Presidential candidate Robert F. Kennedy Jr., speaking at the Bitcoin2024 conference, vowed to make Bitcoin a strategic reserve asset if elected. His plan includes directing the US Marshals to transfer 200,000 Bitcoin to the Treasury and purchasing 550 BTC daily to amass a 4 million Bitcoin reserve. Kennedy aims to stabilize the US dollar and curb inflation by backing it with Bitcoin and other hard assets, asserting this strategy would restore the dollar’s global dominance.

Kennedy criticized the current US monetary policy, pointing to its role in increasing wealth inequality and economic instability. By integrating Bitcoin into the national financial strategy, Kennedy believes it will provide a hedge against inflation and bolster the dollar’s value. His commitment to Bitcoin extends beyond financial strategies, seeing it as essential for protecting personal freedoms and combating corruption.

The presidential hopeful underscored the growing political support for Bitcoin, noting former President Trump’s advocacy and potential plans for a “Bitcoin Fort Knox.” Kennedy’s policy proposal seeks to position the US as a leader in global finance and a hub for crypto innovation, leveraging political and strategic interest in Bitcoin to secure America’s financial future.

The weekly performance of major public companies which hold Bitcoin portrays diversified results. MicroStrategy, the giant known for its most significant investment in Bitcoin, slightly lost 1.45% on the stock price, which is now at $1,752. On the other hand, Marathon Digital Holdings (MARA) has seen a huge decline in stock price by 12.78%, standing at $21.57.

Tesla, another top investor in Bitcoin, saw its shares reduced by 8.11%, with a current price of $219. Hut 8 Mining Corp posted the biggest decline among them all when it declined by 22.28% to be currently priced at $15.17.

Riot Platforms registered a decrease of 6.90% to mark its stock at $11.20, whereas Coinbase Global has observed a fall of 5.76% to make its stock $242.

These fluctuations underline the variance and volatility existing in the sector of companies that have a significant investment in Bitcoin, hence portraying how market sentiments on Bitcoin might affect the associated stock prices.

Disclaimer: Market capitalizations and data can vary in real-time. The information provided here is intended purely for educational purposes and should not, under any circumstances, be construed as financial advice.

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Jersey City, New Jersey, is taking a significant step in the financial world by planning to invest a portion of its municipal pension fund in Bitcoin exchange-traded funds (ETFs).

This move marks a noteworthy development in the growing acceptance of the scarce digital asset among institutional investors.

On July 25, Jersey City Mayor Steven Fulop announced that the city’s pension fund would allocate a percentage of its assets to Bitcoin ETFs. This decision follows a similar move by the Wisconsin Pension Fund earlier this year.

Fulop shared the news on social media, highlighting his long-standing belief in the potential of Bitcoin and blockchain technology.

Mayor Fulop,…

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The Bitcoin 2024 conference, the largest Bitcoin event in the world, is taking place this week in Nashville with several big-name speakers, including Donald Trump, Vivek Ramaswamy, Cathie Wood, Michael Saylor and more.

The conference already had a successful first general day, during which Bitcoin leaders made major announcements. Presidential candidate Robert F. Kennedy Jr. stated he will sign an executive order requiring the U.S. to purchase 550 Bitcoin per day until it accumulates a reserve of 4 million BTC if he is elected president.

Today marks the second day of general sessions at the Bitcoin 2024 conference, which will be live-streamed on Bitcoin Magazine. The top Bitcoin leaders…

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Michael Saylor, MicroStrategy’s executive chairman, shared an optimistic outlook on Bitcoin’s future at the Bitcoin 2024 conference in Nashville. Currently priced at around $65,000 with a market cap of $1.3 trillion, Bitcoin holds a mere 0.1% of global wealth. Saylor projects a staggering rise to $13 million per Bitcoin by 2045, aiming for a market cap of $280 trillion and representing 7% of worldwide wealth.

This forecast hinges on an annual return of 29%, marking a significant transformation in the financial landscape. Saylor outlined scenarios that further highlight Bitcoin’s potential: in his bullish view, Bitcoin could reach $49 million and make up 22% of global wealth, while his bearish estimate still suggests a robust $3 million value, accounting for 2%.

Saylor’s predictions underscore a major shift towards digital assets, indicating an expansive growth trajectory for Bitcoin, and potentially reshaping economic structures globally.

At the U.S.-listed Bitcoin ETF level, the dynamics of net flows have significantly changed. BlackRock’s IBIT saw a quite good pickup with 1,093 BTC added to its holdings, now standing at 338,129 BTC. That has been a very positive inflow for the ETF, showcasing rising investor confidence and a bullish disposition toward Bitcoin.

In contrast, its GBTC experienced a significant drop of 410 BTC in net outflows, reducing its total holdings to 271,212 BTC. This could indicate strategic portfolio shifts or investor responses to market conditions.

Invesco Galaxy BTCO also had a net outflow, although a lot more modest than previous days, of 52 BTC out of the fund, which brought its holdings down to 7,881 BTC. By most counts, this suggests a degree of cooling of investor enthusiasm in at least some segments of the market.

Conversely, other funds like Fidelity’s FBTC and ARK Invest’s ARKB remained unchanged with no net inflow or outflow of funds, suggesting indecisive investors. In total, these ETFs now hold 912,987 BTC after adding 631 BTC at an approximate value of $42.6 million on the day, indicating in totality how fluid investor sentiments and market moves remain within the Bitcoin ETF industry.

Disclaimer: Market capitalizations and data can vary in real-time. The information provided here is intended purely for educational purposes and should not, under any circumstances, be construed as financial advice.

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