COULD DONALD TRUMP AND ELON MUSK PROVIDE BITCOIN'S BULLISH SPARK?
- Trump could use Justice Department's 200,000 BTC as headstart for potential Bitcoin reserve, says analyst.
- Elon Musk hints at potential Bitcoin endorsement after US dollar value destruction post and laser eyes profile picture.
- The bearish crowd has remained silent since Bitcoin's two-week rebound.
Bitcoin (BTC) is up 1.2% on Monday, as discussions around Donald Trump making Bitcoin a reserve asset if elected president and Elon Musk's recent posts hint at a potential rally for the largest digital asset.
Elon Musk and Trump could stamp potential bullish month for Bitcoin
With the Nashville Bitcoin Conference set to begin on July 25, many investors expect the week to be bullish for Bitcoin.
Republican nominee Donald Trump is one of the key speakers at the conference and is expected to discuss a potential US Bitcoin strategy. Most crypto community members have speculated that Trump may consider making Bitcoin a US reserve asset if elected as president.
According to Bryan Courchesne, in a CNBC interview, such a move would be difficult to pull off but could catalyze an upsurge in Bitcoin's price. He noted how the Justice Department's about 200,000 BTC holdings could prove a crucial head start should Trump consider the Bitcoin reserve move if elected
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