Bitcoin price will be in the spotlight as a big conference happens in Nashville, Tennesse. The biggest draw to the event will be Donald Trump, the Republican Party presidential nominee, who will talk on Sunday.
There are rumors that Kamala Harris, the Democrat nominee, will also speak at the event. The White House has yet to confirm whether she will speak, and Polymarket users place the chance of her speaking at 16%. If she does, it will be a sign that the cryptocurrency industry is becoming an important part of America’s politics.
The other important rumor, reported by Fox Business, is that Donald Trump was considering announcing a Bitcoin Strategic Reserve as part of his pitch.
In simpler terms, this means that the US government will buy and store Bitcoin as it has done with gold in the past decades. Such a move would be important and validate Bitcoin as a real asset. It would also push other countries like Russia and China to start accumulating Bitcoin for their reserves.
To be clear, these countries are some of the biggest holders of Bitcoin, which they have seized from criminal organizations. According to BitcoinTreasuries, the US government holds over 213k coins worth over $13 billion while China and the UK hold 190,000 and 61,000 coins.
These countries could decide to convert these coins into reserve assets. They could also liquidate these holdings, as Germany did this month. An analyst recently asked the UK to sell its coins to fund the budget.
Despite these hopes, traders believe Donald Trump will not announce a Bitcoin strategic reserve. As per Polymarket, a Trump strategic reserve announcement has a 32% chance of happening.
Polymarket has become a popular betting platform where people wager on areas like politics, pop culture, sports, stocks, and other areas. Recently, some of its bets have been accurate.
For example, participants accurately predicted that spot Ethereum ETFs would start trading this week. The users also accurately predicted that Joe Biden would not be the Democratic presidential candidate.
