How will the US’s enhanced interest in Bitcoin affect its price?
789 sats \ 3 comments \ @cryotosensei 8 Jul 2023 bitcoin
How will the US’s enhanced interest in Bitcoin affect its price?
The fate of many cryptocurrencies is up in the air as they may be unceremoniously be classified as securities. It seems that Bitcoin may escape this fate as it is generally regarded as a commodity.
This may explain the surge in interest in Bitcoin among institutional investors and presidential candidates in the States. There was a flurry of filing (and refilling!) of spot BTC ETF applications from BlackRock, WisdomTree and their contemporaries. In another world, Former U.S. presidential Candidate and House of Representative member Tulsi Gabbard, as well as current presidental candidates, Robert Kennedy Jr. and Republican Vivek Ramaswamy hold a public, pro-BTC position and have expressed their support for BTC adoption.
Bitcoin is meant to be a decentralised and trustless blockchain network. But when the most domineering economy in the world throws its hat in the ring and seems hugely in favour of it, how do you think the US’s enhanced interest will affect BTC’s price? Or do you think that BTC is decentralised enough such that it will remain divorced from the influence of any one superpower?
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10 sats \ 0 replies \ @birdeye21 8 Jul 2023
The fact that the US gov has woken up to BTC -- incredibly bullish sign, considering this thing most likely started in a random person's basement
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10 sats \ 0 replies \ @tomlaies 8 Jul 2023
No. All of this is already priced into the exchange rate. It's so priced in. At most it might have short-term effects due to spontaneous sentiment and trading chaos at most.
(it's an exchange rate, not a price since Bitcoin is money and 1 BTC = 1 BTC just like EUR/USD is an exchange rate instead of a price)
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10 sats \ 0 replies \ @siggy47 8 Jul 2023
Two things:
  1. The U.S. does not seem hugely in favor of bitcoin
  2. No spot ETF has been approved yet
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