News for Bitcoin after 07/23/2024

Date: July 26, 2024, 8:51 AM GMT

Executive summary: Bitcoin has been at the center of attention this week, with political figures like Donald Trump and Robert F. Kennedy Jr. making appearances at the Bitcoin 2024 conference in Nashville. The cryptocurrency market experienced volatility, with Bitcoin dipping below $64,000 before recovering. Major financial institutions continue to show interest in Bitcoin, with Marathon Digital purchasing $100 million worth of the cryptocurrency and BlackRock reporting strong demand for their Bitcoin ETF. Analysts from VanEck have made bold predictions about Bitcoin's future value, while concerns about the gender imbalance in the crypto industry have been raised. The intersection of politics and cryptocurrency is becoming increasingly apparent, with various US politicians incorporating Bitcoin into their campaigns and policy discussions.

Political Figures Embrace Bitcoin

Trump and RFK Jr. Headline Bitcoin 2024 Conference

Donald Trump and Robert F. Kennedy Jr. are set to deliver keynote addresses at the Bitcoin 2024 conference in Nashville, highlighting the growing intersection of politics and cryptocurrency. Trump's appearance has generated significant buzz, with tickets for his private event reportedly costing $800,000. RFK Jr. declared himself "fully committed" to Bitcoin during his speech at the conference.

This move signifies a shift in political strategy, with both figures attempting to appeal to the crypto-savvy voter base. The conference has become a political arena, showcasing the increasing importance of cryptocurrency in US politics.

Forbes (13 hours ago), Quartz (15 hours ago), CoinDesk (50 minutes ago)

Political Undertones Dominate Bitcoin 2024 Conference

The Bitcoin 2024 conference has taken on a distinctly political tone, with the presence of high-profile politicians like Donald Trump and Robert F. Kennedy Jr. This shift highlights the growing importance of cryptocurrency in political discourse and campaign strategies. The event has become a platform for politicians to court the crypto-savvy demographic and position themselves as forward-thinking leaders in the digital asset space.

Cointelegraph (10 hours ago)

Jersey City Mayor Plans to Invest in Bitcoin ETFs for City's Pension Fund

Jersey City Mayor Steven Fulop announced plans to invest in Bitcoin ETFs for the city's pension fund, following a similar move by the State of Wisconsin Investment Board. This decision represents a growing trend of local governments exploring cryptocurrency investments as part of their financial strategies.

Cointelegraph (12 hours ago)

US Congressional Candidate Accepts Bitcoin for Campaign Funding

A forward-thinking candidate for US Congress has announced that they are now accepting Bitcoin to fund their campaign. This move aims to make political campaigns more inclusive by incorporating cryptocurrency donations, potentially opening up new avenues for political fundraising and engagement.

The Detroit News (9 hours ago)

Market Movements and Institutional Interest

Bitcoin Dips Below $64,000 Before Recovering

Bitcoin experienced volatility this week, briefly dipping below $64,000 before rebounding. The cryptocurrency market saw a general downturn, with Ether also experiencing significant drops. Analysts attribute the dip to a combination of crypto-specific factors and broader macroeconomic trends affecting risk assets.

Investopedia (15 hours ago), Cointelegraph (13 hours ago)

Marathon Digital Purchases $100 Million Worth of Bitcoin

Marathon Digital, a leader in Bitcoin mining, has purchased $100 million worth of Bitcoin, bringing its total holdings to over 20,000 BTC. This move signals a strong belief in Bitcoin's long-term value and adopts a "HODL" strategy, potentially influencing market sentiment and institutional interest in the cryptocurrency.

Investopedia (16 hours ago), Bitcoin Magazine (21 hours ago)

BlackRock Reports Strong Demand for Bitcoin ETF

BlackRock, one of the world's largest asset managers, has reported strong direct client demand driving growth in their Bitcoin ETF. This indicates continued institutional interest in cryptocurrency investments and suggests that traditional finance is increasingly embracing digital assets.

Cointelegraph (12 hours ago)

VanEck Predicts Bitcoin Could Hit $2.9 Million by 2050

Analysts at VanEck have made a bold prediction, suggesting that Bitcoin could reach $2.9 million per coin by 2050. This forecast is based on assumptions about Bitcoin's potential adoption as a global medium of exchange and reserve asset. While speculative, such predictions highlight the long-term optimism some analysts have for Bitcoin's future.

