Institutional Sketches with Nashville Supporting the Negative Outlook
According to H.W. & Co, Bitcoin and BTC mining have a bright potential in the future due to the recent development of institutions and the news released by Nashville. Research analyst HWC Mike Colonnesse is the most optimistic about the prospects of BTC and the BTC mining industry. He suggests that the US government is about to adopt Bitcoin as part of their currency by 2024. Colonnesse explains the positive impact of the Bitcoin nationalization in a report dated July 30.
Bitcoin and BTC Mining Industry Growth Caused by Bullish Factors
Besides, there is a strong “bullish” trend, that includes a number of such industry and the Bitcoin mining sector. As mentioned by HWC, the US is closer than ever to implementing Bitcoin on the national level as Mike Colonnesse puts it. In a weekly report dated July 30, Colonnesse points to all the reasons that may contribute to their choice to be optimistic.
Trump to Instigate Cryptos with National Adoption
Republican candidate and the 45th US president Donald Trump declared his crypto plan during the Bitcoin 2024 conference. He alongside government officials proposes to start a reserve with Bitcoin of around $12 billion. Further, he ensured that the US would become the top player in the global Bitcoin mining business.
The $20 billion BTC mining industry is being predicted by Bernstein showing the incremental economic value that could be realized by the global acceptance and mass transit of BTC. Senator Lummis also backed a constructive plan to build a BTC fund for the country. On the opposite hand, Robert F. Kennedy who is an independent candidate went with the plan of gathering 1 million BTC. The Polymarket data gives the title of Trump to the leader of the November race.
Effect of Approximate Trump Presidency on Bitcoin
The Coinocrat platform project a 60% possibility of the inception of Trump as the president of the country and a major bullish shift of Bitcoin and the entire cryptocurrency industry. If Trump wins, he may dismiss the SEC chair Gary Gensler. As a result, moving forward, potential congressional limitations to the crypto space will be eliminated.
Predictions and Institutional Buying
Colonnesse estimates that the combination of Trump’s possible victory, institutional buying via spot exchange-traded funds, and regulatory clarity thanks to the new SEC leadership could cause growth waves in the BTC sector over the next 12 months.
Adoption and Price Implications
Trump’s plans and the addition of more and more institutional buying and even national adoption would decrease the amount of BTC which can be used. Bitcoin stands to be the winner of the halving event, in the market.
At the Nashville conference, MicroStrategy founder and BTC enthusiast Michael Saylor forecasted BTC prices. His best-case scenario predicts BTC at $49 million per coin by 2045, with a minimum of $3 million even if markets progress slowly.
Potential Obstacles for Bitcoin
Colonnesse also mentioned that energy-costs at miners could be lower, and BTC and the mining operation could get favors from a more favorable macroeconomic environment and less geopolitical unrest. The analyst said that headwinds to those are likely to ease in the near future. The Federal Reserve will likely cut interest rates at the end of the third quarter and the beginning of Q4 2024, said the panel. Generally, the market sentiment becomes more positive, and investments, predominantly risky assets, including Bitcoin and other blockchain currencies, surge as a result of looser monetary policies.
