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⚡Bitcoin’s Price Stability Forecasted⏳

Croxroad

21 Aug 2024 — 4 min read

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🥽 Post-CPI Report

Bitcoin has continued to trade below $60,000 following the latest Consumer Price Index (CPI) report, with analysts predicting that the cryptocurrency will remain rangebound through the upcoming election. Despite the price stagnation, new disclosures reveal that former President Donald Trump holds a substantial amount of cryptocurrency assets. According to a filing with the United States Office of Government Ethics on August 15, Trump's crypto holdings include between $1 million and $5 million in Ethereum, valued at approximately $3.6 million according to research by Arkham Intelligence. Trump's wallet also contains various other cryptocurrencies and meme-coins, including MAGA-themed tokens and notable alt-coins.

In addition to his crypto investments, Trump has generated millions through his Trump Digital Trading Cards. His licensing deal with NFT INT brought in $7.15 million, and the cards have amassed a trading volume of 15,808 Ethereum, although they are currently non-transferrable until December 31, 2024. Former First Lady Melania Trump also earned $330,607 from a licence agreement related to NFTs. The Trump Organization plans to launch a new cryptocurrency initiative soon, according to Eric Trump.

Looking ahead, Bitcoin's price is expected to stay within the $50,000 to $70,000 range through the November election, with potential for a boost if Trump wins. Analysts predict that Bitcoin could reach $85,000 by year-end if Trump secures the presidency. The election could influence Bitcoin's trajectory significantly, as Trump's pro-crypto stance contrasts with the more cautious approach of current SEC policies under Gary Gensler. As of now, Bitcoin is trading around $58,900, showing a 40% increase in 2024 but down from its March peak of $73,798.

🚨 Texas Senator Ted Cruz

Texas Senator Ted Cruz has disclosed a significant investment in Bitcoin, reporting that he purchased between $50,001 and $100,000 worth of the cryptocurrency through River Financial in 2023. This disclosure, made on August 13, follows his endorsement by the Texas Blockchain Council for his 2024 reelection campaign. Cruz had previously reported buying between $15,001 and $50,000 in Bitcoin in 2022. Notably, his 2023 filing did not include his purchase of three Bitcoin miners in May, which will be officially reported in 2025.

Cruz, who has been a vocal supporter of cryptocurrency, especially Bitcoin and its potential benefits for Texas' energy grid, is facing Democrat Colin Allred, Libertarian Ted Brown, and write-in candidate Tracy Andrus in the upcoming November election. His involvement in the crypto space aligns with a broader trend among U.S. lawmakers, with several members disclosing personal crypto holdings or investments in funds with digital asset exposure. This has sparked discussions about potential conflicts of interest and calls for restrictions on Congress members trading stocks.

As the 2024 election season heats up, crypto and digital assets are becoming prominent political issues. Republican presidential candidate Donald Trump, who previously dismissed Bitcoin as a “scam,” has now embraced cryptocurrency as a key campaign topic. Interest groups are investing heavily in supporting pro-crypto candidates, with efforts such as the $1 million spent by the Protect Progress PAC to back Julie Johnson’s congressional bid. As state primaries approach their conclusion, with early voting starting in Pennsylvania this September, the influence of cryptocurrency on political campaigns and policymaking is expected to grow.

🧇 Is There an IRA for Crypto?

Yes, there are IRAs specifically designed for holding cryptocurrency. These are known as self-directed IRAs, which allow for a wider range of investments, including crypto assets. Whether you can buy crypto within your IRA depends on your broker or custodian, as not all offer this option. These accounts operate similarly to traditional or Roth IRAs but give you more flexibility in choosing alternative assets like Bitcoin, Ethereum, and other cryptocurrencies.

🤣 Crox Road Memes

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