Trump’s Bitcoin Speech Sparks Rally
Donald Trump’s speech at the 2024 Bitcoin conference in Nashville sent shockwaves through the crypto world. The former president outlined a pro-crypto agenda that included firing SEC Chair Gary Gensler, creating a national Bitcoin stockpile, and making the US the “crypto capital of the world.”
Trump’s promises resonated with the crypto community. Bitcoin surged to $69,399 shortly after his speech, a significant gain from the previous week. The rally continued into the weekend, with Bitcoin trading above $67,000 on Sunday.
Trump’s Bitcoin Plans
- Fire SEC Chair Gary Gensler: Trump promised to replace Gensler, who has been criticized for his tough stance on crypto regulation.
- US Government Bitcoin Stockpile: Trump advocated for a national Bitcoin stockpile, keeping 100% of the government’s BTC holdings.
- End Anti-Crypto Stance: Trump pledged to end the “crusade on crypto” that he believes has been led by the current administration.
- Free Ross Ulbricht: Trump promised to release Ross Ulbricht, the founder of Silk Road, from prison. Ulbricht is serving a life sentence for his role in the darknet marketplace.
Bitcoin’s Future
Trump’s speech has fueled speculation that Bitcoin could reach new all-time highs. The cryptocurrency is currently in an upward trend, and it could gain as much as 10% to reach its previous peak of $73,777.
However, Bitcoin faces resistance at the Fair Value Gap (FVG) between $69,582 and $70,117. Support could be found at $63,631, the 50% Fibonacci retracement of the decline from the all-time high to the July 5 low of $53,485.
It remains to be seen whether Trump’s promises will be fulfilled if he is elected. However, his speech has already had a significant impact on the crypto market.
**This is not investment advice. Always do your own research before investing in cryptocurrencies.**
