Trump, who is scheduled to speak on July 27 and is currently gunning for his second presidential term, has historically had a mixed relationship with Bitcoin and cryptocurrencies in general.
What will he say at the event this weekend? Here’s what experts think could happen.
He also expressed concerns about their use in illegal activities.
The price has pulled back since then, dipping below US$60,000 in early July.
The crypto market’s anticipation for Trump’s Nashville speech isn’t without basis.
“Speculation is high that he will announce bitcoin as a strategic reserve asset, which could trigger a parabolic rise in bitcoin’s price,” he added in a Monday (July 22) edition of the 10x newsletter.
This approach could reduce the supply of Bitcoin available for public trading, potentially driving up its price due to its inherent scarcity. However, the integration of Bitcoin into national financial strategies raises challenges.
The US government’s current legal framework and monetary policy would need substantial adjustments to accommodate Bitcoin as a strategic reserve asset. Additionally, experts have raised questions about the security and custody of a volatile asset like Bitcoin, particularly given its susceptibility to cyber threats.
Trump will join independent presidential candidate Robert F. Kennedy Jr., industry experts, business figures and politicians at the Nashville conference, where he is set to give a 30 minute speech at 3:00 p.m. EDT on July 27.
Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.
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