Bitcoin
Industry Experts React to Donald Trump’s Bitcoin Reserve Plan
Former President Donald Trump’s Bitcoin (BTC) policy plan has sparked diverse reactions from industry experts.
While some see potential benefits, others raise significant concerns.
Crypto’s Rising Political Clout: Experts Weigh In on Trump’s Bitcoin Plan
Anthony Scaramucci, founder of SkyBridge Capital, expressed his support for Donald Trump’s Bitcoin policy unveiled at the Bitcoin 2024 Conference. He praised Trump for pushing Bitcoin into the political spotlight. Moreover, he emphasized the need for bipartisan support for it.
“I agree with every single thing that Trump said related to Bitcoin,” Scaramucci remarked.
Read more: How To Buy Bitcoin (BTC) and Everything You Need To Know
However, Scaramucci also raised concerns about the broader implications of Trump’s approach. He acknowledged the risks associated with Trump’s policies, despite his agreement on the crypto front.
“But I am not a single-issue voter, and I understand the danger that he represents,” Scaramucci added.
BeInCrypto reported that during the Bitcoin 2024 Conference, Trump stated his intention to prevent the US government from selling its Bitcoin holdings if he returns to the presidency. According to on-chain data from Arkham Intelligence, the government’s Bitcoin holdings include approximately 213,000 BTC worth roughly $15.1 billion.
Despite the optimism, renowned economist Peter Schiff criticized the ‘never sell your Bitcoin’ ideology promoted by prominent figures. Schiff questioned the practicality of retaining Bitcoin without ever selling it, drawing parallels to living in poverty while holding a valuable asset. He argued that such a strategy could be economically flawed.
“If that’s true and no one who buys Bitcoin ever sells any, what’s the point of owning it? What’s the appeal of living in poverty, dying with a big stack of Bitcoin, with successive generations of heirs repeating the process?” he opined.
Trump has repeatedly backed Bitcoin and the broader crypto community throughout this election cycle. In May, he was reportedly considering using Bitcoin to address the US’s $35 trillion national debt issue.
His excitement for Bitcoin hasn’t waned—Trump has voiced his ambition to secure “all the remaining Bitcoin” within the US. He believes that by adopting this approach, the country could establish itself as a leader in energy.
However, it is important to note that Trump’s stance toward cryptocurrencies has evolved over time. In 2019, Trump openly criticized Bitcoin and other digital currencies, labeling them as “not money” and highlighting their volatility.
In a recent tweet, Mike Novogratz, CEO of Galaxy Digital, offered a critical perspective on Trump’s newfound support for Bitcoin. He pointed out the political motivations behind Trump’s stance, suggesting that it aimed to win over single-issue voters.
“If [Vice President Kamala] Harris, who has had no control over policy from her seat, does the same, is it pandering? C’mon. We want both parties on our side!!! Like I said yesterday, that was a spectacular endorsement for our industry!! And it is forcing the Democrats to get on board! We want both parties supporting us!!” Novogratz added.
Earlier this month, Arthur Hayes, founder of the BitMEX crypto exchange, shared a critical perspective on Trump’s shifting position in a blog post. Hayes argued that Trump’s stance has political motives. It aims to influence the young, politically active, and financially influential crypto voter base in key swing states.
Read more: Crypto Regulation: What Are the Benefits and Drawbacks?
Despite the differing opinions among these experts, this debate showcases the growing influence of the crypto industry in politics. In a recent video, Marshall Beard, COO of Gemini, noted that one in five Americans owns digital currency, stressing the need for politicians to collaborate with industry providers to develop regulations that support innovation.
“Every year, more and more adoption occurs. The candidates talking and having a pro-crypto stance is obviously bringing more people into the ecosystem as well. But the issue has been the current administration over the last four years has been kind of hostile to the industry. […] Politicians, they should work with providers like a Gemini. They should work with constituents. They should work with policymakers to craft thoughtful regulation that doesn’t stifle innovation and supports an industry that we all know is not going anywhere,” Beard elaborated.
