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Trump at Bitcoin 2024 Conference: Kyle Chassé’s Plan

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Crypto veteran Kyle Chassé anticipates a bullish move in Bitcoin price and the broader cryptocurrency market. In his “10-step master plan,” he says BlackRock and Donald Trump play critical roles.

The market is abuzz as the crypto community counts down the days until the Bitcoin 2024 Conference, which is only two days away. Key industry billionaires are set to attend.

Bitcoin 2024 Buzz: Crypto Veteran’s 10-Step Master Plan

Chassé anticipates a bullish move in Bitcoin and crypto, steered by multiple factors. The former US president and Republican ticket nominee, Donald Trump, is at the center of all the factors. To start with, Trump’s pro-crypto stance, demonstrated by accepting Bitcoin donations, marks a key catalyst for Bitcoin.

The crypto veteran also cites Trump’s move to name JD Vance as a vice presidential running mate and their intention to beat China in crypto adoption.   

“If we don’t do it, China is going to pick it up, and China’s going to have it—or somebody else. […] So you have to look at it—what I want, again, is what is good for the country. So we have a good foundation. […] But I don’t want to be responsible for allowing another country to take over this sphere,” Trump explained.

Read more: Crypto Regulation: What Are the Benefits and Drawbacks?

Another fundamental in the 10 plays the analyst lists in his master plan is the speculation that Donald Trump is considering BlackRock CEO Larry Fink as Treasury Secretary, not JP Morgan’s Jamie Dimon, as previously reported, following reports on the New York Post.

The crypto veteran also considers a Trump victory in the November elections after President Joe Biden’s withdrawal from the race. Chassé sees an easy win for Trump, citing “a crypto election.” This is with Vice President Kamala Harris and DNC presidential candidate Hillary Clinton in the race against Trump.

More closely, the analyst speculates a bullish announcement during the upcoming Bitcoin 2024 Conference, with Trump among the headlining speakers. If rumors are enough to buy, some say the event could see the presidential aspirant name Bitcoin as a strategic reserve in his prospective administration.  

“HUGE BREAKING: Trump to announce a USA Bitcoin strategic reserve in Nashville- Sources,” noted Dennis Porter, the founder of the regulatory advocacy group Satoshi Act Fund.

Bitcoin as a Reserve Asset in the US

In a follow-up post, Porter explained how Trump could make Bitcoin a reserve asset in the US. He underscored, “Adding Bitcoin as a strategic reserve would be a decisive win for America and Bitcoin, but some wonder ‘how it can be done’.”

Based on his explanation, the presidential aspirant could leverage an existing financial mechanism such as the Exchange Stabilization Fund (ESF). The ESF is a financial tool managed by the US Treasury. According to Porter, it stabilizes the value of USD by intervening in foreign exchange and gold markets, a mandate that could be extended to include BTC.

“Integrating Bitcoin into the ESF would be a novel undertaking, given Bitcoin’s unique architecture compared to traditional currencies and commodities,” Porter explained.

Read more: How To Buy Bitcoin (BTC) and Everything You Need To Know

In a recent development, Elon Musk updated his profile picture on X (formerly Twitter), signifying a return to Bitcoin. Michael Saylor, CEO of MicroStrategy and a vocal BTC proponent, tweeted, “Laser Eyes are back in style.”

This, coupled with Trump’s revelations that Musk donates up to $45 million to his presidential campaign monthly, sparked rumors that he would attend the Bitcoin conference.

“If this is a teaser for another big guest announcement, I feel like the only person bigger than Trump that could break the internet at this point is Elon Musk. It would make sense too. He is friends with Trump and loves Bitcoin, and this event [Bitcoin 2024 Conference] is turning out to be the biggest FOMO event in crypto. I am completely speculating but it would be super cool to see Elon come to Nashville,” Fox Business journalist Eleanor Terrett commented.

Notably, Elon Musk’s name does not appear on the Bitcoin 2024 speaker list as of the time of writing. Nevertheless, he is in the same state, Tennessee, only in the city of Memphis. This is where the training of Grok, an AI developed by xAI, is taking place as part of a significant investment by the company.

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 ConditionsPrivacy Policy, and Disclaimers have been updated.



