After remaining flat for most of the week, the price of Bitcoin saw a substantial rise late in Thursday’s trading session as the Bitcoin Conference in Nashville began. With the price jumping by more than 4.0%, Bitcoin is back at the $67,000 level. There’s a lot of buzz around the event, and many are speculating about a big announcement from the special guest speaker, former President Donald Trump. Some suggest that Trump might declare Bitcoin a strategic reserve asset, potentially holding it in the U.S. Treasury if he wins the upcoming election.
The exact reason for Bitcoin’s price increase is still unclear. It certainly isn’t tied to the U.S. stock market, which ended in the red yesterday, with many major tech companies also falling in after-hours trading on Wall Street. The most likely reason for this boost is that the selling pressure has eased after several days of declines. (Selling pressure is when a lot of people are trying to sell their Bitcoin, leading to lower prices.) Yesterday, Bitcoin hit a local bottom at around $63,500, which seems to have sparked the rebound.
This recent rise seems unique to Bitcoin. The rest of the crypto market is also in the green today, though not as strongly as Bitcoin.
Bitcoin tends to be volatile leading up to the conference, but there’s extra excitement this year. The speculation about Trump’s announcement, combined with the recent approval of spot ETH ETFs, has the crypto world feeling optimistic during what is usually a quiet summer season. Other notable speakers at the conference include MicroStrategy Chairman Michael Saylor, Robert F. Kennedy, Ark Invest founder Cathie Wood, and whistleblower Edward Snowden. It was long rumored that even Elon Musk would be making an appearance, however this seems unlikely as of now. This event draws thousands of Bitcoin enthusiasts each year, featuring hundreds of speakers from across the industry.
VanEck Sets Bitcoin Price Targets for 2050
Also this week, leading asset manager VanEck provided its bullish and bearish scenarios for Bitcoin. Their 25-year plan suggests that Bitcoin could become a crucial part of the international monetary system and gain the status of an international reserve currency, alongside the U.S. dollar, euro, British pound, and Japanese yen.
VanEck’s base case for Bitcoin targets a price of $2.9 million per BTC by 2050. The bear case sees Bitcoin at $130,314, which is roughly double the current price. And in the bull case? VanEck believes Bitcoin could surpass $52 million per BTC if everything goes according to plan.
Important Day Today
Today is shaping up to be significant for Bitcoin. The PCE Price Index, the U.S. central bank’s favorite measure of inflation, is being released. The expectation is that the Core version of the PCE Price Index will show a monthly increase of 0.1%. This would bring the average inflation rate over the past three months to less than 2.0% annually. From this perspective, the inflation measure would already be below the Federal Reserve’s target of 2.0%.
At time of writing, Bitcoin is trading at $67,018 according to CoinMarketCap data.
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