The day after the Fed’s interest rate decision, Bitcoin rose by around 2.5 percent in the last 24 hours. Furthermore, there were price gains of around 5 percent in the last seven days. Bitcoin has recovered significantly from its all-time low. The monetary policy pivot is encouraging, and investors are speculating on more liquidity in the second half of the year. Furthermore, there was further bullish crypto news today from the US, BlackRock, and Pakistan. Everything Bitcoiners need to know:
First US President to Speak at Blockworks
Today, Donald Trump, the 47th President of the United States, marks a historic moment by becoming the first sitting US president to speak at Blockworks’ Digital Asset Summit (DAS) in New York. This event, which focuses on cryptocurrencies and digital assets, underscores the growing importance of Bitcoin and blockchain technologies. Never before has a sitting US president graced the event. This demonstrates once again – crypto has entered the political mainstream.
Trump’s speech could hint at further guidelines for the national Bitcoin strategy and crypto policy. Rumors were already circulating today that there will be concrete points regarding the crypto strategy – yet the markets remain cautious. Recent speeches and political events have been disappointing, always followed by a sell-the-news approach. Therefore, the market isn’t really euphoric yet. Mere rhetoric is likely to trigger another volatile sell-off.
BlackRock sees Bitcoin as a recession hedge
BlackRock expert Robbie Mitchnick no longer sees Bitcoin as a traditional risk asset, but rather as a potential winner in uncertain times. Bitcoin could particularly benefit in an environment of rising government spending and loose monetary policy. Should the US economy slide into a recession, high deficits and monetary policy measures could lead investors to increasingly seek alternative assets. In his opinion, Bitcoin is more of a risk-off asset.
From BlackRock’s perspective, Bitcoin acts as a hedge against currency devaluation and financial instability. While traditional markets are under pressure, the world’s most valuable cryptocurrency could benefit from capital inflows. Declining confidence in fiat currencies also plays a role. In the long term, Bitcoin’s limited availability remains a strong argument for its value. In times of crisis, Bitcoin could assert itself as a safe alternative to traditional financial systems, according to the leading global asset manager BlackRock.
Pakistan embraces crypto: Every country must follow the US
At the same time, media reported today on Pakistan and a new government crypto strategy. The chairman of the newly established National Crypto Council stated that the Bitcoin price is “only going north” and that every country in the world must follow the US to avoid being left behind economically. This move marks a shift in Pakistan’s stance after cryptocurrencies were previously banned there. Bitcoin adoption is necessary to keep pace with global trends and take advantage of economic opportunities. Experts see this as an attempt to attract investment and support the weakening rupee. The consultants express a certain urgency. Pakistan could thus become a pioneer among emerging economies.
If the US seriously embraces Bitcoin, a global wave of FOMO among nations could threaten. Countries that don’t follow suit could be left behind economically. If the US aggressively pushes ahead with its ambitions, other nations could follow suit.
Whether it’s Trump at the crypto conference, BlackRock’s valuation of BTC, or Pakistan’s new approaches – all the crypto news of the past 24 hours points to progressive adoption, both at the government and institutional levels.
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