Amid the recent market turmoil that sent bitcoin to a seven-month low of $49,000, former President Donald Trump reached out to Twitch streamer Adin Ross in an attempt to garner support for a potential reelection campaign in November.
Trump urges US government to hold bitcoin reserves
In its x.com/BitcoinMagazine/status/1820544769283830210″ target=”_blank” rel=”noopener nofollow”>speechTrump stressed the importance of the United States maintaining its reserves of bitcoin and other cryptocurrencies, warning that failure to do so could allow China to seize the opportunity, as he has previously warned.
The former president highlighted bitcoin as a modern currency with remarkable potential, citing people within his circle who support its value and urging the government to consider its benefits.
Drawing a parallel with artificial intelligence (ai), Trump stressed the need for the US not to lag behind in the cryptocurrency sphere as other nations like China are rapidly advancing in this domain.
Trump's recent statements build on his previous ones statements in Nashville in late July, where he vowed to oust U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler as his initial step toward cryptocurrency adoption if he is re-elected as chairman.
In addition, Trump reiterated his proposal to establish a national bitcoin reserve, positioning the leading cryptocurrency as a strategic reserve asset He affirmed the government's commitment to retain ownership of all bitcoin holdings rather than opting for a market sell-off, in line with his stance expressed alongside Adin Ross.
Bitcoinist reported On Sunday, Senator Cynthia Lummis, a staunch cryptocurrency advocate, introduced a bill on July 31 aimed at establishing a “Strategic bitcoin Reserve” program within the government.
Following the announcement of the development of this plan and his comments at the bitcoin 2024 conference ConferenceSenators received a significant influx of letters from their constituents urging their support for Lummis' bill, which has now been referred to the Senate Committee on Banking, Housing and Urban Affairs, which will consider the legislation.
What is the next btc price move?
While it is difficult to gauge the next significant move for the market’s largest cryptocurrency, btc has managed to break above the $53,900 mark again, with one analyst still suggesting bullish predictions for the bitcoin price.
Amid this bullish thesis that is emerging after the sharp drop of the last 24 hours, technical analyst Mitchell has x.com/MitchellHODL/status/1820533137665056831″ target=”_blank” rel=”noopener nofollow”>Outstanding a compelling indicator that has historically signaled the start of powerful bull markets.
The indicator in question revolves around the cost dynamics of mining bitcoin versus buying it directly on the spot market. Mitchell claims that whenever the cost of mining a btc using a medium-efficiency ASIC exceeds the cost of acquiring a btc on the spot market, a parabolic bull market tends to emerge.
The historical cases of November 2022, September 2022, March 2020, December 2018, January 2016, and January 2015 underscore the importance of this pattern. However, it remains to be seen whether bitcoin It can sustain the current recovery and regain previously lost support levels to prevent further price declines.
Featured image of DALL-E, chart from TradingView.com
