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⚡Trump to Address Bitcoin Conference in Nashville🎺

Croxroad

12 Jul 2024 — 4 min read

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🔊 Bitcoin and Politics

The presumptive Republican U.S. presidential nominee will be speaking at the upcoming Bitcoin conference in Nashville, Tennessee, later this month, the conference organiser announced Wednesday. Earlier in the day, speculation of a Trump appearance increased as speakers told CoinDesk their slot was reassigned to make room for what an email described as “a very special guest.” Former President Trump will be speaking at 2 p.m. CT (19:00 UTC) for 30 minutes on the last day of the conference, which runs from July 25-27, a spokesman for the conference told CoinDesk.

Trump has leaned into Bitcoin and crypto rhetoric since coming out in favour of the industry at his NFT gala this spring. He’s since baked pro-Bitcoin policies into the core Republican Party platform, casting a strong contrast with the Biden administration. Trump's stance marks a significant shift from his previous administration when he had expressed scepticism about the technology. This new approach has garnered attention and support from the crypto community, positioning him as a prominent advocate for the industry.

Trump’s upcoming speech is likely to further burnish a self-assigned image of crypto booster, despite previous misgivings of the tech during his first administration. His attendance at the annual Bitcoin gathering was widely expected, given his recent endorsements and policy shifts. As the conference approaches, anticipation builds around what his address might reveal about the future of cryptocurrency regulation and adoption in the United States.

🔼 Bitcoin Prices Rise

The pace of inflation slowed for a fourth straight month in June, a sign of progress in the Federal Reserve's inflation fight. Investors have been hoping to see inflation slow, which could bolster the case for rate cuts in the coming months. The Bureau of Labor Statistic's Consumer Price Index (CPI), which tracks price movements across a broad range of goods and services, rose 3.0% in the 12 months through June, according to new data released on Thursday. After a forecasted 3.1% increase, the report came in below economist expectations.

On a month-to-month basis, inflation decreased for the first time since May 2020, falling 0.1% in June. Following a flat reading for consumer prices in May, every other CPI report so far this year has seen inflation clocked in at 0.3% or 0.4% monthly. Earlier this week, Fed Chairman Jerome Powell said the U.S. central bank was pleased with the slowdown in inflation so far this year, but policymakers are looking for greater signs of confidence that inflation is heading back down to the Fed’s 2% target before it cuts rates.

Meanwhile, the Bitcoin price distanced itself from a four-month low, climbing past $59,000. At the time of writing, BTC is showing gains of 2.8% in the past week. The asset has been rattled recently by supply overhangs related to the repayment of Mt. Gox creditors and the German government’s selling of seized Bitcoin. Jake Ostovskis, OTC trader at Wintermute, told Decrypt in a written statement that Bitcoin’s supply overhang fears are “now either priced-in or dissipating,” however, with markets likely looking for the next narrative to digest. He added that U.S. monetary policy would gain importance into the year-end. While CME traders had pencilled in a 65% chance that the Fed delivers an initial rate cut in September, some analysts are braced for hawkish comments that could dull excitement after Thursday’s inflation reading.

🆕 Bitcoin Storage

In our new article series, we explore the burgeoning use of Bitcoin and cryptocurrencies in lower and middle-income countries for investing, remittances, savings preservation, and as alternatives to traditional financial services. While these digital assets offer convenience, their increased adoption has also led to a rise in hacks and thefts. According to Chainalysis, cryptocurrency theft peaked at $3.8 billion in 2022 but decreased to $1.7 billion in 2023, despite an increase in the number of incidents. It's crucial to understand secure storage methods, as no storage solution is entirely immune to risks. Cold storage (offline wallets) is recommended for long-term holdings, while hot wallets provide convenience for regular transactions. Adhering to these practices helps mitigate the risk of losing cryptocurrencies due to theft, hardware failure, or loss of access keys.

🤣 Crox Road Memes

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