At the Bitcoin 2024 conference in Nashville, former President Donald Trump pledged to establish a "strategic Bitcoin reserve" if re-elected and to keep all government-held Bitcoin in reserve. This comes amid growing political support for Bitcoin, with Senator Cynthia Lummis proposing that the U.S. Treasury acquire 1 million Bitcoin. Independent candidate Robert F. Kennedy Jr. also voiced strong support, stating that most of his wealth is invested in Bitcoin and criticizing the Federal Reserve for serving bankers' interests over the public.
Economic factors are further fueling Bitcoin's bullish outlook. The PCE index’s modest 0.1% rise in June has led to speculation about potential interest rate cuts, while Bitcoin’s price approaches $70,000. This combination of political endorsements, easing inflation, and increasing institutional interest is creating a favorable environment for Bitcoin, with many analysts predicting that the cryptocurrency’s performance may closely follow developments in the upcoming U.S. presidential election.
Despite this strong bullish movement in Bitcoin, many altcoins remain in a dip. In response, I’ve acquired newly listed tokens on BingX, including $AVAIL, NEIRO, PROPS, and MTK.
Given my skepticism about these investments, I’m seeking feedback from the community to determine if this was a sound decision.