Despite the ongoing Bitcoin rally in 2024-2025, many experts are still afraid to invest in it due to its volatility and numerous pumps and dumps in the past. Crypto enthusiasts are well aware that Bitcoin’s price always reflects market sentiment and investors’ enthusiasm for BTC in particular. It has fluctuated over the past 10 years and has been low during crypto winters and other political and economic events that have also affected the traditional financial market. However, it has always returned on a boomerang-shaped upward trajectory.
26.07.2024
The first-ever cryptocurrency recently shot past the $67,700 mark, powered by anticipation for Bitcoin 2024 key speech by Donald Trump in Nashville, Tennessee. That spurt saw a deluge of trading, with short liquidation for BTC at a record over $34 million in 24 hours, and overall crypto market liquidation at over $200 million. Bitcoin traded at approximately $67,740, an over 5% gain.
Markus Thielen supplemented that investors avoided shorting top cryptocurrency in anticipation of Trump’s speech, assuming that Trump might make a move towards creating a strategic Bitcoin reserve in case of a win in the election. That could push Bitcoin prices even further, injecting a lot of volatility in the marketplace. Trump’s presence in Bitcoin’s community has been marked with a sharp transition between disbelief and guarded approval. Scheduled to make a speech at a conference, Trump’s most recent actions, including a possible appointment of Jamie Dimon, CEO at JPMorgan, for Treasury Secretary, have been criticized by Bitcoin enthusiasts.
Kennedy Jr.’s Vision: Acquiring Bitcoin for $619 Billion
In a sensational speech at the same conference, Robert Kennedy disclosed his plan to make America the biggest owner of BTC in the universe. To level with gold reserves in terms of value, it will cost $619 billion, according to him. It is underpinned in a will to redefine monetary policy and usher in fiscal austerity through a measured purchase of the TOP-1 most valuable cryptocurrency asset. Robert Kennedy criticized Trump for having an unpredictable record in backing cryptocurrencies.
Trump's Campaign and Cryptocurrency Fundraising
Adding another level to the picture, Donald’s campaign saw a big boost in terms of Bitcoin donations, with more than $4 million in Bitcoin, for the most part, collected in a week’s period. It’s a big improvement over $3 million collected a week ago. Filings with the Federal Election Commission in its most current disclosures have a mix of sources, including Bitcoin, Ethereum, Ripple’s XRP, and stablecoin USDC, contributing to them.
High-profile crypto personalities such as Gemini co-founders Tyler and Cameron Winklevoss have even supported Trump's campaign, both contributing $1 million in Bitcoin. All such donations, even with partial refunds for contribution overages, testify to strong support enjoyed by Trump in cryptocurrencies' community.
The Quiet Censorship: X and the Missing Bitcoin Hashmoji
Early one Friday morning, Bitcoin enthusiasts at X saw that Bitcoin's emoji no longer appeared in "#bitcoin" posts. Hashtags for cryptocurrencies such as #cryptocom and #bnbchain also no longer displayed their respective brand images. The emoji for "#MAGA," depicting Republican presidential hopeful Donald Trump, was removed even before Trump took the stage at the conference.
The removal fueled a rumor in the X community regarding cryptocurrencies. User "DogeDesigner" (@cb_doge), a DOGE developer and X insider, confirmed but did not reveal, sparking intrigue.
Prominent Bitcoiners including JAN3 CEO Samson Mow, early Bitcoiner Jeremy Davinci, and trader @TheMoonCarl took to Twitter with disappointment and disbelief, with the hashmojis proving a fan-favorite in the community. In 2020, then-CEO Jack Dorsey added the emoji, with a view to including the character in the worldwide encoding character set.
The removal is raising eyebrows over X's future direction under Elon Musk. Whatever its motives, it can be seen to suggest a direction change for the platform in terms of cryptocurrency-related posts. Interestingly, this stands in contrast to Tesla's position in Bitcoin, whose owner, Musk, still holds a considerable position in Bitcoin, with $184 million in value of BTC in its books in April 2024.
