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One would ordinarily be hard-pressed to count Trump among the uber-bullish crowd of Bitcoin maximalists. Yet, such is the allure of Bitcoin's ongoing explosive upside momentum that even on-the-fence crypto spectators like the former US President are now embracing it, adding another layer to the cryptocurrency's already impressive stack of tailwinds.
TRUMP: THERE HAS BEEN A LOT OF USE OF BITCOIN; NOT SURE WOULD WANT TO TAKE AWAY -CNBC
— First Squawk (@FirstSquawk) March 11, 2024
In an interview with CNBC a few minutes back, Trump declared that "there has been a lot of use of Bitcoin" lately, adding that he would not want to take away these use cases.
Trump on CNBC talking about crypto "I do little things for fun with it, sometimes I make money" 🚀🚀
— Newsquawk (@Newsquawk) March 11, 2024
In another striking tidbit, Trump admitted that he dabbles in the crypto sector "for fun" and that he is able to generate a profit "sometimes."
Trump now sounds bullish on Bitcoin. Personally, I don’t believe him. He and his administration had a shot for supporting Bitcoin. It was hard if not a full stone wall to work with them.
CNBC video recording by: @thewallstbulloz pic.twitter.com/SFMPEIcaqC
— Gabor Gurbacs (@gaborgurbacs) March 11, 2024
Trump's recent volte-face on Bitcoin is even more striking when one considers the fact that his administration actually tried to stonewall the cryptocurrency rather than allowing it to flourish. In fact, as recently as June 2021, Trump had termed Bitcoin a "scam against the dollar."
Trump's recent endorsement of sorts of Bitcoin is now playing a positive role in boosting the price of the world's pre-eminent cryptocurrency, which just tagged the $72,000 price level, constituting another all-time high. Bear in mind that the last record had come just six days earlier when Bitcoin breezed through its last cycle's zenith.
Bitcoin's Bullish Factors
Digital asset investment products saw record weekly inflows totalling US$2.7bn, bringing total inflow year-to-date to US$10.3bn. Weekly trading turnover reached US$43bn for the week, smashing last week’s record US$30bn. BlackRock Bitcoin ETF’s weekly and monthly inflows have… pic.twitter.com/KitHvBGVEy
— Wu Blockchain (@WuBlockchain) March 11, 2024
Of course, a number of bullish factors continue to act as benevolent tailwinds for Bitcoin. The weekly trading turnover of digital asset investment products reached $43 billion last week, constituting a new record.
First two months officially in the books (it's felt like six) and the ten bitcoin ETFs now have over $55b in assets with exactly double that in volume at $110b. If these were the numbers at the end of year I'd call them a success. To do it in eight weeks is simply absurd. pic.twitter.com/8YvzQZdYyJ
— Eric Balchunas (@EricBalchunas) March 11, 2024
Over the last two months, spot Bitcoin ETFs have accumulated assets that are now worth a whopping $55 billion - an "absurd" feat in just 8 weeks.
❖ Bitcoin Could Extend Gains if US Inflation Data Undershoot Forecasts
Bitcoin could extend its gains if U.S. inflation data on Tuesday are lower than expected, Tickmill Group says as the cryptocurrency reaches a record high. If inflation undershoots forecasts, the dollar…
— *Walter Bloomberg (@DeItaone) March 11, 2024
What's more, Bitcoin stands to benefit disproportionately if inflation in the US continues to moderate, in line with the expectations of most analysts.
Breaking: On March 11, 2024, MicroStrategy announced that, during the period between February 26, 2024 and March 10, 2024, MicroStrategy acquired approximately 12,000 bitcoins for approximately $821.7 million in cash. https://t.co/Q01xg3UuPb
— Wu Blockchain (@WuBlockchain) March 11, 2024
Finally, MicroStrategy continues to accentuate the scarcity-causing actions of the spot Bitcoin ETFs by scooping up additional coins. Over the last two weeks, the firm has acquired Bitcoin worth $821.7 million.
Reminder that the autistic (correct) ATH adjusted for inflation is $79,000 so make sure to celebrate then as well because at that number your purchasing power will be what it was at the previous ATH.
— Autism Capital 🧩 (@AutismCapital) March 5, 2024
Do note that Bitcoin's inflation-adjusted all-time high still resides at $79,000. However, with most analysts expecting the cryptocurrency to close the year at $100,000 or above, it is only a matter of time until this threshold is breached as well.
🚨 JPMorgan says Halving Priced In ⚠️
Here's WHY they're 💯 WRONG:
Let's say you're a miner and your farm earns 1 #Bitcoin per month at a cost of $40K.
Today you can sell 1 $BTC at $66K and lock in 65% PROFIT.
You move supply as fast as you can to lock in profits.
🎉 HALVING… https://t.co/Qlp7PVrkYP pic.twitter.com/qVgW9Oqi9f
— CJK (@CJKonstantinos) March 6, 2024
On a parting note, Goldman Sachs recently declared that Bitcoin's halving event in April 2024 is priced in. As a refresher, the reward for mining the world's pre-eminent cryptocurrency is regularly cut in half in what is a 4-year cycle. However, industry veterans have argued that the halving event can never be fully priced in as it immediately plunges a lot of miners into a loss, thereby prompting many to halt production until the cryptocurrency's mining difficulty automatically adjusts downwards.
Note:
The article's headline has been updated to more accurately reflect Trump's comments.
