According to H.C. Wainwright, the future of bitcoin and its mining industry has never been so bright in the 15-year history of Bitcoin's most anticipated gathering. #US Presidential Election# #NFT and Cryptocurrency#
The Bitcoin 2024 event was held in Nashville, Tennessee, attracting more than 20,000 attendees, including two presidential candidates, former US presidents, and industry leaders such as Donald J. Trump, Cynthia Lummis, several US senators, and Michael Saylor of MicroStrategy.
H.C. Wainwright wrote: "It's refreshing to hear overwhelming political support for Bitcoin and the mining industry from several American politicians."
Trump's speech at the conference was the first speech by a US president at a Bitcoin event and was a highlight of the conference. He compared bitcoin to the steel industry 100 years ago and proposed a plan to make the United States a "global cryptocurrency center" and a "superpower of bitcoin." His plan includes support for bitcoin mining and artificial intelligence expansion, establishment of a national bitcoin reserve, establishment of a cryptocurrency presidential advisory committee, and defense of the right to self-custody cryptocurrency. The Republican nominee also called for a rejection of central bank digital currencies (CBDC), the removal of current Securities and Exchange Commission Chairman Gary Gensler, the shutdown of "Operation Choke Point 2.0," and the creation of a regulatory framework for stablecoins.
Presidential candidate Robert F. Kennedy Jr. and Senator Lummis also proposed bitcoin accumulation strategies. Kennedy promised to transfer the US government's bitcoin holdings to the Treasury Department and buy 550 bitcoins per day until reserves reach at least 4 million bitcoins. Senator Lummis proposed a bill to establish a strategic bitcoin reserve, calling for the accumulation of 1 million bitcoins in five years.
H.C. Wainwright also discussed institutional investment in Bitcoin ETFs, which may become a major short-term catalyst for the original digital currency. Despite strong demand since physical bitcoin ETFs were launched in January, adoption rates by large wealth advisory platforms remain slow. However, many platforms are speeding up the approval process for these ETFs and we may see them launched this year.
BlackRock, NYSE also emphasized the low correlation of bitcoin with other assets and its key selling points as a potential hedge against currency depreciation, inflation, and de-dollarization.
A major highlight was Michael Saylor, who proposed bearish, base, and bullish target prices for Bitcoin in 2045 at $3 million, $13 million, and $49 million, respectively. These targets assume annual growth rates of 21%, 29%, and 37%, all lower than Bitcoin's 60% annualized growth rate over the past decade. Saylor's analysis carries significant weight in the Bitcoin community, and despite the aggressive targets, they are still taken seriously.
H.C. Wainwright became more optimistic about Bitcoin and miners after this event, identifying three recent positive catalysts: Donald Trump, who supports Bitcoin in the November presidential election, leads the campaign, major wealth advisory platforms may launch strategic Bitcoin investments through ETFs within the next 12 months, and the Fed's rate cut.