Disclaimer
In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
Bitcoin
Bitcoin Price Might Never Dip Below $70,000 Again After The US Elections, Here’s Why
The US presidential elections have come and gone, and the only thing left is the results. Interestingly, a snapshot of the Bitcoin price during the elections showed Bitcoin trading just above $70,000. This is a notable price to follow, as history shows this might be the price support for Bitcoin in the foreseeable future. Interestingly, this phenomenon goes back to the Bitcoin price levels in previous US elections.
Why Bitcoin Price Might Never Dip Below $70,000 Again
Bitcoin has largely been on an uptrend since Monday, when it kicked off a run after it rebounded to the upside from $67,000. This run continued, allowing the Bitcoin average price during the 2024 presidential elections to be around $70,110.
Historically, U.S. election cycles have often been accompanied by shifts in Bitcoin’s value, marking crucial price points that tend to establish longer-term support levels.
To understand this trend, we need to look at the past four election cycles. Back in 2012, during the early days of the crypto industry, the Bitcoin price traded at a modest $10 on the US presidential election day, a price point that now seems almost unimaginable. By 2016, Bitcoin’s election-day price had climbed to $710, setting a new baseline that it has never revisited since.
The most interesting one was what happened after the 2020 US presidential election, when the Bitcoin price was trading around $13,555. The Bitcoin price has never revisited this price point again since then up until the time of writing. What’s more interesting is that this price point even served as the lowest support level during the 2022 bear market price crash.
If these historical trends are any indication, the 2024 election-day price of $70,110 could become a similar stronghold and a price floor for Bitcoin in the coming years. This level might even serve as critical support should a bear market eventually take hold at any point.
What’s Next For The Bitcoin Price?
As of now, Bitcoin is trading above $73,200 after experiencing an intense surge over the past 24 hours. This remarkable rally saw Bitcoin climb nearly 10% within a single day, reaching an intraday high of $75,358. This milestone has now become Bitcoin’s highest trading level, as it broke past its previous all-time high of $73,737 in March 2024.
Although the Bitcoin price has pulled back slightly likely due to some investors cashing in on recent profits, the rally is expected to resume anytime from now. Considering this momentum, Bitcoin remains well-positioned to challenge the $80,000 mark before the end of November, especially if buying interest continues to drive the current uptrend.
Featured image created with Dall.E, chart from Tradingview.com
Bitcoin
Bitcoin Price After US Presidential Elections: Here’s How BTC Reacted To Previous Winners
Market analysts have continued to deliberate on how the Bitcoin price could react to a Donald Trump or Kamala Harris victory in the US presidential elections. History indicates that Bitcoin’s future trajectory is bullish, irrespective of who wins the elections.
How The Bitcoin Price Has Reacted To Previous Winners
The Bitcoin price has always hit a new all-time high (ATH) regardless of the winners in the past US presidential elections. In 2012, after Barack Obama won the elections, Bitcoin rallied and reached a new ATH of $1,200 in 2013. Its price then consolidated until the next election in 2016.
The 2016 US presidential elections, which Donald Trump won, also sparked the beginning of another impressive rally for the Bitcoin price, which rose to a new ATH of $19,000 the following year. In 2020, following Joe Biden’s victory in the US presidential election, BTC rose to a new ATH of $69,000.
The Bitcoin price rally after the US presidential elections is believed to be due to the market certainty that the election aftermath provides. Meanwhile, based on history, the BTC rally could begin as soon as December, with the flagship crypto hitting a new ATH as soon as January 2024.
In 2016, the Bitcoin price rally began about three weeks before the election and went on to hit a new high in the first week of January 2017. In 2020, BTC had also consolidated for about six months before it began to rally from $11,000 just about three weeks before the US elections and then went on to reach a new high of $42,000 in January 2021.
Bitcoin’s recent price action also looks to be playing out the same way as BTC began rallying in mid-October and even came close to hitting its current ATH of $73,700 late last month. As such, there is the possibility that the flagship crypto could again retest this ATH and surpass it as soon as January 2024 or even before then.
There Could Be Some Volatility In The Coming Days
In an X post, Crypto analyst Ali Martinez warned that the days following the last three US presidential elections have been volatile for the Bitcoin price. However, he added that the overall trend has stayed upward.
