This US Financial Figure Agrees With Donald Trump’s Statement On Bitcoin

Bitcoin hit its highest level since mid-June or in 6 weeks after Donald Trump expanded his pro-crypto agenda and expectations of a US Federal Reserve interest rate cut strengthened investor sentiment.

As reported by Yahoo Finance, Tuesday (30/7/2024), Bitcoin, which is the largest digital asset, rose by 2.6% on Monday and was traded at a price range of USD 69,462 or equivalent to IDR 1.13 billion (assuming an exchange rate of IDR 16,293 per US dollar). Smaller tokens such as Ether, Solana, and Dogecoin also rose.

Republican presidential nominee Donald Trump vowed at a weekend conference to make the US the crypto capital of the planet and a Bitcoin superpower if he returns to the White House after November’s election.

Trump also said he would order the US government not to sell crypto seized in criminal cases and instead use the tokens as the basis for what he called a strategic Bitcoin stockpile.

The head of research at Pepperstone Group, in a note, said the former president’s speech at a Bitcoin event in Nashville cemented the native cryptocurrency as a key election trade.

Meanwhile, the Fed meeting later this week is expected to lay the groundwork for the start of a rate-cutting cycle, a prospect that has lifted the mood in markets.

Bitcoin is about $4,400 below a record of nearly $74,000 hit in March. Inflows into U.S. exchange-traded funds have boosted the token this year.