Cointelegraph (15 hours ago), VanEck (2 days ago)

Regulatory and Industry Developments

Wall Street's ETF Engine Revs Up After $17 Billion Bitcoin Haul

Following the successful launch of Bitcoin ETFs, asset managers are rushing to create new products tracking other cryptocurrencies, particularly Ethereum. This development signals growing mainstream acceptance of digital assets and could lead to increased liquidity and investment options in the crypto market.

Bloomberg (17 hours ago)

Franklin Templeton and SBI Team Up to Bring Bitcoin ETFs to Japan

Franklin Templeton, a major US investment firm, is partnering with Japanese financial services group SBI Holdings to establish a digital asset management venture in Japan. This collaboration aims to bring Bitcoin ETFs to the Japanese market, potentially opening up new investment opportunities for Asian investors.

Nikkei Asia (18 hours ago)

BlackRock Foresees Limited Interest in Crypto ETFs Beyond Bitcoin and Ethereum

BlackRock, a leading asset management firm, has expressed the view that there will be "very little interest" in cryptocurrency ETFs beyond Bitcoin and Ethereum. This assessment is based on client preferences for core assets and could influence the development of future crypto investment products.

Cointelegraph (12 hours ago)

Industry Trends and Concerns

Gender Imbalance at Bitcoin 2024 Conference Raises Concerns

An analysis of the Bitcoin 2024 conference speakers reveals a significant gender imbalance, with men outnumbering women speakers by almost nine to one. This disparity highlights ongoing issues of diversity and inclusion within the cryptocurrency industry and raises questions about representation in the sector.

DL News (18 hours ago)

Power-Thirsty Bitcoin Miners Flood Texas Energy Center

The Permian Basin in Texas is experiencing an influx of cryptocurrency mining operations, raising concerns about energy consumption and environmental impact. While many locals welcome the economic opportunities, others are confused about the long-term implications of this trend for the region's energy infrastructure.

Texas Monthly (20 hours ago)

Cryptocurrency Adoption and Use Cases

Metaplanet and Semler Scientific Credit Bitcoin for Company Turnaround

Executives at Metaplanet and Semler Scientific have stated that their firms were "zombie companies" until they adopted a Bitcoin investment strategy inspired by MicroStrategy's Michael Saylor. This highlights the potential impact of cryptocurrency investments on corporate financial strategies and balance sheets.

Cointelegraph (7 hours ago)

Fold to Go Public as First Pureplay Financial Services Company Powered by Bitcoin

Fold, Inc., a pioneering bitcoin financial services company, has announced plans to go public through a merger with FTAC Emerald Acquisition Corp. This move represents a significant milestone for Bitcoin-focused companies entering the traditional financial markets and could pave the way for more crypto-native firms to go public.

Business Wire (1 day ago)

Security and Scams

Lowcountry Residents Lose Thousands in Bitcoin Scam

Residents in Berkeley County, South Carolina, have fallen victim to a Bitcoin scam, resulting in significant financial losses. This incident highlights the ongoing need for consumer education and awareness regarding cryptocurrency-related fraud and security measures.

Live 5 News WCSC (13 hours ago)

Chicopee Police Warn of Rise in Bitcoin and Cryptocurrency Schemes

The Chicopee Police Department in Massachusetts has issued a warning about the increasing prevalence of Bitcoin and cryptocurrency-related scams. This alert underscores the importance of vigilance and education in protecting consumers from fraudulent activities in the crypto space.

WWLP (10 hours ago)

International Developments

Speculation on China Potentially Unbanning Bitcoin

Recent rumors have circulated about the possibility of China "unbanning" Bitcoin, sparking discussions about the potential impact on the cryptocurrency's price and global adoption. While these rumors remain unconfirmed, they highlight the significant influence that major economies can have on the crypto market.

Forbes (1 day ago)

Toyota Explores Ethereum in Autonomous Vehicles

Toyota, a major Japanese car manufacturer, is reportedly exploring the use of Ethereum blockchain technology in autonomous vehicles. This development showcases the potential applications of blockchain beyond financial services and indicates growing interest from traditional industries in cryptocurrency-related technologies.

Cointelegraph (9 hours ago)

In conclusion, the past week has seen significant developments in the Bitcoin ecosystem, from political endorsements and institutional investments to regulatory progress and technological innovations. The cryptocurrency continues to make inroads into mainstream finance and politics, while also facing ongoing challenges related to market volatility, security concerns, and industry representation. As Bitcoin and other digital assets become increasingly intertwined with traditional financial systems and political discourse, their impact on global economics and governance is likely to grow, presenting both opportunities and challenges for investors, policymakers, and the general public.