The Bitcoin 2024 conference takes place next week in Nashville, Tennessee. Billionaires from across industries have already lined up to speak at the event, and the market expects them all to have something significant to say.
Bitcoin (BTC) continues to attract mainstream attention well beyond the cryptocurrency industry.
Bitcoin2024: Nashville event featuring top cryptocurrency advocates
Donald Trump is one of the keynote speakers at the Bitcoin2024 conference scheduled for July 25-27. This is after he declared support for the US Bitcoin industry in May 2024. His presence is part of the Republican agenda pushing financial freedom .
Independent candidate Robert F. Kennedy Jr. is also scheduled to attend. Bitcoin and cryptocurrencies in general occupy a central position in American politics , and observers see this as a political imperative to garner cryptocurrency votes, a strategy that led to the selection of Bitcoin supporter JD Vance as Trump's vice presidential running mate. explains.
Other key figures include MicroStrategy Chairman and Bitcoin mogul Michael Saylor. After recent acquisitions , his company holds 226,331 BTC, worth over $14.8 billion at current prices. Ark Invest CEO Cathy Wood was also named to the lineup along with Russell Brand, Edward Snowden and Bill Miller IV.
Read more: Who will own the most Bitcoin in 2024 ?
As industry executives and U.S. politicians line up to attend the conference, markets are listening closely to what they have to say. With expectations of valuable discussions and insights, this conference is expected to have a positive impact on market sentiment.
“These big names. I think something great will happen at this conference,” said Coach K Crypto, a popular X account.
This surge of interest is partly due to the approval of a Bitcoin spot ETF in January. A landmark decision by the U.S. Securities and Exchange Commission (SEC) has made the pioneering cryptocurrency accessible to institutional investors.
“Bitcoin is quickly approaching a critical tipping point where factors such as ETFs, stablecoins, and support from established political institutions make it beyond simply a volatile alternative store of value. Advances in Bitcoin technologies such as layer 2 protocols, oracles, and now Loon are transforming Bitcoin into an economic platform with its own global ecosystem. This ecosystem has the potential to complement global policies by increasing liquidity and expanding the distribution of credit, which can boost growth and promote equitable distribution of wealth, especially in times of the global credit crisis. This is similar to gold’s historical role following the 1944 Bretton Woods Summit in revitalizing the post-war economy through increased liquidity and investment,” Jonathan Hargreaves, head of global business development and ESG at Elastos, told BeInCrypto. said.
With institutional retail participation in the BTC market, Bitcoin ETF inflows hit an all-time high with 281,000 units purchased at an average price of $58,700. June saw the highest net inflows for any ETF, with net inflows of over $400 million. This huge move shows the growing institutional confidence in Bitcoin as a valuable asset.
Expectations for Bitcoin rise as bullish momentum resumes
Meanwhile, expectations for Bitcoin continue to rise as the price of Bitcoin defends $65,000. According to a report by Fox Business, Bitcoin has been ranked as the ‘best performing asset’ multiple times since 2013 when comparing major asset classes. These achievements caught the attention of Michael Seiler, who introduced the report in a post on X.
Additionally, according to a Glassnode report , Bitcoin's daily on-chain transaction volume is currently around $46.4 billion. Looking at the volume profile on the 1-day chart below, we see a number of bullish (orange nodes) and bearish (gray nodes) awaiting interaction with Bitcoin above the current price level.
Therefore, further upside can only be seen if the candlestick closes above the upper band of the supply wall at $71,758. A break through this bearish order block could lead to a new all-time high .
Read more: Bitcoin (BTC) Price Prediction 2024/2025/2030
Conversely, another correction would only invalidate the big-picture bullish outlook for BTC if the candlestick closes below the $52,809 support.