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Here’s How Binance And BlackRock Dominate The BTC Market

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The cryptocurrency market has witnessed a major evolution in recent years, with centralized exchanges and now recently spot Bitcoin exchange-traded funds (ETFs) playing a crucial role in driving adoption.

Among the participants helping to boost crypto adoption, the two key players leading this charge are Binance, the world’s largest cryptocurrency exchange, and BlackRock, with its spot Bitcoin ETF known as IBIT, according to the latest insight shared by a CryptoQuant analyst.

The analyst reveals their influence extends across trading volumes and institutional investment, making them central figures in the current Bitcoin market.

Market Share And Institutional Presence

The CryptoQuant analyst Crazzyblockk highlighted Binance and BlackRock’s pivotal roles in a post on the CryptoQuant QuickTake platform.

According to Crazzyblockk, the emergence of spot Bitcoin ETFs, which began operations in January 2024, has further solidified Bitcoin’s role in mainstream finance.

Centralized exchanges and spot Bitcoin ETFs metric.
Centralized exchanges and spot Bitcoin ETFs metric. | Source: CryptoQuant

Among these, Binance stands out due to its dominance in spot BTC trading volume and vast BTC reserves, holding 623,000 BTC out of the 3.15 million BTC collectively held across all centralized exchanges.

In comparison, BlackRock’s IBIT ETF has become a leader in the ETF space, holding 434,000 BTC of 1 million BTC across all spot ETFs.

Furthermore, the CryptoQuant analyst noted that in terms of market share, Binance accounts for approximately 19.7% of the BTC reserves held across all exchanges, establishing its stronghold as a central player in global Bitcoin trading.

Meanwhile, BlackRock’s spot BTC ETF, trading under the ticker IBIT, has also emerged as a key institutional player. Holding over 43.4% of the total Bitcoin reserves across all spot ETFs, BlackRock’s presence signifies the growing institutional demand for Bitcoin exposure through regulated financial products.

Bitcoin Market Performance

Along with Binance and BlackRock’s role in the Bitcoin market, the asset has installed hope and confidence back into investors following its recent price performance.

So far, BTC has surged by more than 20% in the past two weeks and over 10% in the past 7 days bringing its price above $75,000. Particularly, the asset trades for $75,700, at the time of writing up by 1.8% in the past day.

Bitcoin (BTC) price chart on TradingView
BTC price is moving upwards on the 1-hour chart. Source: BTC/USDT on TradingView.com

This current market price marks a mere 0.7% decrease from its all-time high of $76,243 created yesterday. Interestingly, despite the asset still seeing a continuous uptick in price as of today, BTC’s daily trading volume appears to have cooled off.

Data from CoinGecko shows that this metric of BTC has seen a notable decline from more than $130 billion as of November 6 to a valuation below $70 billion as of today.

Featured image created with DALL-E, Chart from TradingView



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Bitcoin Surpasses Silver, Claiming 8th Largest Global Asset Title With $1.76T Valuation

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The unstoppable price run of Bitcoin, which started a day after the US presidential elections, is creating a ripple effect in the economy. There’s been a massive jump in value recently, with Bitcoin topping $89k earlier today, showing a 27% increase from the previous week. Then, there are record inflows into Bitcoin ETFs, pushing funds to break some records. This price action also reshaped the list of the world’s biggest assets through market capitalization.

Based on the updated list of top assets, Bitcoin is now ranked 8th on the list of the “Top 10 Largest Assets by Market Cap”, with a total market value of $1.756 trillion, slightly ahead of silver, valued at $1.736 trillion. This is the second time the digital asset has edged out silver in the rankings, driven by a bullish sentiment on Bitcoin ETFs and blockchain in general.

Bitcoin breaking into the top world assets is a testament to the growing public acceptance of the crypto asset and its role as an alternative to traditional assets like gold.

Bitcoin’s Market Value Grows As Price Tops $89k

Bitcoin continues its surprising rally this week, testing another all-time high at $89k. On Tuesday, Nov. 12th, the digital asset surged beyond $89,0000, reflecting an 11.3% increase, while silver dipped by 2%, allowing Bitcoin to notch the 8th spot in the list.

