The cryptocurrency neighborhood is awash with hypothesis following feedback from main figures within the trade because the Bitcoin Convention, scheduled for July 23, approaches. Rumors that former President Donald Trump might declare Bitcoin (BTC) as a “strategic reserve” for the USA are protecting the agenda busy.
The founding father of the cryptocurrency fund, Charles Edwards, expressed his views on the potential impression of such an announcement. “There’s a small probability that Bitcoin will expertise a once-in-a-lifetime reprice beginning subsequent week,” Edwards mentioned. He acknowledged that whereas the chances are comparatively low for now, the potential impression of an official Bitcoin reserve asset announcement can be unprecedented. “Small likelihood * massive impression means Bitcoin is ridiculously undervalued,” he added.
Dealer Andrew Kang additionally weighed in on hypothesis and emphasised the significance of rumors. “BTC is at present mentioned to be promoted as a nationwide asset held within the type of treasury reserves, serving as a platform for a lot of politicians,” Kang mentioned. He emphasised that whether or not the preliminary try is profitable or not, discussing Bitcoin as a nationwide reserve asset introduces a really distinct uneven upside state of affairs.
Kang detailed the potential penalties, suggesting that if the US accepts Bitcoin as a reserve asset, different international locations might comply with swimsuit. He additionally talked about rumors {that a} main Asian conglomerate is stepping in to play roles just like these of Coinbase and MicroStrategy. Kang concluded his phrases as follows: “These upward developments had been quicker than anticipated, however I’m not complaining, this month will probably be nice.”
*This isn’t funding recommendation.