Chris Curl,
Editor
July 25, 2024
I can’t think of a more bullish time for cryptocurrency. The stars seem to be aligning for this bull market to be the most significant one yet.
Ethereum Spot ETFs make their historic entrance, achieving over $1 billion in volume and a significant $100 million in net inflow—marking the second-best debut ever, trailing only the Bitcoin ETF.
The momentum surrounding these developments is heightened by the anticipation of Vice President Kamala Harris potentially joining former Donald Trump and RFK Jr. at the upcoming Bitcoin 2024 Conference in Nashville from the 25th to the 27th.
As discussions of a Strategic Bitcoin Reserve (SBR) swirl, the atmosphere is charged with optimism regarding future policy shifts. RFK Jr. has already floated similar ideas but if Trump commits to supporting Bitcoin on the governmental level, watch out.
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Since Bitcoin has a hard cap of 21 million coins, it’s a natural hedge against currency debasement and geopolitical turmoil. And the Department of Justice already holds 200,000 BTC, seized from illegal operations like the Silk Road. It would be easy for the DOJ to transfer this BTC to the Treasury, laying a foundation that could be built upon over time.
Smart Dems are realizing that crypto is a huge issue for voters.
Kamala Harris's camp is reportedly engaging with notable figures like Mark Cuban, who has been vocally critiquing SEC Chairman Gary Gensler and the current Democratic approach to digital asset regulation.
This points to a growing recognition that the more than 50 million crypto holders in America act as a massive voting bloc and many of them are single-issue voters.
Meanwhile, Senator (R-WY) Cynthia Lummis is set to return to the BTC 2024 conference, having recently released a detailed report in defense of the domestic Bitcoin mining industry. This comes on top of Trump’s recent support of US Bitcoin miners.
Luxury automaker Ferrari is expanding its crypto payment options across Europe, indicating a shift towards mainstream adoption.
On the supply side, significant movements are occurring as Mt. Gox transfers another $2.47 billion in BTC. Many feared this would lead to massive selling yet so far so good – Kraken’s recent distributions reveal no substantial net flow disruptions.
Those who bought Bitcoin on Mt. Gox in the first place understand its long-term value and aren’t in any rush to dump their reclaimed coins. And the distribution is widely dispersed and gradual, which should reduce any selling impact.
With all these developments converging in one "Big Week," the crypto community is on the brink of a transformative shift – one that could alter its trajectory forever.
Cryptocurrency is going mainstream and I’m positioning myself and my readers to profit from it.
Keep coming back,
Chris Curl
Editor, Daily Profit Cycle