As the Bitcoin 2024 Nashville conference, scheduled for July 25-27, approaches, the BTC community is gearing up for what could be a pivotal moment in Bitcoin’s history. The event is garnering unprecedented attention, potentially surpassing the milestone announcement in 2021 by Jack Mallers that El Salvador would adopt Bitcoin as legal tender.
Anticipation surrounding the conference was significantly heightened by the scheduled appearance of Donald Trump, the leading US presidential candidate. Rumors that began circulating Last week, it was suggested that Trump could endorse Bitcoin as a potential reserve asset if he wins the presidential election in November.
These speculations were even more supplied by Dennis Porter, founder of regulatory advocacy group Satoshi Act Fund, who posted on social media platform X about an unconfirmed leak claiming that Trump plans to “announce a strategic US bitcoin reserve in Nashville,” citing sources who wish to remain anonymous.
Bitcoin Could See a “$100,000 Trinity Candle”
Against this backdrop, Dan Ripoll, former managing director of financial services firm Swan and now a professional trader, has outlined a bold strategy scenario This could potentially more than double the price of Bitcoin instantly if Trump’s plans come to fruition. Speaking on X, Ripoll described the possibility as “one of the most gangster moves” Trump could make.
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His hypothesis involves Trump announcing at the conference that he has invested significantly in Bitcoin and plans to integrate it into the US Strategic Reserve. “Get long BTC (as in thousands of coins) going into the Bitcoin Conference next week. Announce plans to put BTC into the US Strategic Reserve. BTC goes vertical with a $100,000 Trinity Candle. Trump quintuples his net worth overnight. He never sells,” Ripoll theorized.
According to him, such an action would not only increase Trump’s net worth, but would also be positive for BTC Hodlers if he follows through on his promise. “Then he should actually follow through on that promise and start accumulating BTC as soon as he takes office. Everybody wins.” Gensler goes after Trump for market manipulation. Trump to Gensler: “You’re fired,” Ripoll added.
Ripoll also suggested that the Democratic Party could potentially undermine Trump’s impact by adopting a pro-Bitcoin stance ahead of the election, although he expressed skepticism about their willingness to take such a step. Ripoll stated: “The Democrats could steal his thunder by coming out in favor of BTC before the election. But they won’t. This raises the question: how badly do the Democrats want to win this race?”
BTC Community Reactions
Reactions within the Bitcoin community to this speculative scenario have been mixed. Eugene Gant expressed skepticism about the broader implications of tying Bitcoin to potential political maneuvers, questioning the ethics of leveraging a public position for personal financial gain through cryptocurrency. Ripoll responded by emphasizing the broader benefits if America were to adopt Bitcoin as a reserve asset, suggesting that pegging the dollar to “hard money” could stabilize the currency and benefit Bitcoin holders.
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Another community member, Steve, expressed concern that Trump’s history of promoting and then divesting from personal ventures could indicate a similar strategy with Bitcoin — buying low, pushing up the price, then selling high. Ripoll responded by noting the common trajectory from skepticism to support within the Bitcoin community, suggesting that it wouldn’t be surprising if Trump had indeed changed his stance.
The expert concluded: “Everyone who is a bitcoin maximalist started out as a bitcoin skeptic. Every single one of us. It wouldn’t be surprising to see that he actually learned about it and changed his mind. That’s the way.”
The anticipation of the Bitcoin 2024 conference with Trump is clearly visible in BTC’s price action over the past few days. At press time, BTC was trading at $67,373, up over 24% in the past two weeks.
Featured image created with DALL.E, chart from TradingView.com