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Fund manager Bitwise Investment says crypto investors are “not bullish enough” after Donald Trump went all-in crypto at Bitcoin 2024 and the Democratic Party looks for a ”reset” with the industry.
”These developments mean you need to reevaluate the scale of bitcoin’s potential near-term upside,” said Bitwise’s chief investment officer Matt Hougan in a July 31 post. ”If the 2024 Bitcoin Conference conveyed anything, it was this: It’s time to rethink what’s possible for Bitcoin.”
US Politicians Use Bitcoin 2024 As A Platform To Deliver Bullish Crypto Statements
Bitcoin 2024 took place in Nashville, Tennessee, and is considered one of the biggest annual crypto conferences in the world. Known for being a platform for historic announcements, this year’s event did not disappoint.
Former president and Republican nominee for the 2024 elections, Donald Trump, announced plans for the US to build a strategic national Bitcoin reserve, and said he intends to make the US the “crypto capital of the world.”
JUST IN: 🇺🇸 Donald Trump says, “The United States will be the crypto capital of the planet and the #Bitcoin superpower of the World.”
pic.twitter.com/5CNHY8hhQE— Bitcoin Magazine (@BitcoinMagazine) July 27, 2024
Senator Cynthia Lumis has since introduced a bill proposing that the US Treasury acquire 1 million BTC in the open market to clean up the country’s $35 trillion debt crisis.
Demonstrating a similar pro-crypto stance, Rep. Ro Khanna called on Democrats to “reject the hostile policies of the past” and embrace BTC as a key part of America’s financial future.
Bullish statements were also made by Robert F. Kennedy Jr., an independent candidate for president, and Sen. Roy Haggerty during the event.
Democratic Party Seeks Crypto ”Reset”
At the same time, advisers to Vice President Kamala Harris have started reaching out to leading crypto companies in an effort to reset the strained relationship between the digital asset industry and the Democratic Party.
That’s according to a report by the Financial Times that says members of Harris’s team recently began contacting individuals tied to major crypto companies, including Coinbase, stablecoin issuer Circle, and Ripple Labs.
Bitwise Says BTC’s Upside Potential “Equal” To Its Downside Risk
“For investors, these developments mean you need to reevaluate the scale of bitcoin’s potential near-term upside,” said Hougan.
While crypto investors are known to mitigate as much downside risk as possible, with the awareness that a significant price drop could happen at any moment, Hougan said there’s now as much upside potential as downside risk.
“Could we wake up tomorrow and find out that a G20 country has added bitcoin to its balance sheet, looking to front-run the U.S.?” he said. “Could comprehensive crypto legislation get passed more quickly than expected in the U.S. as bipartisan support strengthens? Could Wall Street massively embrace crypto, at a scale much larger than most expect?”
Such ideas were just daydreams a year ago, Hougan said, adding that developments witnessed during the last week now make them ”look more likely than not.”
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