in btc’s price action over the past few days. At press time, btc was trading at $67,373, up more than 24% over the past two weeks.
Featured image created with DALL.E, chart from TradingView.com
