Bitcoin Soars to $67K Ahead of Trump Rally

Ahead of Donald Trump’s address at the Bitcoin Conference, prospective traders are leaning toward long bets, which has caused Bitcoin to rise 4.3%.

As traders wait to watch what happens when former US President Donald Trump hits the stage at the Bitcoin Conference in Nashville, Tennessee, bitcoin has mostly recovered from its losses from the previous week.

In an analyst report dated July 25, Markus Thielen, CEO of 10x Research, stated, “Nobody wants to short Bitcoin into the weekend.”

According to Thielen, should Trump be elected US president in November, there are firm hopes he will reveal plans for a strategic BTC$66,994 reserve at the Bitcoin Conference on July 27.

According to Thielen, traders in the future are delaying the establishment of short positions in Bitcoin because of concerns that its price might rise.

Thielen said that, “Because Bitcoin would gap higher if Trump announced a strategic reserve.”

The positions of futures traders are significantly biased toward long holdings. According to CoinGlass data, even a tiny retreat to $65,000 will expose $1.11 billion worth of long holdings to risk.

Thielen said, “He is eyeing the potent crypto lobby, which has raised $150 million for the Crypto Super PAC.”

As of this writing, CoinMarketCap shows that the price of BTC is $66,985, up 4.42% from the previous day.

According to Thielen, the US Treasury has $600 billion worth of gold reserves, but the government has seized $15 billion worth of BTC.

However, according to Thielen, Trump may plan to rebalance the two known assets.

He said, “Trump might clarify that he wants to see this ratio raised to at least 10% of the gold reserves.”

He believes the market might “run with this news” with the mere mention of it, negating the need to wait until November for Trump’s election to win the presidency.

According to asset manager Bryan Courchesne, using BTC as a reserve asset would be challenging but possible.

According to Courchesne, the Department of Justice could quickly turn over the seized Bitcoin to the Department of the Treasury, allowing the latter to amass and retain the valuable asset over an extended period.