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July 19, 2024
PI Global Investments

Bitcoin (BTC-USD) Outshines Silver as Trump Warms Up to Crypto

Bitcoin (BTC-USD) does a double-take as it outshines silver and receives a surprising nod of approval from former U.S. President Donald Trump – a change from his previous stance. Bitcoin, the pioneer of decentralized digital currency, hit new all-time highs Monday, soaring beyond the $72,000 mark. This rise propels its total market capitalization above the $1.4 trillion threshold, eclipsing the entire market cap of silver (XAG-USD). Such bullish performance, increasing more than 68% in the past three months, continues to draw the gaze of investors worldwide – both bullish and bearish.

According to data from TipRanks, Bitcoin’s market cap now towers at $1.413 trillion, edging it closer to tech titan Google (NASDAQ:GOOG) by a mere $250 billion gap. Yet, despite this historic feat, Bitcoin still trails behind heavyweights like Microsoft (NASDAQ:MSFT) and the time-honored asset of gold (XAU-USD), underscoring the vast potential for growth ahead.

The recent surge in Bitcoin’s valuation is partly fueled by the introduction of spot Bitcoin ETFs in the U.S., led by financial behemoths BlackRock (NYSE:BLK) and Fidelity. This development, coupled with anticipation for the next halving event— a pivotal moment when Bitcoin’s mining rewards are halved—heralds a new chapter in Bitcoin’s valuation saga.

Trump’s Evolving Stance on Cryptocurrency

As the countdown to the November 2024 U.S. presidential election begins, the cryptocurrency narrative takes center stage, with Donald Trump unveiling a potentially more amenable stance towards the industry. This shift is noteworthy, given Trump’s historically skeptical view of digital currencies.

Trump’s latest comments suggest a grudging recognition of cryptocurrency’s expanding economic role. Despite his unwavering loyalty to the dollar, Trump’s acknowledgment of crypto as an “additional form” of currency, particularly highlighted by its use in transactions for Trump-branded merchandise, signals a significant pivot. 

This change in tone, while not rooted in a deep-seated belief in crypto’s technological and economic merits, mirrors the pragmatic realities of its increasing integration into commercial transactions and its influence in political and economic discussions.

As Bitcoin’s bullish performance continues its unprecedented journey, surpassing traditional assets and capturing the attention of political figures, its story of broader acceptance and understanding continues to reshape the economic landscape.

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