Economist and crypto analyst Alex Krüger also warned about the potential pullback the Bitcoin price could face after the US elections. He claimed that there is a 45% chance that BTC could drop to as low as $65,000 if Kamala Harris wins the elections.
Due to his pro-crypto stance, Donald Trump looks to be the most preferred candidate in the crypto community. As such, the market could initially react negatively to a Harris win while taking in Trump’s loss.
At the time of writing, the Bitcoin price is trading at around $68,000, down in the last 24 hours, according to data from CoinMarketCap.
Featured image created with Dall.E, chart from Tradingview.com
Bitcoin
What $2.2 Billion Means for Market
Defunct crypto exchange Mt. Gox, once the most significant player in Bitcoin trading, moved $2.2 billion worth of Bitcoin on Monday. The transaction marked one of its largest transactions since its infamous 2014 collapse.
Blockchain analytics firm Arkham Intelligence identified the movement of 32,371 BTC, a transaction that has sent waves through the crypto market.
Mt. Gox Moves 32,371 Bitcoin
Arkham Intelligence’s analysis revealed that a prominent wallet address labeled “1FG2C…Rveoy,” moved 30,371 BTC, while an additional 2,000 BTC initially went to a Mt. Gox cold wallet before being moved to a different, unmarked address.
Spotonchain confirms the report, indicating that over the last four days, Mt. Gox has moved Bitcoin worth $2.22 billion. Among these tokens, 296 BTC valued at $20.13 million was moved to B2C2 and OKX. Such significant transfers are noteworthy because they often signal preparations for creditor distributions.
Read more: Top Crypto Bankruptcies: What You Need To Know
As BeInCrypto reported, Mt. Gox has already funneled smaller amounts to creditors using exchanges like Bitstamp and Kraken. The exchanges helped facilitate smooth transfers for those affected by the exchange’s collapse a decade ago. Meanwhile, analysts predict continued volatility, especially as the US election cycle adds a layer of uncertainty to global markets.
“The recent $2.2 billion Bitcoin movement and extended repayment timeline from Mt. Gox will likely inject some volatility into the market in the short term. With such a large amount of Bitcoin potentially entering circulation, there’s bound to be short-term price swings as recipients decide whether to hold or sell,” Peter Watson, Chief Market Officer at Velar, told BeInCrypto.
Indeed, following the transfer, Bitcoin prices momentarily dipped below $68,000 during Asian market trading, briefly rattling investor confidence. However, the asset quickly rebounded to trade for $68,810 as of writing.
However, Watson says the impact may be less severe than some fear, especially as many creditors have had years to consider their strategies. Further, he observes that this could benefit market confidence.
“For many, seeing the Mt. Gox saga finally come to a close may reinforce the belief that Bitcoin is better equipped for sustained growth and stability.. ultimately strengthening confidence in its future,” Watson added.
An Ongoing Saga of Repayment and Recovery
The transfer occurred just a week after Mt. Gox extended its repayment deadline for creditors by another year, much to their frustration. The decision was partly due to the logistical and technical hurdles of coordinating payments to thousands of creditors.
“Many rehabilitation creditors still have not received their repayments because they have not completed the necessary procedures for receiving repayments. Additionally, a considerable number of rehabilitation creditors have not received their repayments due to various reasons, such as issues arising during the repayments process,” Mt. Gox explained.
This process has been an agonizing journey for creditors, filled with delays, legal complications, and financial uncertainty. The repayment saga continues, fueling concerns over market volatility. However, analysts suggest that the postponement could be delaying a potential sell-off.
“$4 billion payment selling pressure now shifted to 2025,” one user shared on X.
Read more: Who Owns the Most Bitcoin in 2024?
According to data on Arkham, Mt. Gox still holds 44,378 BTC, which is valued at approximately $3.05 billion. As the market continues to advance, events like Mt. Gox’s transfers serve as reminders of the industry’s turbulent past. For creditors, however, the wait remains, extending a wait that has already spanned nearly a decade.
Disclaimer
In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
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