With this latest price action, Bitcoin now trails Saudi Aramco, which is ranked 7th. Amazon, Google, Microsoft, Apple, Nvidia, and gold round out the Top 10. Gold remains the world’s top asset, with a market cap valued at $17.667 trillion, dwarfing Nvidia and Apple by around $3 trillion each.

BTC registers a new ATH. Source: Bitstamp

A Milestone Worth Celebrating

According to The Kobessi Letter, Bitcoin’s current market value and recent price action reflect the digital asset’s potential. The commentary further reacted that gold’s value, which is 10x bigger than BTC, is incredible. However, it also sees the potential of the top digital asset to grow even bigger.

BTCUSD trading at $87,604 on the daily chart: TradingView.com

Bitcoin has consistently increased in price recently, partly driven by Trump’s convincing election victory. Trump has a friendly approach to the crypto community. With the Republicans capturing both houses in the last voting, it will be easier for the incoming president to pursue his crypto-friendly policies.

Big Volumes And Bullish Sentiment From Institutional Investors

Aside from the “Trump Effect,” Bitcoin is also rallying thanks to bullish sentiment from institutional investors. Many financial institutions are integrating BTC and cryptos into their portfolios, boosting the digital assets’ prices. For example, Bloomberg senior analyst Eric Balchunas noted a solid increase in volume for Bitcoin ETFs trading, with iShares Bitcoin Trust (IBIT) enjoying a $4.5 billion trading volume yesterday.

MicroStrategy is another company that’s benefitting from the Bitcoin rush. Michael Saylor’s MicroStrategy holds the biggest Bitcoin-based portfolio, with its shares currently trading at $340. On Monday, the company announced that it had purchased 27,200 BTC, boosting its total to 279,420.

Featured image from Siam Bitcoin, chart from TradingView





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US Could Soon Pass National Bitcoin Reserve Bill

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US Senator Cynthia Lummis remains optimistic that her national Bitcoin reserve bill proposal could pass within the first 100 days of Donald Trump’s second term.

On November 11, Lummis posted on X, expressing confidence that bipartisan support could propel the bill forward if public support grows. She argued that this legislation would enhance the US financial system and reinforce the country’s leadership in Bitcoin.

Senator Cynthia Lummis Seeks Support for National Bitcoin Reserve Plan

Lummis introduced the Bitcoin Reserve bill in July, intending to use funds from the Federal Reserve and Treasury to acquire one million bitcoins. This amount would make the United States the largest government Bitcoin holder, representing about 5% of the network’s supply — similar to the US gold reserve stake.

“We can get this done with bipartisan support in the first 100 days IF we have the support of the people. It is a game changer for the solvency of our nation. Let’s put America on sound financial footing and pass the Bitcoin Act,” Lummis said on X.

The legislation also aims to establish a Bitcoin reserve and secure property rights over Bitcoin ownership and custody. It proposes a decentralized network of secure vaults under Treasury Department oversight, ensuring top-tier asset protection.

Although the bill previously stalled in the Senate, advocates believe it has a better chance now, with Trump favorably inclined toward it.

“The Bitcoin and Crypto industry’s policy wishlist is long and pressing… but the Strategic Bitcoin Reserve is the #1 most urgent and transformational policy on President Trump’s agenda. The downstream effects change everything. We must get it done in the first 100 days,” David Bailey remarked on X.

Despite this enthusiasm, the bill would still need to go through the full legislative process, including approvals from the Senate and House, before reaching the president for final authorization.

The concept of a national Bitcoin reserve bill has already drawn bipartisan interest. Democratic Representative Ro Khanna recently voiced support on a podcast, highlighting Bitcoin’s growth potential.

“We want to make sure that we have openness to having Bitcoin as part of the Federal Reserve and as a reserve asset because of its potential for appreciation and its potential to allow America to set financial standards,” Khanna said.

Additionally, Matthew Sigel, Head of Digital Assets Research at VanEck, pointed out that a national Bitcoin reserve could strengthen US influence in areas such as energy production, artificial intelligence, and decentralized finance. He also noted that the US could use over 200,000 BTC while mining more through public-private partnerships in frontier cities, with no capital risk involved.

Lummis and her supporters believe this proposal could strengthen the Bitcoin-backed economy and ensure America’s position at the forefront of financial innovation.

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 ConditionsPrivacy Policy, and Disclaimers have been updated.



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