‘Are You Ready?’—Elon Musk Fans Wild Rumors Donald Trump Will Create A U.S. Bitcoin Strategic Reserve And Trigger Crypto Price Chaos
07/22 update below. This post was originally published on July 21
Bitcoin
Bitcoin
The bitcoin price has added almost 20% since its early July lows, helped by Shark Tank billionaire Mark Cuban issuing a “crazy” bitcoin price prediction.
Now, after Trump revealed a JPMorgan bitcoin bombshell, wild rumors are swirling that Trump could announce he’d create a U.S. bitcoin strategic reserve during his much-hyped appearance at the Bitcoin 2024 conference in Nashville next week—something that could trigger a bitcoin price “instant moon.”
Sign up now for the free CryptoCodex—A daily five-minute newsletter for traders, investors and the crypto-curious that will get you up to date and keep you ahead of the bitcoin and crypto market bull run
Former U.S. president and 2024 Republican presidential candidate Donald Trump has embraced bitcoin … [+]
“There is speculation that Trump may announce the establishment of a U.S. bitcoin strategic reserve during the Bitcoin 2024 conference in Nashville,” Markus Thielen, the chief executive of institutional-focused analysis company 10x Research, said in an emailed note to clients that highlighted the bitcoin price rocketed almost 1,900% during Trump’s first term.
“The U.S. could strategically incorporate bitcoin into its reserves, diversifying its portfolio and reducing reliance on traditional assets like gold and foreign currencies,” Thielen wrote, pointing to the around 212,000 bitcoin that the U.S. government currently holds, worth around $15 billion, compared to its $600 billion worth of gold reserves.
“Donald Trump may already be thinking about adding bitcoin to the U.S. balance sheet,” Lark Davis, a bitcoin analyst and author of the Wealth Mastery newsletter, wrote to his subscribers.
07/22 update: David Bailey, the organizer of the Bitcoin 2024 conference and publisher of Bitcoin Magazine, has stoked expectations over the weekend that Tesla chief executive and one of the most powerful crypto market movers, Elon Musk, could make a surprise appearance at the Bitcoin 2024 conference.
Bailey highlighted Musk yesterday switching his X profile picture to one with laser eyes—a designator of bitcoin and crypto supporters that peaked in popularity during the 2021 bull run.
“Laser Eyes are back in style,” Michael Saylor, the founder of bitcoin-buying software company MicroStrategy, posted alongside a screenshot of Musk’s new profile picture.
“Musk changes profile pic to laser eyes, CEO of Bitcoin Magazine says ‘are you ready.’ If this means what I think it does then this week is about to get even wilder,” crypto analyst and podcaster Scott Melker, posted to X.
Earlier, Dennis Porter, the chief executive of the Satoshi Action Fund regulatory lobby group, posted to X that Trump will “announce a USA bitcoin strategic reserve in Nashville,” citing unnamed, anonymous sources.
“People don’t believe the USA could implement a bitcoin strategic reserve but at this point it is inevitable,” Porter added.
A strategic reserve, such as the U.S.’s strategic petroleum reserve, is a store of assets kept on hand and designed to either be deployed in emergencies or to guarantee debt.
“Getting more and more confirmations that these rumors maybe true,” Simon Dixon, founder of the BnkToTheFuture investment platform, posted to X.
In response, Ari Paul, chief investment officer at crypto hedge fund BlockTower Capital, put the odds of the U.S. creating a bitcoin strategic reserve in the next four years at 10 to one, adding it’s “plausible to me that Trump might say it, which would be very bullish for bitcoin medium time frame” and that if Wall Street “actually believed it would happen, then instant moon”—referring to a popular bitcoin meme that means the bitcoin price climbing rapidly.
Sign up now for CryptoCodex—A free, daily newsletter for the crypto-curious
The bitcoin price has surged in the months since Donald Trump embraced the cryptocurrency, with some … [+]
This week, Trump issued an invitation to attendees of the Bitcoin 2024 conference to a private fund-raiser that includes a near-$845,000 per person seat at a round table event, it was reported by Bloomberg.
The fundraiser will be hosted by conference organizer David Bailey, it was reported by the Washington Post, who has repeatedly met with Trump and has said Trump’s speech at the event will be “the most consequential political event in bitcoin’s history and a defining cultural moment for our society.”
Bailey’s conference was also the stage for El Salvador’s president Nayib Bukele to announce the country was adopting bitcoin as legal tender in 2021.
