Bitcoin nears $70K as political endorsements and cooling inflation fuel investor optimism.
Bitcoin is once again making big moves, surging to $69,588 on July 29, 2024. The cryptocurrency is now just 6% shy of its all-time high set in March.
This rally comes after surprising political developments and shifting economic indicators.
Politicians’ Bitcoin Embrace at Bitcoin 2024 Conference
Former U.S. President Donald Trump, speaking at the Bitcoin 2024 conference in Nashville, pledged to create a "strategic Bitcoin reserve" if re-elected. He also promised to keep all government-held Bitcoin in reserve.
Trump's endorsement isn't isolated. Senator Cynthia Lummis proposed a plan for the U.S. Treasury to acquire 1 million Bitcoin, signaling growing mainstream political support.
Not to be outdone, independent candidate Robert F. Kennedy Jr., at the same conference, declared, "I am a huge supporter of Bitcoin. I have most of my wealth in Bitcoin. I am fully committed."
Kennedy's support for Bitcoin aligns with his libertarian-leaning views. He criticized the Federal Reserve, arguing that it serves the interests of bankers rather than the general public.
Economic Factors
Economic factors are also playing a crucial role. June's inflation data showed signs of cooling, with the PCE index rising just 0.1%.
This has fueled speculation about potential interest rate cuts.
The upcoming U.S. presidential election is adding another layer of excitement to the market. Some analysts predict Bitcoin's performance will closely correlate with Trump's election prospects.
As Bitcoin approaches $70,000, investors are watching closely. The combination of political backing, easing inflation, and institutional support has created a potent mix of bullish factors.
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