We’ve just had a monumental week in the cryptocurrency industry, marking a significant shift as cryptocurrency has officially become a political issue. Bitcoin (BTC) has made it to the big stage and is now a significant talking point fro presidential candidates and congress people alike. Catch my full breakdown in the video below or continue reading for a summary.

Major Highlights from the Annual Bitcoin Conference

The annual Bitcoin conference, traditionally referred to as Bitcoin Miami, was held by Bitcoin magazine. This year, however, the event took place in Nashville and featured some of the most compelling speeches and groundbreaking announcements in the history of the conference. Notably, this year’s event hosted two-thirds of the leading presidential candidates, which underscored the political weight Bitcoin is beginning to carry.

Presidential Candidate Speeches

RFK Jr.’s Masterclass

On Friday, RFK Jr. delivered a masterclass in understanding Bitcoin and its potential positive impacts on American citizens. He laid out an ambitious plan to create a Bitcoin strategic reserve for the United States.

According to RFK Jr., the U.S. government would buy 550 Bitcoin per day until it accumulated 4 million Bitcoin. Considering there are only 21 million Bitcoin ever created, with estimates suggesting that 2 to 3 million of these are lost forever, RFK’s proposal is a significant move. Stockpiling 4 million Bitcoin is a monumental task, yet the announcement alone has significant implications.

RFK Jr.’s proposal, if realized, could trigger a global cascade of countries building their own Bitcoin reserves, driven by the fear of being left behind—a concept deeply rooted in game theory. Such a move could transform Bitcoin into a reserve asset, creating immense demand from nations and corporations alike.

Donald Trump’s Vision

Following RFK Jr.’s speech, Donald Trump took the stage on Saturday and announced his own plans.

One of his most popular points was the immediate firing of Gary Gensler, which resonated strongly with the crowd. Trump also announced plans to retain the 200,000 Bitcoin seized from the Silk Road, using it to create a strategic reserve. While his plans were more ambiguous regarding the reserve’s size and acquisition methods, the intention to hold at least the Silk Road Bitcoin was clear.

Interestingly, shortly after Trump’s speech, the market observed the movement of 200,000 Bitcoin from a government wallet, sparking fears that the U.S. government might sell these assets. This news led to a noticeable market reaction, with Bitcoin’s price dipping from its rallying high of $70,000 to around $66,000.

Bitcoin Update

Despite the short-term market volatility, the long-term outlook for Bitcoin remains robust. Since bottoming out on July 5, Bitcoin had steadily risen, reaching highs close to $70,000 before the recent pullback. BTC was very close to finally breaking above that red downtrend line. However it failed to do so for the fith time.

I still expect Bitcoin to experience some price fluctuations, possibly staying below $70,000 but above $60,000 over the coming weeks. However, the overall long-term bullish trend for Bitcoin remains strong, with expectations of breaking above resistance levels around September.

Legislative Moves and Future Implications

Following Trump’s speech, U.S. Senator Cynthia Lummis (R-WY) introduced a bill proposing the creation of a U.S. strategic Bitcoin reserve. This move, combined with announcements from RFK Jr. and Trump, highlights a growing political consensus around Bitcoin. The introduction of such a bill underscores Bitcoin’s increasing influence in political and regulatory spheres.

Final Thoughts

After 4 years of major hostility towards the cryptocurrency industry from the SEC and the Biden administration, the market is now hopeful that things will change.

Brighter days appear on the horizon for this space, and the possibility of national strategic Bitcoin reserves are insanely bullish. The demand that would follow the first national strategic Bitcoin reserve would be unparalleled. However, we have to remain patient in the short term.

As we navigate these exciting times, stay informed, remain cautious of short-term price movements, and focus on the long-term potential of Bitcoin and cryptocurrency investments. The case for a long-term crypto bull thesis has never been stronger. Until next time, happy investing!

Editor’s Note: Cryptocurrency has been the best returning asset class of the last decade and is know for its parabolic bull markets. It is also a key to a truly diversified portfolio and one of the best hedges against the potential risks that lie ahead in markets. But you need to act now before institutions gobble it all up.

If you’re worried you can’t figure out crypto… don’t be. Our in-house crypto expert, Alex Benfield, will walk you through everything you need to know about crypto, step by step.

To learn more about Alex’s new trading service, Crypto Trend Investor, click here.

This article previously appeared on Investing Daily.