The massive bounce back of Bitcoin this month after facing devastating blows over the past weeks was reportedly triggered by Donald Trump's believers, and new reports claim he may be considering Bitcoin strategic reserves for the US. Should this happen, it could trigger another significant rise for the top cryptocurrency in the market, a future that is speculated now.
US Bitcoin Strategic Reserves May Be Part of Donald Trump's Future
(Photo : Chip Somodevilla/Getty Images)
A report from Forbes claimed that Donald Trump may appear in the upcoming Bitcoin 2024 event that would take place in Nashville, Tennessee, where he would announce US Bitcoin Strategic reserves. The Presidential candidate is reportedly considering this massive change in the future of the United States, one that would diversify its assets and move away from traditional ones.
This move is being considered as the United States' current assets see $600 billion worth of gold reserves, and its Bitcoin holding is at 212,000 only, worth $15 billion.
Should Trump announce creating Bitcoin reserves for the US in the event, it could trigger a massive rise in BTC according to experts.
Elon Musk is Linked to Bitcoin 2024 Event and Trump Announcement
Furthermore, a recent change in Elon Musk's profile picture on his X account depicting laser eyes had the public going wild on assumptions regarding his connections to the announcement and a possible appearance at the Nashville event.
Laser eyes are best known for its connection to BTC and its bull performance in 2021.
It was shared by online users that there were coincidental happenings online, including Musk's laser eyes, and Bitcoin Magazine's CEO hyping the event, and these latest reports could lead to a significant change in the top crypto.
Bitcoin and Its Performance in the Past Weeks
Towards the end of June and by the start of July, things were not looking good for the top cryptocurrency in the industry, as Bitcoin was seen crashing in the market following its drop to the mid $60,000 price. The crash led to Bitcoin dropping to as low as $53,000 but settled to a higher valuation of $56,000, and this was linked to Mt. Gox's repayments made to its creditors and former customers.
In this dark time for Bitcoin, it saw an additional week of poor performance as Germany unloaded as much as half of its BTC holdings worth around $900 million which is 16,309 Bitcoins. The reason behind this massive selling of Germany's Bitcoin holdings was not revealed by the country, but it distributed the coins to crypto exchange platforms and external addresses.
That being said, there was a ray of hope for Bitcoin believers as its price bounced back after several weeks of a bearish market, notably affecting other coins in the blockchain. This latest bullish run of Bitcoin was regarded to continue as Donald Trump may make an announcement at the Bitcoin 2024 event, announcing the future of US Bitcoin reserves, with Musk having links to this happening.
