Donald Trump’s Speech Bitcoin 2024 Conference: 5 Major Headlines for the Future of BTC

Bitcoin 2024 Conference: 

The Bitcoin 2024 Conference held in Nashville between July 25 and July 27 marks the first time a former U.S. President addressed the global Bitcoin community. Donald Trump’s speech was met with much anticipation and brought forward several notable headlines.

Here are the top five takeaways from his address:

1. First American President at a Bitcoin Event: Trump Commits to a Pro-Bitcoin Presidency if Re-Elected

Donald Trump made history by becoming the first American President to speak at a Bitcoin event. He emphasized his commitment to supporting Bitcoin and the broader cryptocurrency market if re-elected. Trump highlighted his belief in the potential of Bitcoin and promised to foster a favourable environment for its growth, positioning it as a key part of his economic policy moving forward​.

2. Comparison to the Steel Industry: Bitcoin’s Revolutionary Potential

In a striking analogy, Trump compared Bitcoin to the steel industry of a century ago, underscoring its transformative potential. He recalled how steel revolutionized industries and economies, drawing a parallel to how Bitcoin and blockchain technology could similarly change the modern financial landscape. This comparison was aimed at reinforcing Bitcoin’s significance and the need for the U.S. to lead this new wave of innovation​.

3. America First in Technology and Bitcoin: Vision for Technological Leadership

Trump reiterated his “America First” stance, this time extending it to technology and Bitcoin. He articulated a vision where America leads in various technological domains including AI, space exploration, and particularly cryptocurrency. He stressed the importance of embracing crypto technology to ensure the U.S. remains at the forefront of global technological advancement.

4. Plan for Crypto Regulations: Blueprint for a Bitcoin Superpower

Addressing regulatory concerns, Trump outlined his plans to transform the U.S. into the crypto capital of the world.

This includes the creation of a Bitcoin and crypto presidential advisory council aimed at providing clear and consistent regulatory guidance. His proposal aims to eliminate the uncertainties surrounding crypto regulations, making the U.S. a more attractive hub for crypto businesses and innovations​​.

5. Opposition to CBDC: Support for Self-Custody Rights

Taking a firm stance against central bank digital currencies (CBDCs), Trump expressed his support for the right to self-custody of digital assets.

He argued that CBDCs pose a threat to financial freedom and privacy, and pledged to oppose their implementation. This position resonated strongly with the Bitcoin community, which values decentralization and personal control over financial assets​

Bitcoin Price Analysis: Breaking $70k Could Trigger New ATH

Following Trump’s appearance at the Nashville conference, Bitcoin price has surged above the $69,860 level for the first time in July 2024. Technical indicators suggest more upside could follow as the month draws to a close.

On the upside, the  Bollinger Bands indicate that BTC price is approaching the upper band at $72,090.55, suggesting a potential continuation of the bullish momentum.

A breakout above that immediate resistance level, could propel Bitcoin to test net all time highs above the $75,000 range, given the bullish sentiment and momentum from recent events.

Support levels are well-defined, with the nearest support at the 20-day simple moving average (SMA) of $64,553.46, followed by the lower Bollinger Band at $57,016.37. These levels could act as safety nets in case of any short-term pullbacks.

The Relative Strength Index (RSI) is at 67.26, indicating that Bitcoin is approaching overbought conditions. However, the RSI level still allows for more upside before reaching extreme overbought levels, supporting further upward movement.

With the positive market sentiment and Trump’s pro-Bitcoin stance, Bitcoin is poised for potential gains. Investors should watch for a break above $70,000, which could confirm the start of a new bullish phase, possibly leading to new ATHs.